OFFER / APPLICATION – Having decided on a property, you will need to complete an online application for tenancy. At this time any details or requirements can be provisionally agreed, such as occupancy date, duration of the letting, etc. On application, a Holding fee will be required to secure the property. (See below)
REFERENCES – We will take references on behalf of the Landlord. Normally these will include your employer, any former landlord and a character reference. In addition a credit check will be undertaken. Where a Tenant is unable to meet the required income or credit checks, the Tenant may have a Guarantor agree to underwrite any rent liabilities.
RENT – Rents are normally quoted on a calendar month basis. In addition, the Tenant is usually responsible for Council Tax, Water Rates, Gas, Electricity and Telephone costs. Rents are payable by standing order to our Company client account monthly in advance, with the first month’s rent due before taking occupation of the premises.
DEPOSIT – A deposit is required prior to occupation. This is normally equal to 5 weeks rent (Maximum) however can be less on certain properties. (See below) Where we are managing the property, this deposit will be either; a) held by us and covered by insurance, or b) forwarded to the government authorised custodial body. (The Deposit Protection Service)
The deposit is held to cover any breakages, damage, rent arrears or other tenant liabilities. Where we are managing, at the end of the tenancy we will check the property in the presence of the Tenant and assess any damages and deductions due. Please note that the deposit cannot be used by the Tenant to cover rent.
ZERO DEPOSIT SCHEME -
On selected properties we are also able to offer a zero deposit scheme.
The Deposit Replacement Scheme is an option to take a tenancy without paying a physical security deposit but paying a small ‘fee’ instead.
You (the tenant) will still be liable for the cost of any cleaning, damages and rent arrears at the end of the tenancy, just without having to pay that large lump sum at the start of the tenancy.
Please see further information here
TENANT FEES SCHEDULE
NEW ASSURED SHORTHOLD TENANCIES (ASTs) SIGNED ON OR AFTER 1 JUNE 2019
Holding Deposit (per tenancy) - One week’s rent. This is to reserve a property. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
Security Deposit (per tenancy. Rent under £50,000 per year) - Five weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
Security Deposit (per tenancy. Rent of £50,000 or over per year) - Six weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
Unpaid Rent - Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.
Lost Key(s) or other Security Device(s) - Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).
Variation of Contract (Tenant’s Request) - £50 (inc. VAT) per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.
Change of Sharer (Tenant’s Request) - £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
Early Termination (Tenant’s Request) - Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
Please ask a member of staff if you have any questions about our fees.
Abacus Homes are member of the UKALA, which includes a Total loss Client Money Protection Scheme, also we are members of The Property Redress Scheme.