There’s a lot of work involved in setting up and maintaining a tenancy. Below, we explain the rental fees Residential Realtors charges to tenants when setting up a new tenancy, and then throughout a tenant’s time in the property. Our fees vary from property to property.
The Agency Fee includes the cost of referencing – which will cover checking your credit status, previous employer, current or past landlords, and taking into account any other information to help assess the affordability of your tenancy application. The fee also includes providing a Tenancy Agreement and protecting your security deposit with a scheme such as My Deposits. It covers the cost of one person. The landlord pays a share to set up the tenancy.
After you’ve viewed the property and have decided to apply to rent it, we will provide you with a Reservation Fee form and ask you to pay a £500 Reservation Fee to secure the property, the Reservation Fee which will be offset against your first months rent. The Reservation Fee form lists the services we provide and the fees that are payable. You will be asked for your Agency Fee payment once your offer has been accepted. Your security deposit (usually 6 weeks deposit) and first months’ rent, will be collected on 48 hours after receiving your tenancy agreement.
Agency fee charged is £200.00+VAT per applicant and £50.00+VAT per guarantor
This covers the cost of processing the application and associated paperwork for any additional applicants. For each additional applicant there will be a fee.
Depending on the outcome from your application from the referencing company, your earnings or overall financial position may require you to provide a Guarantor. This is not uncommon, and means you have someone on your behalf that undergoes credit referencing – to ensure they have sufficient earnings to cover the overall rent commitments in the event that you, as the tenant, are unable to pay your rent. This fee is payable in respect of each Guarantor to cover credit referencing costs and providing a Deed of Guarantee as part of the Tenancy Agreement, which details their obligations as a Guarantor.
May be applicable if a change to the tenancy is required mid-term. This may be due to a change in personal circumstances and / or a request to leave the tenancy early is agreed prior to the end of the tenancy agreement (this is subject to landlord consent).
This is the cost of preparing a new Tenancy Agreement and negotiating with your landlord for a further fixed term tenancy. Extending your tenancy, if agreed by your landlord, gives an assurance of staying in the property for a further fixed period, and avoids the uncertainty of a landlord serving notice at any given time. The landlord also pays a share for renewing the tenancy.
Some landlords ask Residential Realtors to employ external inventory companies to produce an inventory for their property before the let. Where this applies, you will be liable for a check out fee when the inventory company carries out their inspection at the end of the tenancy. If applicable, the check out report forms an important part of how the return of your security deposit is arranged. Please feel free to ask our staff if this would apply to you otherwise this would be outlined in you tenancy agreement. The landlord also pays a share of the check out fee.
Deductions may be made due to variation of the condition of the property compared to the inventory. A work arrangement fee of 12% (10% +VAT) of that invoice will be charged for arranging the work, processing the invoice and making the payment to the contractor.