Lettings Fees For Tenants When Renting A Property
- Assured Periodic Tenancy (APT’s) (Private Tenancies under £100,000 PA)
- Non-Housing Act Tenancy or Company Tenancy
- Assured Periodic Tenancy (APT’s) (Private Tenancies under £100,000 PA)
Holding Deposit
A holding deposit equal to one week’s rent will be offset against your initial rental payment if your offer is accepted.
Once the holding deposit has been received, current legislation requires that the necessary paperwork be completed within 15 days, or within a longer period if agreed.
If you decide not to proceed with the tenancy at any time during this period, your holding deposit will be retained by our company. The deposit will also be retained if you:
- unreasonably delay in responding to reasonable requests,
- provide false or misleading information as part of your application, or
- fail any checks required under the Immigration Act 2014.
However, if the landlord decides not to offer you a tenancy, your holding deposit will be refunded in full within 7 days.
Security Deposit
A security deposit, equivalent to 5 weeks rent, is to be collected and held during the tenancy against unpaid rent, bills, dilapidations/damages and any other costs or losses incurred as a result of any breach of the terms of the Tenancy Agreement.
If the annual rental exceeds £50,000 per annum an equivalent of 6 weeks rent will be collected and held during the tenancy against unpaid rent or bills, dilapidations/damages and any other costs or losses incurred as a result of any breach of the terms of the Tenancy Agreement.
Stella Lange LLP is a member of the Tenancy Deposit Scheme. Any interest earned on the deposit shall be retained by the Landlord or the Agent.
Rent
The first payment of rent in advance is equivalent to 1 calendar month.
Overdue rent or returned rent is subject to a charge of 3% above the Bank of England Base Rate from the rent due date.
Loss of Keys or Other Security Device
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 person requiring keys will be charged to the tenant.
Where Stella Lange LLP incur extra costs, 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
£50 (inc. VAT) for specially negotiated clauses agreed after the tenancy agreement has been signed. To cover the costs associated with taking the landlord’s instructions as well as the preparation and execution of new legal documents.
Change of Sharer
£50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking the 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
If you do not give the correct amount of notice to end a tenancy, the tenant will remain liable to pay the rent and any other monies payable under the tenancy agreement until the notice period expires.
If the landlord agrees the property is to be relet or a suitable replacement tenant is found, fees will apply including but not limited to the following: Any losses suffered by the landlord due to the early termination of the tenancy, such as any letting fee, reference costs, re-registration of the deposit, drafting of the deed of assignment, or inventory charges if applicable.
Other Charges
Other charges over and above the rent will be explained for each individual property by one of our lettings experts.
2. Non-Housing Act Tenancy or Company Tenancy
Holding Deposit
A holding deposit equal to one week’s rent will be offset against your initial rental payment if your offer is accepted.
If you decide not to proceed with the tenancy at any time during this period, your holding deposit will be retained by our company. The deposit will also be retained if you:
- unreasonably delay in responding to reasonable requests,
- provide false or misleading information as part of your application, or
- fail any checks required under the Immigration Act 2014.
However, if the landlord decides not to offer you a tenancy, your holding deposit will be refunded in full within 7 days.
Security Deposit
A security deposit, equivalent to 6 weeks rent or 8 weeks if you have a pet, is to be collected and held during the tenancy against unpaid rent or bills, dilapidations/damages and any other costs or losses incurred as a result of any breach of the terms of the Tenancy Agreement. Any interest earned on the deposit shall be retained by the Landlord, or the Agent.
Set up fee
These costs are per tenancy and are inclusive of referencing up to 2 tenants and negotiating and preparing an agreement:
| 1 year Tenancy | £360 | |
| 2 years Tenancy | £380 | |
| 3 years Tenancy | £400 | |
| Extension and renewal | £200 | |
| Change of Tenant | £120 | |
| Additional reference checks per tenant | £30 |
Rent
The first payment of rent in advance, equivalent to a calendar month or as per negotiated, ie quarterly or 6 monthly. Overdue rent or returned rent is subject to a charge of 3% above the Bank of England Base Rate from the rent due date.
Early Termination
If you do not give the correct amount of notice to end a tenancy, the tenant will remain liable to pay the rent and any other monies payable under the tenancy agreement until the notice period expires.
If the landlord agrees the property is to be relet or a suitable replacement tenant is found, fees will apply including but not limited to the following: Any losses suffered by the landlord due to the early termination of the tenancy, such as any letting fee, reference costs, re-registration of the deposit, drafting of the deed of assignment, or inventory charges if applicable.
Other Charges
Other charges over and above the rent will be explained for each individual property by one of our lettings experts.
Inventory Check
The Tenant pays for the cost of the check out of the inventory and the Landlord pays for the cost of the inventory check in. Scale of Charges:
| Apartments | Studio | 1 Bed | 2 Bed/ 1 Bath | 2 Bed/ 2 Bath | 3 Bed/ 1 Bath | 3 Bed/ 2 Bath | 4 Bed/ 2 Bath |
|---|---|---|---|---|---|---|---|
| Unfurnished | £132 | £150 | £168 | £186 | £186 | £204 | £228 |
| Furnished | £150 | £180 | £198 | £216 | £216 | £228 | £258 |
| Houses | 2 Bed/ 1 Bath | 2 Bed/ 2 Bath | 3 Bed/ 1 Bath | 3 Bed/ 2 Bath | 4 Bed/ 2 Bath |
|---|---|---|---|---|---|
| Unfurnished | £246 | £264 | £264 | £306 | £330 |
| Furnished | £282 | £312 | £312 | £348 | £372 |
The above charges are approximate according to size and inventory clerk and subject to change and additional rooms may be charged for.
Other bills over and above the rent will be explained for each individual property by one of our lettings experts.
All above prices are inclusive of VAT and charged at the prevailing rate
*Monthly rent is calculated using the following formula: Agreed weekly rent x 52 weeks ÷ 12 months
eg. £500 x 52 = £26,000 ÷ 12 = £2,166.67