Tenant's Costs and Charges

Assured Shorthold Tenancies (AST’s) (Private Tenancies under £100,000 PA) Signed on or after 1st June 2019

Searching the market and finding a property that suits your needs is a free service, but once we have found a home for you to rent, the following charges are applicable:

Deposits

A holding deposit of 1 weeks rent which will be offset against the initial rental payment should the offer be accepted.  Once we have your holding deposit, current legislation stipulates that the necessary paperwork should be completed within 15 days or such longer period as might be agreed.  If at any time during that extended period you decide not to proceed with the tenancy, then your holding deposit will be retained by our company.  However, if the Landlord decides not to offer you a tenancy, then your deposit will be refunded in full within 7 days.

A security deposit, equivalent to 5 weeks rent, to be collected and held during the tenancy against unpaid rent or bills, dilapidations 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 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, 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.

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 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

£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

£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

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.

Other bills over and above the rent will be explained for each individual property by one of our lettings experts.

Non-Housing Act Tenancies (Private Tenancies over £100,000 PA) & Company Lets

Searching the market and finding a property that suits your needs is a free service, but once we have found a home for you to rent, the following charges are applicable:

Deposits

A reservation fee of 1 weeks rent which will be offset against the initial rental payment should the offer be accepted. Should the applicant withdrew from the transaction, the fee or part of it may be retained in respect of administration charges or loss of rental income. Should the Landlord decide not to proceed with the tenancy, then the fee will be refunded to the applicant in full.

A security deposit, usually equivalent to 6 weeks rent, to be collected and held during the tenancy against unpaid rent or bills, dilapidations and any other costs or losses incurred as a result of any breach of the terms of the Tenancy Agreement. An additional deposit of up to 2 weeks rent may be required if you own a pet. 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, and used to cover administration costs.

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                                                                                              £222

2 years Tenancy                                                                                            £240

3 years Tenancy                                                                                            £258

Extension and renewal                                                                                  £108

Change of Tenant                                                                                          £120

Additional reference checks per tenant                                                        £20

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.

Inventory Check

The Tenant pays for the cost of the check out of the inventory and the Landlord pays for the cost of the check in. Scale of Charges:

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 the above prices are inclusive of VAT 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