Costs & Charges – ‘Tenant Fees’
Tenants cannot be charged fees as part of a tenancy application or a tenancy renewal but there are other expenses that will need to be budgeted for.
In addition to paying the rent (the first month’s rent in-advance will need to be paid a minimum of 2 days prior to the start date), you may also be required to make the following payments permitted under the Tenant Fees Act 2019.
Holding Deposit
(Equivalent to one week’s rent – annual rent divided by 52)
A holding deposit reserves a property for you. We can only accept one holding deposit for one property at any one time by law, thus once we have received yours, the property will no longer be advertised as available “To Let” and we will not seek alternative tenants while we process your application. If your application is successful, the holding deposit will go towards the total Tenancy Deposit sum (set out below).
This will be withheld if any relevant person (including any guarantor(s))
- withdraws from the tenancy
- fails a Right-to-Rent check
- provides materially significant or false or misleading information
- fails to sign their tenancy agreement and, if relevant, a guarantor agreement, within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing)
Tenancy Deposit
(The deposit will be subject to a maximum of five weeks’ rent for an annual rent of up to £50,000 and a maximum of six weeks’ rent for an annual rent over £50,000.)
Payable before the start of the tenancy and held under a Government approved scheme for the duration of the agreement. It will be repaid in full provided all tenancy obligations have been fulfilled.
It is used to cover any damages, dilapidations & defaults on the part of the tenant during the tenancy. Full details including tenancy deposit protection information will be set out in the tenancy agreement that we will provide to you in advance of your sign-up date.
Non-payment of Rent (payable to the agent)
Payment of Interest at 3% above the Bank of England Base Rate for late payment of rent from the due date until paid. (Not charged until the rent is more than 14 days overdue).
Utilities, Council Tax & Communications
If permitted and applicable (e.g. included in the rent) amounts may be charged for:
- Utilities – gas, electricity, water and sewerage
- Council Tax
- Communications – telephone and broadband
- Installation of cable/satellite
- Subscription to cable/satellite supplier
- Television licence
Other Permitted Payments
Any other permitted payments, not included above, for breaches of contract or under the relevant legislation including contractual damages. These may include:
Lost Keys or other Security Devices
Tenants will be liable for 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 £15.00 per hour (inc VAT) if appropriate for the time taken replacing any lost keys or security devices.
Variation of Contract (at Tenant’s Request and if agreed by Landlord)
To cover the costs of taking landlord’s instructions and execution of new contract capped at £50.00 inc VAT, or reasonable costs if higher.
Adding or Removing a Tenant (at Tenant’s Request and if agreed by Landlord)
To cover the costs of taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration and execution of new tenancy agreement capped at £50 inc VAT (per replacement tenant or any reasonable costs incurred if higher).
Early Release from Tenancy
This does not give a right to terminate a tenancy earlier than the end of the fixed term and any request will be considered on a case-by-case basis. If the Tenant is granted permission to terminate the contract early, the tenant shall be liable to the landlord’s reasonable costs in re-letting the property including rent due under the tenancy until the start date of the replacement tenancy.
Referral Fees
Northwood may introduce appropriate insurance services to you in connection with your tenancy if you request that we do so on your Tenancy Application Form or later during your tenancy. If you decide to proceed with a quote provided through us (and there is no obligation on you to do so), Northwood may receive a referral commission up to a maximum of 15% and this would be included in the overall premium e.g. if the premium quoted were £100pa, the referral fee to Northwood would be a maximum of £13.04 within that amount.
Maintenance
Please note: Should you report a maintenance issue with the property and a contractor is called out and their investigations find that the fault has been caused by the tenant/s or an associate of the tenant/s, or alternatively no fault exists, any cost for this call out will be the responsibility of the tenant/s. Northwood reserve the right to deduct any unpaid monies from the deposit.
