NOTES FOR TENANTS
DEPOSITS
Holding Fee
A holding fee of £140.00 plus vat of £24.50 is required = total £164.50. This payment secures the property subject to satisfactory references and credit checks and is non-refundable. A further £75.00 plus vat of £13.13 = total £88.13 is required for the second and any subsequent applicants. Therefore the total holding fee required for two people to take tenancy of a property is a total of £252.63.
The credit checking and referencing procedure usually takes approximately a week and is carried out by a specialist company on our behalf.
Guarantors
If an applicant feels they will fail the credit checks they will still be referenced and a guarantor will be required. If an applicant fails the reference/credit check procedure a guarantor will be required to be referenced. Therefore in both cases the total of £252.63 will apply.
Housing Benefit
If an applicant is on full or part housing benefit then a guarantor must be checked and referenced at the outset. The applicant will also be checked and referenced therefore the total of £252.63 will apply.
On Commencement of Tenancy
On the day the tenancy commences the first month’s rent is payable together with the deposit which is held until vacation (subject to dilapidations). The deposit is one and a half times the monthly rent amount.
Deposits
Where Seekers hold the tenant’s deposit full information regarding the new legislation is contained in the Tenancy Agreement and Tenants Terms & Conditions which are given to Tenants on application for tenancy of a property.
Prospective tenants should be aware that if a landlord wishes to hold the deposit separate provisions are made and the tenant may be charged a fee of £30 to cover costs with registration of the deposits which is then paid to the landlord.
