Tenants Guide & Tenants Fees
So, you have found your perfect property... what happens now?
Having viewed and decided on a suitable property to rent, you will need to complete a reference application and pay your reference/holding fee (see 'Our Fees for Tenants' below). We can only hold your chosen property once we receive a reference/holding fee. Please note, your completed application forms / documentation must be submitted to us within 7 DAYS of you paying your reference/ holding fee after which we will re-offer your chosen property to other prospective tenants.
We will undertake references on behalf of the landlord. Normally these will include an employment reference, past landlord reference, credit check (credit score, current and past CCJ/IVA check, current and past insolvency check), identity (Right to Rent) and current address verification, bank statement analysis, and landlord registry verification (if applicable).
If you are unable to meet the required income or credit checks, you may have a guarantor agree to underwrite any rent liabilities.
Rents are normally quoted on a calendar monthbasis. In addition, a tenant is usually responsible for council tax, water rates, gas, electricity and telephone costs.
Rents are payable by standing order (unless alternative arrangements are agreed in advance) to our company bank account monthly in advance, with the first month's rent due before taking occupation of the premises.
A deposit (or 'bond') will be required prior to occupation. This is normally equal to one month's rent, but may be higher at the landlord's request. Also, if the landlord allows pets to be kept at the property, an additional amount equal to 50% of one month's rent will be required. Again, this may be higher (or reduced) at the landlord's request.Where we are managing the property, this deposit will be lodged with the Deposit Protection Service (DPS), a government-authorised custodial scheme. You will be informed in writing once your deposit has been successfully lodged.Where we are not managing the property, any tenancy deposit will be taken by the landlord and lodged with their chosen government-authorised custodial scheme.
The deposit is held to cover any breakages,damage, rent arrears or other tenant liabilities. Where we are managing the property, at the end of the tenancy we will check the property in your presenceand assess any damages and deductions due.
Please note that the deposit cannot be used by you to cover your rent.
You will be given an extensive, independently prepared, inventory which acts as a mutually-agreed 'snapshot' of the property's condition at the time of move-in, so that any dilapidations or damages at the end of the tenancy can be assessed.
You'll be asked to read and sign the inventory to show agreement with its findings.
LANDLORD'S & TENANT'S RESPONSIBILITIES
Which party is responsible for what varies slightly depending on the property, but generally speaking...
The Landlord is usually responsible for:
insuring the property against fire, flood and the like repair and maintenance of the hot water and heating systems, the pipes and the electricity system repair of the appliances included with the property the service charges (for maintenance to the structure of the building, cleaning and electricity in the communal areas) if the property is a flat/apartment
The Tenant is usually responsible for:
all utility bills (electricity, gas and water) and council tax bills for telephone, broadband or cable TV if these are required (you'll need the landlord's permission to install these if they are not already installed) insuring his/her possessions (contents) in the property repair of any appliances he/she has provided keeping the property clean and in good condition telling the landlord or Magenta Estate Agents about any defects.
Your tenancy agreement will detail exactly whatyou are responsible for.
AT THE END OF YOUR TENANCY
When you leave the property, we will come to do the 'check out', comparing the condition of the property and any contents to the inventory made at the start of the tenancy. If there are no dilapidations, your deposit will be returned within 10 days of the tenancy expiring.
If the inventory identifies any dilapidations to the property or to any fixtures/fittings, your landlord may choose to withhold some of your deposit to cover the costs. In most cases, the amount to be withheld will be agreed between the tenant and the landlord, assisted by Magenta Estate Agents when necessary, and the balance of your deposit will be returned to you. If agreement isn't reached, the Deposit Protection Service(DPS) will act as an independent arbiter. If and when that situation arises you'll receive details of how to proceed.
If you have any questions about the lettings process, please do not hesitate to contactus.
(All tenant fees areinclusive of VAT @ 20%)
Reference Fee/Holding Deposit (part-refundable - see 'Administration Set-Up Fee' below): £190 for the lead applicant (part-refundable) and £60 for each subsequent applicant over the age of 18 years (non-refundable). Once received, this fee will hold your chosen property whilst we obtain references for each applicant (including identity, immigration and visa confirmation, financial credit checks, current or previous employer and/or landlord references and any other relevant information to assess affordability). Please note, the credit check will leave a footprint on your credit report.
Guarantor Fee (if required, non-refundable): £60 per guarantor. This covers credit referencing and the preparation of a Deed of Guarantee as part ofthe Tenancy Agreement.
Permitted Occupier Fee (if required): £60 per permitted occupier. We will explain to any permitted occupier their rights and responsibilities towards the named tenant(s) and landlord as well as providing documentary guidance and assistance during the tenancy.
Administration Set-Up Fee (refundable): An administration fee of £50 is included within the lead applicant's reference fee (listed above). This fee covers the setting up of the Tenancy Agreement for all successfully referenced tenants, including contract negotiation on behalf of the tenant(s) and amending the contract in line with agreed terms.
Company application: £300.00
Should your application be declined or refused for whatever reason prior to moving in, the administration set-up fee of £50 will be refunded.
DURING YOUR TENANCY:
Tenancy Amendment Fee: £180 Including contract renegotiation, amending terms and updating the tenancy agreement during your tenancy.
Renewal Fee (if required): £36 per person Including contract renegotiation, amending and updating terms and arranging a further tenancy and agreement.
OTHER FEES AND CHARGES:
Out of Hours Services: £48 per hour (plus any actual costs incurred).Where actions or neglect of the tenant results in the agent (or nominated contractor) attending the property, the time taken to remedy the situation is charged at the hourly rate.
Unpaid Rent/Returned Payments: £60 plus interest at 8% above Bank of England base rate from date due.
Professional Cleaning (if required):£36 per hour. If professional cleaning is necessary to return the property to the same condition as at the start of the tenancy, this cost will be deducted from the Security Deposit.
(Fees correct as of July 2017)