Tenant's Guide & Permitted Tenant's 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 holding fee (see 'Permitted Tenant's Fees' below). We can only hold your chosen property once we receive a holding fee.
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. Also, if the landlord allows pets to be kept at the property, an additional amount of £25 per calendar month will be required (for further details regarding the pet bond, please refer to the Permitted Tenant's Fees below).
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, a tenancy deposit will be taken and either lodged with the DPS ourselves or passed to the landlord who lodge your deposit 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.
PERMITTED TENANT'S FEES
(All tenant fees are inclusive of VAT @ 20%)
Holding Deposit - Equivalent to one week rent. For example, if the property is advertised at £750 per calendar month, the holding deposit will be £750 x 12 = £9,000 / 52 = £173.08.
The holding deposit is a refundable deposit with a deadline for agreement at 15 days after the holding deposit has been received by the agent. If the tenant provides false or misleading information which reasonably affects the decision to let the property to them, fails a right to rent check, withdraws from the proposed agreement (decides not to let) or fails to take all reasonable steps to enter an agreement (i.e. not responding to reasonable requests for information required to progress the agreement), then the holding deposit will not be returned. We will inform the applicants in writing with our reason for retaining the holding deposit within 7 days of deciding not to enter the agreement or the ‘deadline for agreement’. Tenants who are proceeding with their application can put the holding deposit towards the advance payment of their first month’s rent/damage deposit.
DURING YOUR TENANCY:
The following permitted payments will apply if necessary:
- Changes to a tenancy e.g. - Permission to keep a pet at the property
- To change one of the tenants on a joint tenancy
- To be given permission to decorate a property.
- A charge of £30.00 inc VAT will be made for any amendments which alters the tenant’s obligations in the agreement.
- £25 additional rent will be charged each month for allowing a pet to be kept at the property to cover additional wear and tear. Extra rent to be charged at the commencement of the tenancy and each 6 month anniversary during the period of the tenancy.
OTHER PERMITTED 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 3% above Bank of England base rate from date due.
Ending Your Tenancy Early - Early Surrender Fee: £180 (inc. VAT). In exceptional circumstances and with your landlord's express permission, you may be able to end your fixed term tenancy before the initial minimum 6 or 12 month period has elapsed. In that situation, in addition to the Early Surrender Fee, you will be liable to pay your rent up to the point of a new tenant/s moving in.
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.
We charge £360 (in VAT) for the referencing and preparation of a common law company let agreement
(Fees correct as of June 2019)