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.