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Tenants fees and information

Holding Deposit:

This is calculated at one weeks rental and must be paid immediately upon requesting the tenancy. This amount will be credited towards your final move in costs (rent and deposit). If you do not pass references it will NOT be refunded. If the landlord withdraws from the tenancy – it will be refunded in full. You must supply all required referencing information within 15 days -after this period we are entitled to reject your application at which point your holding deposit is non-refundable. See below for detailed information on the tenancy application

Traditional Deposit:

Equivalent to five weeks’ rent

Photo ID:

A colour copy of your passport is required for each applicant as part of your application. If you do not hold a UK/European Passport you must provide a copy of your Visa/Work Permit.

Check-In:

You will be required to sign an inventory/schedule of condition. You must CHECK this document carefully and return it to us within seven days (including any amendments) after the commencement date of the tenancy. Failure to do so will mean the original signed inventory will be used at the termination of your tenancy.

Rent & Deposit:

The first month’s rent and deposit are both payable before your move in day. Your rent is exclusive of all utilities. Payment must be in cleared funds, bank transfer or by debit card.  Unfortunately, we cannot accept cash or credit card. The deposit will be held by a registered deposit scheme and shall be returned at the end of the tenancy, subject to deductions. No interest is paid on the deposit.

Early Termination Costs (surrender of tenancy):

Should you wish to surrender your lease early, under the Tenant Fee Bill the landlord is permitted to request compensation for the total void period the landlord sustains. The landlord also reserves the right to refuse early termination. Please ensure you are fully committed to the full term of any tenancy you enter and the financial implications of failing to meet this.

Additional Permitted Fees

We are permitted to charge the following fees:
A default fee of £50 for late payment of rent (after 7 days)
Changes to a tenancy agreement as requested by a tenant at a cost of £50
Default fee of £40 to replace lost keys or any security devices plus the cost of keys/devices etc.

Tenants’ Liability to Landlord Insurance:

Whilst it is not a mandatory requirement on tenancies that you protect your landlord’s fixtures and fittings against accidental damage/loss (minimum £2000) we STRONGLY RECOMMEND you put cover in place in order to PROTECT YOUR DEPOSIT

Company Let Fee:

£500 or the equivalent of one week’s rent whichever is the higher.

The next steps in a tenancy application:

Once your application has been agreed in principle with the landlord we will ask for a holding deposit equivalent to one weeks’ rent. This payment is taken to show your commitment to the property whilst references are taken and we progress the tenancy. The landlord may wish to continue marketing until the tenancy documents are complete. Any offer you make on a property is subject to contract, references, and cleared funds.

As part of your tenancy application referencing will be undertaken as follows:

The reference provider will use the following calculation: monthly rent x 30. For example, £2000 per calendar month rent x 30 means you will need an income of £60,000 gross per year. If this doesn’t work for your circumstances there are options we can discuss with you, such as paying some or all of the rent in advance, providing a guarantor and so on.

You need to tell us anything that might affect a landlord’s decision to let their property to you:

If something becomes known, such as any false or misleading information, not given in error, or something not shared, which you should have reasonably told us, the landlord can decide they no longer wish to let their property to you. This would include things such as being on a short employment contract; not telling us about previous missed or late rent payments; declaring your income as too high, or giving any inaccurate information about employment.
You must also let us know if you have ever had or currently have a County Court Judgement (CCJ) served against you. We have explained below how not telling us would affect any holding deposit.

Understanding the holding deposit:

You will be required to pay the equivalent to one week’s rent for the property. For example, if the rental is £1500 per calendar month the holding deposit you will have to pay will be £1500 x 12 months / 52 weeks = £346.15.
Once the holding deposit is received, the property may be taken off the market (unless otherwise agreed) and you, any guarantor and the landlord have a maximum of 15 days to complete and sign all tenancy paperwork. If agreed in writing by both parties this period can be reduced or extended. We call this the ‘holding period’.
If by the end of the holding period you have not completed the tenancy the landlord can:

  • Withdraw from the tenancy, and/or
  • Remarket the property, and
  • Keep your holding deposit, or
  • Agree with you another date to complete the tenancy.

What happens to your holding deposit?

If the tenancy proceeds successfully, then the holding deposit paid will be put towards your first rents due, unless you advise us otherwise or a different agreement is reached.

If you decide you do not want to go ahead for any reason, or if the tenancy cannot proceed because of any of the following the landlord, or we, can keep all of the holding deposit:

  • Your application includes false or misleading information, which would affect the landlord’s decision to rent their property to you, unless you can prove that it was given in error.
  • You change your mind about going ahead with the tenancy and withdraw your application.
  • You, any guarantors or anyone acting on your behalf cause any delays to the tenancy being completed.
  • You, any guarantors or anyone acting on your behalf fail to take all reasonable steps to enter into the tenancy for example; you do not provide information requested to support your application.
  • You fail any Right to Rent checks.

We will write to the person who paid the deposit within seven days of the holding deposit expiring to let them know the reasons it will not be returned.

If the landlord decides not to go ahead with the tenancy and none of the above applies:

We will repay the holding deposit to the person who made the payment within seven days of the date the landlord decides not to go ahead.

When you make an offer and we take a holding deposit on a property that is currently occupied:

Where you enter into a tenancy agreement that is going to start at some time in the future this is often because the property is occupied by current tenants who are due to vacate before you are due to move in. Whilst we will not knowingly allow you to sign a tenancy agreement if we suspect the existing tenants are not going to vacate at the end of their tenancy, or if the property will not then be available for occupation (for example because of its condition or other major issue that means it cannot be immediately occupied) when paying your holding deposit, you also agree and accept that providing vacant possession or affording occupation of the property is outside our or the Landlord’s control. It is therefore agreed that the start of any tenancy is conditional upon us having vacant possession and the property being available for occupation on the tenancy start date.

If we do not for whatever reason have vacant possession or cannot grant occupation on the date you are due to move in then the start of your tenancy will be delayed until we do, and neither we or the landlord will have any liability to you or any third party for any direct or indirect loss that you or they may suffer as a result of such delay. In such case we and the landlord will do all that we can be reasonably expected to do to get vacant possession or make the property available for occupation so that you can move in.

If vacant possession of, or availability to occupy the property has not been achieved within seven days of the date you were due to move in then you may request to be released from the tenancy agreement and if vacant possession or availability of occupation has not been achieved within 28 days of the said tenancy start date the landlord may give notice to terminate and release the parties from the tenancy agreement.

In either case all monies that you have paid for rent and/or deposit will be returned to you and such repayment will be the limit of our or the landlord’s obligation to you in relation to the tenancy agreement.

The tenancy agreement will detail everyone’s responsibilities:

Our standard tenancy agreement terms cannot be amended. It is important that you understand your roles and responsibilities of the tenancy agreement. If you need further advice, you should contact a solicitor or an advice bureau.

When you pay money to us:

If your tenancy is an assured shorthold tenancy, we will register your deposit with the deposit protection scheme we belong to; Tenancy Deposit Scheme (TDS), once registered the deposit money will be protected in line with the scheme rules.

We are committed to privacy surrounding your personal data:

Our privacy policy explains how we use the information we collect about you, how you can tell us if you prefer to limit the use of that information and procedures we have in place to safeguard your privacy. See www.exquisitehome.co.uk//privacy-policy

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