(all fees plus vat)

 

When considering making an offer for a rental property, it's essential to factor in several associated costs.

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Assured Shorthold Tenancies (AST)

 

Prior to your tenancy 

Preliminary Monies: After the landlord accepts your offer, you will need to provide preliminary funds equal to one week's rent. If you proceed to sign a tenancy agreement, this amount will be credited toward your Advance Rent payment.

 

Advance Rent: Typically, rent is due in advance for each tenancy. Therefore, you will have to pay at least the first month's rent before your tenancy starts, although the specific amount may vary depending on your tenancy terms.

 

Tenancy Deposit: Prior to the commencement of your tenancy, you will need to submit a deposit equal to either 5 weeks' rent (for annual rents below £50,000) or 6 weeks' rent (for annual rents of £50,000 or more). The deposit will be protected within the My Deposits Custodial scheme and will be returned in accordance with the terms of your tenancy agreement. This covers damages or defaults on the part of the tenant during the tenancy period.

During Your Tenancy

Late Rent Payment: If your rent is more than 14 days overdue, you will be charged interest at a rate of 3% per annum over the Bank of England's base lending rate.

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Lost Keys or Security Devices:   If you lose keys or security devices and they need replacing, you will be responsible for covering the replacement costs. If this results in changing locks, you will also need to pay for the locksmith's services, new locks, and replacement keys. An additional charge of £12.50 per hour for the time spent replacing lost items may apply.

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Other Potential Fees

Tenancy Swap (Changes to Tenancy Parties): If you want to modify the parties involved in the tenancy agreement, a new agreement will be necessary. You will be required to pay a tenancy swap fee of £40 plus any reasonable incurred costs if they exceed this amount. Note that Tenancy Swaps are subject to the landlord's consent and reference approval.

Variation of Contract (Tenant-Requested Changes): If you wish to make changes to the terms of the tenancy agreement, an addendum will be needed. You will be responsible for a variation of contract fee of £40. Keep in mind that the landlord's consent is required for any variation of the contract.

 

Early Termination of Contract (Tenant-Requested):  If you decide to terminate your contract prematurely, you will be responsible for the landlord's costs in re-letting the property, as well as all outstanding rent, council tax, and utilities until the start date of the replacement tenancy. These costs will not exceed the maximum outstanding rent on the tenancy.

Cancellation/No show: If you cancel an appointment less than 24 hours prior, or have arranged a property visit and we cannot get access, there will be a charge of £30 per visit.

Non-Assured Shorthold Tenancies (Non-AST)

 

Prior to your tenancy 

 

Preliminary Monies: After the landlord accepts your offer, you will need to provide preliminary funds equal to two week's rent. If you proceed to sign a tenancy agreement, this amount will be credited toward your Advance Rent payment. The preliminary monies will be withheld should you choose to withdraw your application, not successfully pass the referencing process, or fail to complete the tenancy agreement.

 

Tenancy Agreement Fee: A fee of £300 is payable by the tenant. This fee becomes due after your offer is accepted, and we proceed to draft a tenancy agreement.

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Reference Fee: Each tenant, guarantor or occupier is required to pay £50 when agreeing to undergo the independent referencing process. These references are conducted by an impartial third party and encompass a credit check.

 

Right-to-Rent Verification Only: £30 payable by each tenant or permitted occupier in cases where a comprehensive reference (as mentioned above) is unnecessary.

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Advance Rent: Typically, rent is due in advance for each tenancy. Therefore, you will have to pay at least the first month's rent before your tenancy starts, although the specific amount may vary depending on your tenancy terms.

 

Tenancy Deposit: Usually, this amounts to six weeks' rent (unless agreed otherwise) and is payable before your tenancy commences.

 

Pet Deposit: Equivalent to two weeks’ rent in addition to your deposit (as listed above, unless agreed otherwise) to cover the added risk of property damage

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Inventory Charges: In most rental agreements, tenants are responsible for covering the costs of the inventory check before the tenancy begins. The cost typically ranges from £100 to £250, depending on the property size.

Stamp Duty: Due on tenancies where the rent amounts to over £125,000. Charged at 1% on any rent over £125,000.

During Your Tenancy

 

Tenancy Renewal Agreement Fee: A fee of £150 is payable by the tenant upon renewal, should you and your landlord mutually decide to extend the tenancy for another term.

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Late Rent Payment or Unpaid Cheques: A charge of £30 is applicable to the tenant for late rental payments or returned unpaid cheques. Interest on overdue rent will also be applied as outlined in the tenancy agreement, generally at a rate of 5% per annum over the Bank of England's base lending rate.

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Early Termination of Contract (Tenant-Requested): If you decide to terminate your contract prematurely, you will be responsible for the landlord's costs in re-letting the property, as well as all outstanding rent, council tax, and utilities until the start date of the replacement tenancy. These costs will not exceed the maximum outstanding rent on the tenancy.

Check out arrangement fee: The tenant may be required to cover the cost of the check out.

Other Potential Fees

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Tenancy Swap (Changes to Tenancy Parties): If you desire to alter the parties in the tenancy agreement, a new tenancy agreement will be necessary. You will be required to pay a tenancy swap fee of £300 along with a reference fee of £50 per tenant, guarantor and/or occupier. Please note that Tenancy Swaps are contingent upon the landlord's approval and reference verification.

Variation of Contract (Tenant-Requested Changes): Should you wish to modify the terms of the tenancy agreement an addendum will be required. A variation of contract fee of £50 will be payable by the tenant. Please be aware that any changes to the contract are subject to the landlord's consent.

Cancellation/No show: If you cancel an appointment less than 24 hours prior, or have arranged a property visit and we cannot get access, there will be a charge of £30 per visit.

Any Payments

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If you have any questions or concerns regarding the fees and expenses related to renting a property, please feel free to get in touch with one of our team. They will gladly provide you with a more comprehensive explanation.

 

Additional Information:

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Domus Partners Limited is a member of the Property Redress Scheme (PRS) and has Client Money protection with ‘Client Money Protect’.

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Please note that all prices quoted are subject to VAT at the rate of 20%, unless otherwise stated. VAT will be added to the total amount payable where applicable.

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