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Hove Lets Tenancy Fees

Tenant Fees Schedule

Fees applying to all new tenancies from 1st June 2019

Holding Deposit (Per tenancy)

One weeks’ rent

Please note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right- to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).

Security Deposit (per tenancy, Rent of under £50,000 per year)

Five weeks’ rent

This covers damages or defaults on the part of the tenant during the tenancy.

Security Deposit (per tenancy, Rent of £50,000 or over per year)

Six weeks’ rent.

This covers damages or defaults on the part of the tenant during the tenancy.

Unpaid Rent

Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent.  Please note: This will not be levied until the rent is more than 14 days in arrears.

Lost Key(s) or other Security Device(s)

Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord and any other persons requiring keys will be charged to the tenant. If extra costs are incurred there may be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).

Variation of Contract (Tenant’s Request)

£50 (inc VAT) per agreed variation. To cover the costs associated with taking the landlords instructions as well as the preparation and execution of new legal documents.

Change of Sharer (Tenant’s Request)

£50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referening and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.

Early Termination (Tenant’s Request)

Should the tenant wish to leave their contract early, they shall be liable for the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.

Tenant protection

Hove Lets is a member of CMP, which is a client money protection scheme, and also a member of The Property Ombudsman, which is a redress scheme.

Fees applying to all pre-existing tenancies entered before 1st June 2019

Rental payments are usually taken monthly in advance – subject to references and agreed contract terms.

A deposit is held against dilapidations; this varies subject to the monthly rental but is a minimum of £200 above the monthly rent.

There is an administration fee of £210 (inc VAT) per tenant which covers the cost of identity, immigration and visa confirmation, financial credit checks, obtaining references from current or previous employers / landlords (and any other relevant information to assess affordability) as well as contract negotiation (amending and agreeing terms) and arranging the tenancy and agreement. Preparing an inventory and schedule of condition of the property, explaining how appliances function and taking meter readings for utilities and services. An additional £90 (inc VAT) will be charged per guarantor if required, this includes the financial credit checks, employment reference and drawing up of the guarantor agreement.

An initial holding fee will be required to reserve the property whilst references are processed, this is normally £300. This forms part of the above costs and is subject to contract and conditions.

In the event of the parties proceeding with the tenancy, your holding fee will be offset against your initial payment. Should the tenancy not commence on the agreed date for any reason, your holding fee will be forfeited for in order to cover costs including, but not limited to the following: re-advertising the property, monies in lieu of rent due to the property being reserved and unavailable to other potential tenants, preparing documents associated with the tenancy.

Tenancy Renewal / End of Tenancy

All renewal of tenancies £60 (inc VAT)
Check-Out Fee £48 (inc VAT)
Overpaid Rent After Tenancy Ends £30 (inc VAT) - per payment if we have to transfer the money back to you.
Outgoing Reference Fee £30 (inc VAT)

Late Charges

Bounced / Late Rent Payment £30 (inc VAT)
Letter Chasing Rent (per letter) £12 (inc VAT)
Visit To Property £30 (inc VAT) - we will visit the property if rent is not received after 21 days.
Non-payment of tenant invoice
within 14 days
£24 (inc VAT)

Please note that you will automatically be charged £30 (inc VAT) the day after your rent is due, to avoid this please ensure your rent is in our account on the date your rent is due.


Tenant Changeover

If one of the tenants decides to leave part way through the agreement you may, with the landlords agreement, replace them. Please be aware that you must inform Hove Lets before changing tenants and get permission from your landlord, this permission will not be withheld unreasonably. To conduct a tenant changeover the household will be charged an additional fee of £300 (inc VAT). Please note that this fee is non-negotiable, and should you decide to change over tenants the incoming tenant will only be accepted once they have passed our referencing checks AND supplied a UK home owner guarantor. Please call Hove Lets to discuss these options.


Early Release From Your Tenancy

In rare circumstances you may wish to be released from your contract early, please note that this will be the landlord’s decision and he has no obligation to release you until the contract expires. If the landlord does decide to let you leave early please note that there may be certain conditions attached, including:

  • The tenant will be liable for rent until a new tenant is found and moved in - this will be paid monthly, in advance, as the rent is due – any overpaid rent will be refunded to you once the new tenant has moved in.
  • The tenant will pay any additional charges the landlord may be required to pay in order to remarket the property.

If you find yourself in a situation where you wish to be released from your contract early please contact Hove Lets and we will be more than happy to advise you of your next step.

 

 

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