New Government regulations were introduced on the 1ST June 2019 applicable to all new assured shorthold Tenancies (ASTs) signed on or after that date. Below is a brief explanation of the costs involved with renting a property through Maurice Kilbride.
Holding Deposit – capped at one weeks rent
If you find a property you like, you must pay a holding deposit, capped at the equivalent to one weeks rent to reserve the Property, whilst we go through our standard referencing procedure. This will only be retained by us 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, therefore it is really important to be honest with us before you commence the application if you have any doubts you will pass our credit referencing.
Deposit – capped at 5 weeks rent where the annual rent is under £50,000 and 6 weeks rent where the annual rent is £50,000 or higher.
Once you have passed the credit checks and before you move into a property, you will usually have to pay a deposit, which will be capped at five weeks rent. This will cover damages and defaults by you (the tenant) as detailed in the tenancy agreement, during the tenancy.
Late payment of Rent
If you are ever struggling to pay your rent, please let us know at the earliest opportunity, otherwise Interest will be charged at 3% above the Bank of England Base Rate from Rent Due date until paid in full. This will not be levied until the rent is more than 14 days in arrears with the interest calculated back from the first day of the arrears.
Lost Keys or security devices
If you lose or misplace the any keys for the property, you (the tenant) are liable to the actual cost of replacing them 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 any other persons requiring keys will be charged to you (the tenant)
Variation or changes to an existing tenancy agreement — £50 (inc. VAT) per change.
This charge will cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents. This also covers costs in ‘change of sharer’ situations and covers the landlord costs in securing a new sharing and associated legal requirements in processing that new sharers application.
Early Termination as requested by Tenant
Should you wish to leave the property before the end of your tenancy agreement, and should the landlord agree to this, then you will be liable to cover the landlord’s costs of re-letting the property as well as any rent due under the terms of your tenancy agreement up until the point the replacement tenancy commences.
Tenants will remain responsible, unless agreed otherwise, for all utility payments, TV licence and Council Tax accounts. Please refer to your AST for full information. At the end of the tenancy you will be asked to provide copies of all final bills before we can release your deposit.
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