Administration fee and holding deposit
Once you have viewed a property that you would like to consider for a tenancy, we will record the details of your offer and inform the Landlord, if your offer is accepted (subject to contract and references) you will need to complete reference forms and pay a holding deposit of £500 in order to reserve the property. The holding deposit includes the administration fee which is £210.00 Inc VAT. This fee does not oblige the Landlord to Let, or create or constitute a Tenancy Agreement between the Tenant, Landlord or Landlord’s Agent. The charge is levied towards costs for processing references and administration. Please note the holding deposit (including the administration fee) is non-refundable should you wish to withdraw your offer or should we receive unsatisfactory references. If a Guarantor is required a further administration fee of £75.00 Inc VAT will be payable for processing references and preparing the Guarantor Agreement. The Administration fee includes Referencing, Tenancy Agreement, Inventory and Tenancy Pack.
We will require every applicant over the age of 18 to complete a reference form, and provide photographic identification and proof of address. We will then obtain references from the information you provide on the form and inform the Landlord who will make the final decision. Please note that the annual rent must not exceed 40% of your joint salary. If for whatever reason Landlord changes there mind and withdraws the property we will refund all of your money.
The equivalent of one and a half month’s rental is usually required (this amount may vary depending on the property you wish to rent, so please ask for further details), before the start of the tenancy, payable to Capital in cleared funds (bankers draft or building society cheque). The deposit will normally be held by us as stakeholders and insured under the Tenancy Deposit Scheme, of which we are members, but please check the Tenancy Agreement before signing the same.
A tenancy agreement will be drawn up. All tenants named on the tenancy agreement must sign the necessary documentation before commencement of the tenancy and keys will not be released until this is the case.
Paid in advance, normally monthly by Standing Order. Rent is paid from your bank account four days prior to your rent due date to ensure funds reach us/your Landlords account on the rent due date.