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Tenant Fees

Tenant Fees

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All tenants who rent a property through us will be liable to pay fees to us to cover some of the costs of administering the tenancy set-up, and as payment for the services that we have provided.

Our standard fee structure for tenants who rent a property from us:

  • A fixed tenancy set up fee of £100 is charged and payable upon commencement of any tenancy arranged by us. This fee covers services provided to you in relation to pre-contract enquiries relevant to your application.
  • An application fee of £200 per tenant is charged and payable upon commencement of any tenancy arranged by us. This fee covers services provided in order to verify the accuracy of the tenancy application.
  • If you are asked to provide a guarantor, a charge of £50 per guarantor is charged and payable upon commencement of any tenancy arranged by us. This fee covers services provided in order to verify the accuracy of the guarantor application.

All fees include VAT

As our fees vary according to your personal circumstances, we advise you to speak to one of our consultants so that they can confirm the total cost of the fees that you will incur.

A full breakdown of these fees will be given to you in writing before you are asked to make any financial commitment in relation to a specific property. If you have any questions in relation to these fees, you are advised to speak to one of our consultants before making any payment to us.

You may also be subject to other charges that become payable at a later date, for instance renewal fees or check-out fees, but as these charges vary from property to property, you will be advised by one of our consultants in writing when we present you with the application forms.

Most tenancies are however subject to our standard charges, which are as follows:

  • Change of Tenant Fee: £300 per incoming tenant (£100 per guarantor if required)
  • Tenancy Renewal Fee: £300 (per property)
  • Check Out Fees: £180 (2 bedrooms or less), or £240 (3 bedrooms or more)

If Tenancy Renewal Fee has not been paid at least one month before the original/current tenancy expires it will be increased to £400. Should the increased fee remain outstanding following the expiry of the original/current tenancy, the fee will increase to £500.

Early Termination Fees

Should you wish to end your tenancy earlier than the agreed expiry date you can only do so with the consent of the landlord.  If the landlord were to give you permission to vacate early, it is likely to be subject to the following conditions:

  • Rent is paid in full up until the day that a new tenant takes occupation, even if this is later than the date that you would like to vacate.
  • You cover the pro-rata cost of our standard letting fee for the unexpired tenancy term, e.g. if you vacated with 2 months remaining on your contract, the charge would be: £(monthly rent) x 2 Months x 10%+VAT.
  • If you subsequently cancel your request for the early release (or ask to delay your date of vacation) after we have found a new tenant, you accept that you will be liable for a charge of £500 to cover the costs incurred by us during the marketing of the property.
  • Once a new tenant has been found and they have signed a tenancy agreement, if you fail to vacate on the agreed date you will forfeit your full security deposit and you will potentially be liable for further costs in the event that the landlord has to reimburse the new tenants for alternative accommodation and compensate them for being unable to fulfil the tenancy agreement.

To discuss such a request please contact your local branch.

 

From 1st June 2019 - The Tenant Fees Act 2019

When the above-mentioned Act comes into force, an application subsequently received will not be subject to above mentioned charges. Instead, the following will apply:

  • Reimbursement of the costs reasonably incurred by the landlord or agent in relation to the loss of a key to, or other security device giving access to, the housing to which the tenancy relates.
  • Where rent remains outstanding 14 days after becoming due, a default fee is payable, calculated by applying, in relation to each day after the due date for which the rent remains unpaid, an annual percentage rate of 3% above the Bank of England base rate to the amount of rent that remains unpaid at the end of that day.

An application to vary, assign or alter the tenancy agreement that is accepted by the landlord will incur the following charges:

  • Application to add or remove tenants from the tenancy agreement by virtue of a Deed of Assignment where no additional referencing is to be conducted: £50.
  • Where the Application involves the referencing of additional incoming tenants the charge will be £50 plus £60 per tenant or guarantor that is to be referenced.

An application for the early termination of a tenancy that is accepted by the landlord will incur the following charges:

  • A compensatory payment to the landlord equal to the loss suffered as a result of the early termination of the tenancy which will be based on the pro-rata costs incurred by the landlord in respect of initial letting of the property.
  • A charge of £180 payable to Beresford Residential in respect of the reasonable costs incurred as a result of arranging the early termination of the tenancy
  • Any overpayment of rent or payment made in error to Beresford Residential that is received by the 15th of the month will be reconciled and refunded at the end of the calendar month, with payments received after the 15th being reconciled and refunded at the end of the following calendar month. If you wish to request an expedited refund (actioned within 3 working days), this optional service will incur a fee of £12.


Redress Scheme & Client Money Protection

Beresford Residential Limited are member of ‘The Property Ombudsman’ – www.tpos.co.uk

Beresford Residential Limited are covered by the NFOPP Client Money Protection Scheme:

http://www.nfopp-regulation.co.uk/how-we-regulate/company-obligations/client-money-protection.aspx