TENANTS

As soon as you have found the ideal property to move into there will be some paperwork to complete. Please note that all offers accepted are subject to contract.

Holding deposits

A holding deposit is required from a tenant to reserve a property whilst the reference checks and preparation for a tenancy agreement are undertaken.

Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, (unless a landlord or agent imposed a requirement that breached the ban or acted in such a way to the tenant or relevant person that it would be unreasonable to expect a tenant to enter into a tenancy agreement with them), 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 of the offer being accepted (or other deadline for Agreement as mutually agreed in writing).

Holding deposits are a maximum of one weeks rent. This is NOT an admin fee and is deducted from the first months rent should the tenant be successful in securing a tenancy.

Security deposits:

A tenancy security deposit is a refundable payment that a landlord or agent can ask a tenant, or a relevant person (i.e. someone acting on a tenant’s behalf) to make. This provides a landlord with security if a tenant causes damage to a property, does not return it in its original condition, does not pay their rent or breaks the terms of their tenancy agreement.

The level of tenancy security deposit due depends on the total annual rent for the property. If the total annual rent for the property is less than £50,000, the maximum tenancy deposit due is up to five weeks’ rent. If the total annual rent for the property is £50,000 or above, the maximum tenancy deposit due is up to six weeks’ rent.

In the case of room rentals in shared accommodation, most landlords tend to charge one months rent as a security deposit.

OTHER CHARGES

You may be required to make one or more of the following permitted payments during your 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 any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).

Early Termination (tenants request): Should the tenant wish to leave their contract early, they shall be liable to 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.

Variation of Contract (tenants request): £50 (inc. VAT) per agreed variation or reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions and the preparation and execution of new legal documents

Elizabeth Scott Ltd is a member of the Property Ombudsman and use the Deposit Protection Scheme (DPS) custodial service. 

Elizabeth Scott Ltd is a member of UKALA and is covered by their client money protection scheme. Membership No. 190041