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Tenant Costs & Fees
Tenant Costs & Fees
When renting a property, you will normally be expected to pay certain deposits and/or fees that apply in specific circumstances. These are charged by the landlord, not by Addressed, but we can act as an intermediary and handle the relevant payments for both parties.
Common deposits and fees include:
Holding Deposit (per tenancy) - One Week’s Rent
The holding deposit is used to reserve a property. Please note that this will be withheld if any relevant person – including any guarantor(s) – withdraws from the tenancy, fails a Right-to-Rent check, provides materially significant false or misleading information, or fails 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 £50,000 or over per year) - Five Weeks’ Rent
This covers damages or defaults on the part of the tenant during the tenancy. Deposits will be returned in part or in full, depending upon the extent of any damage or defaults.
Unpaid Rent
Interest on unpaid rent is payable at 3% above the Bank of England Base Rate, from the ‘Rent Due Date’ until receipt of payment. Please note that 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 for 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 tenant will be liable to pay the costs of a locksmith, new lock and any replacement keys for the tenant, landlord and any other person(s) requiring them. 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).
Variation of Contract (Tenant’s Request) - £50 (inc. VAT) per agreed variation
In the event that the tenant requests a change to the rental contract period, this fee will cover the costs associated with taking landlord’s 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
In the event that the tenant requests that a new person be added to the list of named property sharers, this fee will cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration and 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 to pay 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.