When an offer is made on a property you will be asked for one weeks rent as a holding deposit. This forms part of the first month’s rent and is deducted from the balance when you move in. If your offer is not accepted the holding deposit will be returned to you. We may hold the deposit for 14 days, if the tenancy agreement is not signed within this period you will be entitled to have the holding deposit refunded unless an extension is agreed in writing.
The exceptions in which the Landlord may decide not to grant the tenancy and the Agent not refund the holding deposit are:
You do not have the right to rent a property in the UK and the Landlord or the Agent did not know and could not reasonably have been expected to know this before the holding deposit was accepted.
You provide false or misleading information and the Landlord or Agent is reasonable entitled to take into account your actions or the difference between the false and correct information in deciding whether to grant you the tenancy.
You advise that you no longer want to enter into the agreement
The Landlord and Agent take all reasonable steps to enter into the tenancy agreement within 14 days of receipt of the holding deposit, but you fail to do the same.
You fail to meet the referencing criteria as below and cannot supply a suitable and acceptable Guarantor:
Income to rent ratio of 2.5
A satisfactory current or previous Landlord reference
A County Court Judgement (CCJ) which you have not disclosed prior to providing holding deposit
Your credit score is under 650
If the rent is below £50,000 per annum you will be required to pay no more than a five week deposit. If your rent exceeds £50,000 per annum you will be required to pay no more than a six week deposit.
AMENDMENTS TO A TENANCY AGREEMENT:
If a request is received to make a change to your tenancy agreement, we will charge £50.00 (Inc. VAT) for such changes. An example of this would be a change of sharer.
EARLY TERMINATION/TENANCY SURRENDER:
If a request is received to surrender the tenancy earlier than the expiry date, you will be required to cover any reasonable financial losses that the Landlord and/or the Agent may incur as a result of permitting a surrender. This will not exceed the loss that the Landlord and or Agent have suffered.
If keys or any other security device giving access to the property are lost during the tenancy, you will be charged reasonable costs incurred for replacement keys and/or locks.
LATE RENTAL PAYMENTS
Overdue rental payments will be subject to interest at 3% above Bank of England base rate. This will be calculated from the date the payment was due until the date the payment is received.