Assured Shorthold Tenancies are now commenced and continued in accordance with the rules set out in the Tenants Fees Act 2019 and in addition to the information set out here we would refer you to the publicly available Government guidance on this new regime, in particular the rules with regards the withholding of holding deposits. As well as paying the rent you may also be required to make the following permitted payments:
Before the tenancy starts (payable to Thomas Michael ‘the Agency’)
Holding deposit: 1 week’s rent which will be put towards your first rental payment, with your agreement.
Security deposit: equivalent to 5 weeks if annual rent is less than £50,000 or equivalent to 6 weeks if annual rent is more than £50,000.
During the tenancy (payable to the Agency)
Payment of £50 (£41.67 + VAT) or reasonable costs if higher if you want to change the tenancy agreement.
Payment of interest - if you fail to pay the rent under the tenancy within fourteen days of the due date you shall pay to the Landlord or Agency interest on the amount outstanding at the rate of 3% per annum above the base rate of the Bank of England calculated daily.
Payment of the actual cost of replacement of lost or broken key/security device.
Early termination - all costs, fees and charges incurred by the landlord for allowing early termination including the Agency's existing or re-letting fees.
During the tenancy (payable to the provider) if applicable
Utilities – gas, electricity, water
Communications – telephone and internet
Installation of cable/satellite
Subscription to cable/satellite supplier
Television licence
Council Tax
Any other permitted payments, not included above, under the relevant legislation including contractual damages.
We are members of The Property Ombudsman (TPO), which is our redress scheme, and our membership number of TPO is D6538. We are members of Money Shield, which is our client money protection (CMP) scheme, and our membership number is 57972775.
Non-Housing Act tenancies
For non-Housing Act tenancies, and for this Agency it will apply principally to Company Lets, the Tenant Fees Act 2019 does not apply.
We charge a flat fee of £600 (£500 + VAT) which covers the referencing administration, all of the work associated with the drawing up and signing of the tenancy agreement and all other administration and liaising which is typical of tenancies.
The holding deposit will be 1 week’s rent and the security deposit will be equivalent to 6 weeks’ rent.
We charge £180 (£150 + VAT) to arrange the fixed extension to a tenancy.
It is the landlord’s decision as to whether an inventory clerk is instructed. The landlord will be responsible for the cost of the inventory and check-in and the tenant will be liable for the cost of the check-out. The fees for an inventory and check-in and check-out vary depending on the amount of rooms and furnishing but usually range from £80 to £150.
