Tenant Charges: Clear information on fees and charges applicable to tenants.
Tenant Fees & Responsibilities – Charles Morley
At Charles Morley, we ensure complete transparency regarding the costs associated with renting a property. Below are the key financial responsibilities and fees you should be aware of before starting a tenancy.
Holding Deposit
To secure a property, subject to contract and referencing, you must pay a holding deposit equivalent to one week’s rent (calculated as annual rent divided by 52). This ensures the property is taken off the market while necessary checks are completed.
- If you withdraw from the tenancy after your offer has been accepted, the holding deposit will be retained as compensation.
- If you fail reference checks or do not provide required documents on time, the deposit may also be retained.
- If the landlord withdraws, the holding deposit will be fully refunded to you.
Security Deposit
A security deposit is required before the tenancy begins:
- If the annual rent is below £50,000, the deposit is equivalent to five weeks’ rent.
- If the annual rent exceeds £50,000, the deposit equates to six weeks’ rent.
This deposit is held in a government-approved Tenancy Deposit Scheme (TDS) and protects against damages or breaches of the tenancy agreement.
First Month’s Rent
Your first month’s rent must be paid in full at least five days before your tenancy start date.
Changes to the Tenancy Agreement
If any changes are made to the original tenancy agreement, such as a Deed of Variation or Assignment, a charge of £50 + VAT per amendment applies.
Early Termination Fee
If you choose to end your tenancy early, you will be responsible for:
- Paying the rent until a new tenant moves in.
- Any additional costs incurred in re-letting the property.
Lost Keys & Security Devices
If you lose your keys or any security device linked to the property, you are liable for the cost of replacements. If a locksmith is required, you must cover all related expenses.
Utility & Service Responsibilities
As a tenant, you are responsible for all utility and service bills, including:
- Electricity, gas, and water
- Council tax
- Internet, phone, and broadband services
Late Rent Payments
If rent is overdue by more than 14 days, a 3% charge above the Bank of England base rate will apply until payment is received.
TV Licence
If you plan to watch live TV or use BBC iPlayer, it is your responsibility to ensure that the property has a valid TV licence throughout your tenancy.
For more details or to discuss your tenancy responsibilities, feel free to contact Charles Morley today. We’re here to assist you in making your rental experience smooth and hassle-free!
