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TENANT FEES

Tenancy Agreements Subject to Tenant Fee’s Act 2019

Holding Deposit

One weeks rent to reserve a property which also forms part of the rent.

Security Deposit

Five weeks rent unless the annual rent is over £50,000.00 in which case the deposit will rise to 6 weeks rent.

The Rent & Bills

During your tenancy you will need to pay rent and utility bills as detailed in your tenancy agreement.

Late & Unpaid Rent

If the tenant pay rent late or fail to pay it is likely you will have to pay interest on the amount which will amount to 3% above the Bank of England base rate as explained in your Tenancy Agreement.

Amendments

At your request, any amendments to the tenancy agreement are chargeable at a minimum of £50 (incl. VAT) per change, any increase would be fairly calculated based on the amount of work required to complete the amendment.

Early Surrender

During the tenancy, should the tenant need to surrender the tenancy earlier than the agreed fixed term we will seek approval from the landlord. In the case that the Landlord agrees to re let the property, the tenant remains responsible for paying the rent, this liability will end once a new tenant is found and moved into the property. In addition to the rental liability the tenants are also responsible for covering any reasonable losses the landlord incurs as a result of the early termination which will be specific to each tenancy.

Lost Property

In the event that the tenant loses any keys, fobs or security devices, the cost of replacement will be bourne by the tenant. This also includes a change of lock or replacing the fob or device if necessary.

Tenancy Agreements Not Subject to Tenant Fee’s Act 2019

Administration Fee

£150 (incl. VAT) This fee is a contribution towards the administration involved in the process of setting up the tenancy, completing the Tenancy Agreement and registering the Deposit.

Tenant Reference Fee

£36 (incl. VAT) per tenant. Includes obtaining and confirming references from an employer/accountant. In addition we will verify a previous landlord reference as well as running a credit check. We will also collect from you a copy of passport, proof of current address, bank statement and payslips if necessary.

Guarantor Reference Fee

£36 (incl. VAT) per tenant. Includes obtaining and confirming references from an employer/accountant. In addition we will run a credit check. We also collect from you a copy of passport, proof of current address, bank statement and payslips if necessary. This also includes the preparation of the Guarantor Agreement as part of the tenancy agreement.

Renewal Admin Fee

£72 (incl. VAT) per tenancy. Contributes towards the cost of administering the renewal documents and re registering the deposit for the further term with the tenancy deposit scheme.

Inventory/Check out Fee

£140 to £260 (incl. VAT) per check depending on furnishing level and size of the property. It is strongly advised that an inventory is done at the beginning and end of a tenancy by an independent provider in order to ensure that any disputed amounts, are backed up by written and photographic evidence in the form a non biased inventory.

Company Lets

If a tenant decides to rent a property through Wren & Co Residential LTD in the name of a business or company the tenancy administration and reference charge will be £480 (incl. VAT) for a new tenancy and £240 (incl. VAT) for every renewal.

Amendments

At your request, any amendments to the tenancy agreement are chargable at a minimum of £120 (incl. VAT) per change, any increase would be fairly calculated based on the amount of work required to complete the amendment.

Late & Unpaid Rent

If the tenant pay rent late or fail to pay it is likely you will have to pay interest on the amount which will amount to 3% above the Bank of England base rate as explained in your Tenancy Agreement.

Wren & Co Residential are a member of the Property Redress Scheme (PRS) and comply with the PRS codes of practice. The PRS are a government approved independent redress scheme giving consumers additional protection. Our customers can feel confident in transacting with us in the knowledge that in the unlikley scenario were there is an unresolved dispute involving our agency, there is a free and fair redress available. As regulated members of the PRS and CMP any monies we hold are insured offering our clients financial protection. All funds we hold are safe under the Client Money Protection Scheme.

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