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Applicable Fees

Chestertons tenant charges

When renting a property, there are various costs that you will need to take into consideration when making an offer.

Assured Shorthold Tenancies

Prior to your Tenancy:

- Advance Rent: Rent is usually payable in advance for each tenancy. You will therefore need to pay, as a minimum, the first months’ rent prior to the commencement of your tenancy, although the amount payable may differ dependent on the terms of your tenancy.

- Tenancy Deposit: This is the equivalent of 5 weeks’ rent (if the annual rent is less than £50,000) or 6 weeks’ rent (if the annual rent is £50,000 or more), payable prior to the commencement of your tenancy.

During your Tenancy:

- Late rental payment: Interest on late payment of rent will be charged at a rate of 3% per annum over The Bank of England’s base lending rate. This will not be levied until the rent is more than 14 days late.

- Lost keys or other security devices: In the event that any keys or other security devices are lost and need to be replaced, you will be required to pay the costs of replacing them. If the loss results in locks needing to be changed, you will be required to pay the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys. 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).

Other fees that may apply:

- Changes to the parties of the tenancy agreement at the tenant’s request (Tenancy Swap): In the event that you wish to make changes to the parties of the tenancy agreement, a new tenancy agreement will be required. A tenancy swap fee of £50 (inc. VAT) plus any reasonable costs incurred if higher, will be payable by the tenant. Please note that Tenancy Swaps are subject to the landlords consent and reference approval.

- Variation of Contract at the tenant’s request: In the event that you wish to make any changes to the terms of the tenancy agreement, an addendum will be required. A variation of contract fee of £50 (inc. VAT) will be payable by the tenant. Please note that a variation of contract is subject to the landlords consent.

- Early Termination of Contract at the tenant’s request: In the event that you wish to leave your contract early, you will be required to pay the landlord’s costs in re-letting the property as well as all rent, council tax and utilities due under the tenancy until the start date of the replacement tenancy. The costs will be no more than the maximum amount of rent outstanding on the tenancy.

Non-Assured Shorthold Tenancies

Prior to your Tenancy:

- New tenancy agreement fee: £300 (inc. VAT) payable by the tenant. This is payable after your offer has been accepted and we have proceeded to draw up a tenancy agreement.

- Reference fee for each Tenant: £60 (inc. VAT). This is payable when you have agreed to undergo the independent referencing process. References are carried out by an independent Third Party and include a credit check.

- Reference fee for each Guarantor: £60 (inc.VAT). This is payable when you have agreed to undergo the independent referencing process. References are carried out by an independent Third Party and include a credit check.

- Right to rent check only: £30 (inc.VAT). This is payable by each tenant or permitted occupier in circumstances where a full reference (as above) is not required.

- Advance Rent: Rent is usually payable in advance for each tenancy. You will therefore need to pay, as a minimum, the first months’ rent prior to the commencement of your tenancy, although the amount payable may differ dependent on the terms of your tenancy.

- Tenancy Deposit: This is usually the equivalent of 6 weeks’ rent, payable prior to the commencement of your tenancy.

- Inventory charges: In most lets, the tenant will be responsible for paying the inventory check in costs prior to the commencement of a tenancy. The cost is approximately £100- £250 depending on the size of the property.

During your Tenancy:

- Tenancy renewal agreement fee: £150 (inc. VAT) payable by the tenant. This is payable upon renewal, should you and your landlord mutually agree to renew the tenancy for a further term.

- Late rental payment or unpaid cheques: £30.00 (inc. VAT) will be payable by the tenant in respect of late rental payments or cheques that are returned unpaid. Interest on late payment of rent will also be charged in accordance with the terms as stated in the tenancy agreement, usually at a rate of 5% per annum over The Bank of England’s base lending rate.

Other fees that may apply:

- Changes to the parties of the tenancy agreement at the tenants request (Tenancy Swap): In the event that you wish to make changes to the parties of the tenancy agreement, a new tenancy agreement will be required. A tenancy swap fee of £420 (inc. VAT) will be payable by the tenant, together with a reference fee of £60 (inc. VAT) per tenant and / or Guarantor. Please note that Tenancy Swaps are subject to the landlord’s consent and reference approval.

- Variation of Contract at the tenant’s request: In the event that you wish to make any changes to the terms of the tenancy agreement, an addendum will be required. A variation of contract fee of £50 (inc. VAT) will be payable by the tenant. Please note that a variation of contract is subject to the landlords consent.

Any payments

- Should you have any queries regarding the charges and costs associated with renting a property, please do not hesitate to contact one of our lettings consultants who shall be happy to explain these in further detail.

For a summary of services and fees applicable to landlords, please click here

Additional Information

- Chestertons is a member of ARLA, meaning each branch contains ARLA-qualified staff and works to the ARLA guidelines.

- Client Money Protection: Chestertons is a member of the RICS Clients Money Protection Scheme, ensuring the security and protection of client funds. More information: http://www.chestertons.com/about-us/client-money-protection/

- Independent Redress: Chestertons is a member of The Property Ombudsman (TPO) scheme and subscribes to the TPO Code of Practice for Residential Lettings Agents.