When renting a property, there are various costs that you will need to take into consideration when making an offer.
Prior to your Tenancy:
- New tenancy agreement fee: £222 (inc. VAT) payable by the tenant. This is a split fee (£444 inc. VAT in total) paid equally by the landlord and 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 month’s 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.
During your Tenancy:
- Tenancy renewal agreement fee: £96 (inc. VAT) payable by the tenant. This is a split fee (£192 inc. VAT in total) paid equally by the landlord and tenant. This is payable upon renewal, should you and your landlord mutually agree to renew the tenancy for a further term.
At the end of your Tenancy:
- Inventory charges. In most lets, tenants will be responsible for paying for the inventory check out costs upon ending a tenancy. The cost is approximately £100 - £250 (inc. VAT) dependent on the size of the property.
- Professional Clean: Tenants will usually be responsible for paying for a professional clean at the end of the tenancy. Costs can vary depending on the size of the property and your requirements.
Other fees that may apply:
- Changes to the parties of the tenancy agreement (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 agreement and arrangement 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.
- 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 National Westminster Plc’s base lending rate.
- 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.
- Chestertons is a member of ARLA and is accredited with the London Rental Standard, meaning each branch contains ARLA-qualified staff and works to the ARLA guidelines.
- Chestertons is a member of the RICS Clients’ Money Protection Scheme, ensuring the security and protection of client funds.
- Chestertons is a member of The Property Ombudsman (TPO) scheme and subscribes to the TPO Code of Practice for Residential Lettings Agents.