Tenant Fees for Tenancies Signed on or After 1st June 2019:
Holding Deposit (per tenancy) One week’s rent. This is to reserve a property. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
Security Deposit (per tenancy. Rent under £50,000 per year) Five weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
Security Deposit (per tenancy. Rent of £50,000 or over per year) Six weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy.
Unpaid/Late Rent Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.
Lost Key(s) or other Security Device(s) Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. 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).
Variation of Contract (Tenant’s Request) £50 (inc. VAT) per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.
Change of Sharer (Tenant’s Request) £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
Early Termination (Tenant’s Request) Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
Client Money Protection: MyDeposits.co.uk
For all tenancies signed prior to 1st June 2019:
Costs & Charges – As part of the application process, referencing and tenant assessment fees will become due, which will be charged in addition to rent and deposit payments.
Tenant Assessment Fees
For professional tenancies, our administration fees are £180.00 inc VAT for the first applicant and £120.00 inc VAT for each further applicant. These fees include: referencing (identity, immigration, visa confirmation, Right to Rent checks, financial credit checks, obtaining references from current and previous landlords/employers and all other information to assess affordability) as well as setting up the tenancy and preparing the Tenancy Agreement. Should a Guarantor be required, a fee of £75.00 inc VAT each would apply.
For student tenancies, our tenant assessment fees are £100.00 inc VAT per applicant which also includes one Guarantor. A fee of £75.00 inc VAT would apply if an additional Guarantor is required.
Note: None of the fees noted above are refundable if: 1) the applicant(s) do not proceed with the tenancy; 2) the application is declined by our referencing company, either with or without a Guarantor; 3) unsatisfactory references are obtained.
Additional Pet Deposit – Please note that an additional deposit may be required if permission is granted for a pet. This is to cover the added risk of property damage during the tenancy. This will be protected along with your deposit payment.
Renewal Fees – For renewing a tenancy there is a fixed fee of £90.00 inc VAT for contract negotiation, amending and updating terms and arranging a further tenancy.
Amendment Fees – For amending terms and updating the Tenancy Agreement during your tenancy, a fee of £250.00 inc VAT would be required.
Unpaid/Late Rent – A fee of £45.00 inc VAT is payable every seven days that the rent remains unpaid.
Out of Hours Service – A fee of £100.00 inc VAT (plus any costs incurred) would be payable where actions of the tenant results in the agent (or nominated contractor) attending the property out of office hours. Time to remedy the situation is charged at the prevailing rate.
Cash Handling Fee – A fee of £30.00 inc VAT is payable by a tenant who pays us in cash, due to us being charged by our bank for any cash paid in over the counter.
Rent Refunds – Should any rent payments be received into our bank account after a tenancy has ended, there will be a charge of £35.00 inc VAT for any refund made.
Complaints – If, during your tenancy, Welwyn & Hatfield Council make a formal complaint regarding non-compliance with their recycling and household rubbish policy and it is necessary for Kings to visit the property to deal with the situation because of that complaint, then the household will be charged a fee of £80.00 inc VAT per incident.
Removal of Belongings – Should we have to retrieve any belongings from the property for you after your vacating date, you will be charged at fee of £75.00 inc VAT per hour at the property.
The Property Ombudsman Scheme – Kings Estate Agent are a member of The Property Ombudsman Scheme, whose contact details are: Milford House, 43-55 Milford Street, Salisbury, Wiltshire, SP1 2BP, 01722 333 306, www.tpos.co.uk
Client Money Protection - Kings subscribe to MyDeposits.co.uk client money protection scheme.