Offer Stage

 

For Assured Shorthold tenancies (AST’s)

Once an offer is accepted you would need to pay a holding deposit = Equal to one week’s rent so we can start the referencing process.  When your referencing is complete and the landlord accepts these, you will then be required to sign the tenancy agreement and pay the remaining balance, this would be

1 month rent and 5 weeks security deposit, minus the one week you paid in advance.

 

For Company Let’s

For a Company that wants to rent one of our properties, the above reference process applies but the company would be liable to pay the following:

Tenancy set up fee:                                                   £500.00 + VAT (£600.00)

Tenancy renewal fee:                                                £250.00 + VAT (£300.00)

Check In cost at start of tenancy:                              Variable

 

References & Right to Rent

All applicant references (where applicable) are undertaken by an independent specialist referencing company. You will be asked to complete their online application form.

You will need to provide us with proof of your right to rent a property in England, in line with the Immigration Acts 2014 and 2016 and to prove your current address (such as original bank statement, credit card, utility bill, council tax demand, etc dated within the last three months.) This must show your name and address.

 

Amendments or changes to the tenancy terms

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

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. Please note your landlord does not have to agree to you changing any of the named tenants during the tenancy term.

 

Early release

If, for any reason, you request your landlord to agree to ending the tenancy earlier than the date set out in the tenancy agreement (or in line with any break clause included in the tenancy agreement) then he/she does not have to agree to this. However, should your landlord agree, then he/she can ask you to reimburse him/her for any financial loss he/she might suffer as a result. This may include:

The equivalent of the letting fee paid by your landlord to us from the date you wish to end the tenancy until the date you could contractually end the tenancy (calculated as a daily rate) and any other reasonable costs the landlord may incur. 

 

Late/Unpaid rent Payments

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 keys or security devices

Lost key(s) or other Security Devices: 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 £20 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).

 

Income tax

 

Generally, you will pay the rent to Lawrence Rand, to be credited to your landlord’s account. However if you pay rent directly to your landlord and he/she is a resident outside of the UK for more than six months of the year, then you will be responsible for deducting income tax from your rent (at basic rent) and accounting for this to HM Revenue and Customs on a quarterly basis, unless HMRC confirm to you direct and in writing that you do not need to do this.

 

 

Lawrence Rand is a member of the Property Redress scheme (PRS) and Client Money Protection (CMP).