A Tenant’s Guide to the Costs Involved in Renting a Property
First of all, Iain and Sharon at HomeXperts Purbeck and Poole want you to know, that as a tenant you will be treated with respect. You will receive the excellent customer service you deserve.
While they are there to act for a landlord, in addition, Iain and Sharon want you to know that they value you. Because, after-all, it is a team effort that will make a tenancy work best for everyone.
When it comes to your tenant fees, Iain and Sharon have tried to simplify things. As they appreciate how frustrating it can be to understand what you actually get from a letting agent, they have structured their fees in, what they hope, is a clearer way.
Step one covers what fee you are required to pay and what you can expect to receive from the start to the end of your tenancy. Furthermore, step two covers the fees for any additional parties to be involved with the tenancy agreement. Finally, step three covers the possible extra fees you may come across. But, most of all and crucially, Iain and Sharon explain how you can avoid these fees in the first place.
Understanding the named tenant fee
£120 (Inc VAT) (£100 plus VAT) for you and one other tenant, which includes:
- ID checks – this includes identity, immigration and visa confirmation, financial credit checks
- Referencing – obtaining references from your current or previous employers / landlords and any other relevant information to assess affordability
- Negotiating and agreeing terms, before your tenancy
- Arranging the initial tenancy and agreement
- Negotiating and agreeing terms, during the tenancy if you so require
- Amending and updating terms and arranging a further tenancy and agreement if necessary
- Accompanied Check-in – preparing an Inventory and Schedule of Condition of the property, explaining to you how the appliances work and taking meter readings for utilities and services
- Check out – attending the property to undertake an updated Schedule of Condition based on the original inventory and negotiating the repayment of your security deposit
- Future Landlord Reference – collating information and preparing a reference for a future landlord or letting agent you may have
Understanding Additional Parties Fees
£60 (Inc VAT) (£50 Plus VAT) per additional person above the initial two
- Tenant – for the processing of another application, the associated paperwork and referencing
- Guarantor – Covering credit referencing and preparing a Deed of Guarantee as part of the Tenancy Agreement
- Permitted Occupier – Explaining to any permitted occupier their rights and responsibilities towards the named tenant(s) and landlord as well as the provision of documentary guidance and assistance during the tenancy
Understanding other fees and charges AND how to avoid them
- Lost Security Items (Keys etc.) – £20 (Inc VAT). This fee covers obtaining necessary permissions, sourcing providers and travel costs.
AVOID these fees – make sure you have adequate spare keys in a safe and secure place so that you do not need to call for a replacement.
- Out of Hours Services – £60 (Inc VAT). This fee is due where actions of the tenant results in the agent (or nominated contractor) attending the property. Time to remedy the situation is charged at the hourly rate. This will naturally be contractor dependant.
AVOID these fees – it is important for you to always contact Iain and Sharon first with any problems. They do not want you incurring a fee that could be avoided or reduced. HomeXperts Purbeck and Poole are contactable 24 hours a day, 365 days a year for a reason. They are there to help both you and your landlord resolve problems in the quickest and most cost-efficient way.
- Unpaid Rent / Returned Payments Interest – 4% above Ban of England Base Rate from date due, calculated daily (Inc vat).
AVOID these fees – anyone can experience financial difficulties, it is of course not nice. However, how you deal with such a thing is important. By speaking with Iain and Sharon upfront and before you miss any rent payments is essential. They may be able to facilitate a resolution that would benefit everyone all round.
In conclusion, Iain and Sharon believe that a successful tenancy relies on everyone being open and honest with one another. The agent, the tenant and the landlord alike.
If you have any questions on any of the fees, you can contact Iain and Sharon who will be more than happy to chat.