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TENANTS FEES

We are proud to confirm that Laurels Lettings have never charged any administration fees to our tenants and we have been strong champions for the Tenant Fee Act 2019. Now due to this legislation, the extortionate payments that Tenants have had to endure have been prohibited!

The Tenant Fee Act 2019 came into effect on the 1st June 2019 and applies to new or renewed tenancy agreements signed on or after 1 June 2019. The aim of the Act is to reduce the costs that tenants can face at the outset, and throughout, a tenancy. Tenants will be able to see, at a glance, what a given property will cost them in the advertised rent with no hidden costs.

The rules for how fees will be charged for Assured Shorthold Tenancies are different to how fees will be charged for Non-Housing Act Tenancies. Please see our charges and guidance below:

Assured Shorthold Tenancies:

General fees and charges

Holding fee

Equivalent to one week’s rent, this will reserve the property for fourteen days to allow the relevant paperwork and referencing (including Right to Rent) for the tenancy to be completed. It will be retained if you withdraw your application or fail the referencing process (which includes providing false/misleading information) or fail to complete the tenancy agreement.

Any tenancy agreement specially negotiated clauses agreed after the tenancy agreement has been signed

£50.00 (inc VAT) – To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.

Traditional deposit: annual rent less than £50,000

Equivalent to five weeks’ rent. This will be protected in the Tenancy Deposit Scheme and will be returned in accordance with the terms of your tenancy agreement. This covers damages or defaults on the part of the tenant during the tenancy.

Traditional deposit: annual rent £50,000 or more

Equivalent to six weeks’ rent. This will be protected in the Tenancy Deposit Scheme and will be returned in accordance with the terms of your tenancy agreement. This covers damages or defaults on the part of the tenant during the tenancy.

Change of sharer

Up to £50.00 (inc VAT) 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 – at landlord’s discretion

Should the tenant wish to leave their contract early, they shall be liable to the Landlords 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.

Stamp Duty Land Tax

Payable on tenancies where the rent (for the whole time a tenant stays in the property) exceeds £125,000.

Default fees and charges

Late, unpaid, returned rent payments

3% above the base rate of Bank of England per annum, calculated daily.

Lost keys

Any cost for the replacement of keys, fobs, security devices or associated items which have been lost, damaged or broken.

Laurels Estate Agents Limited is a member of a redress scheme provided by The Property Ombudsman and is also a member of and covered by ARLA/Propertymark Client Money Protection Scheme.

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