VICKERS AND CO. STANDARD TENANT TERMS AND FEES
As a prospective tenant renting a property through Vickers & Co. you should be aware of the charges and obligations you will typically be asked to fulfil in respect of the majority of tenancies once your offer has been accepted by the landlord:
1) A reservation deposit normally equivalent to two weeks rent – these funds are allowed against the first month’s rent assuming the tenancy proceeds. If for any reason you do not proceed with the tenancy these monies are forfeited without further claim. In the event of the landlord withdrawing these monies will be returned to you.
2) A fee of £150 inclusive of VAT. For the referencing and right to rent checks required for up to two tenants (identity, immigration and visa confirmation, financial credit checks, obtaining references from current or previous employers / landlords and any other relevant information to assess affordability) as well as contract negotiation (amending and agreeing terms) and preparing the tenancy agreement. This is the only fee payable for up to two tenants. The results of the credit referencing process will normally be passed to our client so that they can make a decision about granting a tenancy.
2a) Additional Tenant Fee of £50 (inc VAT) per person for processing the applicant, associated paperwork and referencing as detailed above.
3) Guarantor Fee of £150 (inc VAT) per guarantor (if required). Covering credit referencing and preparing a Deed of Guarantee as part of the Tenancy Agreement
4) A security deposit is held for the duration of the tenancy normally equivalent to six weeks rent and payable prior to the tenancy commencement. This may be increased depending on individual circumstances. For example an additional security deposit of at minimum two weeks rent may be requested to cover the added risk of property damage caused by a pet. Where applicable your security deposit will be protected by Vickers & C. in TDS Government accredited scheme (www.thedisputeservice.co.uk). All deductions must be agreed in writing by the landlord and tenant upon termination of the tenancy.
6) Amendment Fee of £150 (inc VAT) payable in the event of a change in tenant in a shared property.
5) Rent, unless otherwise agreed, is usually payable monthly in advance on or before the due date and the first payment is required prior to the commencement of the tenancy in cleared funds.
1) In most lets a tenant will usually be responsible for paying the cost of a professional clean at the end of the tenancy. The cost will vary depending on the size and condition of the property but as an indication a one bedroom flat is likely to be approximately £190 including VAT.
2) Inventory – In most lets the inventory costs are split between the tenant and landlord, the tenant being responsible for the check out at the tenancy end. The cost is approximately £120 including VAT for a one bedroom flat, the cost increasing depending on the number of bedrooms and whether furnished or unfurnished.
3) Insurance – The tenant is advised to take out and maintain appropriate insurance for all their own contents and effects.
4) Utilities - You will be responsible for the payment of the telephone, gas, electricity and council tax bills at the property during your tenancy. You are also responsible for ensuring there is a valid TV licence during your tenancy.
5) Management – at the start of the tenancy we will advise you who is managing the property, this may not always be Vickers & Co.
6) Taxation - If your Landlord is resident outside the UK and you pay your rent direct to them we recommend you contact HMRC (www.hmrc.gov.uk) to ensure you are compliant. This does not apply if you pay rent to Vickers & Co.
7) Complaints – Vickers & Co. are members of the Property Ombudsman Scheme and subscribe to their Code of Practice, further details are available on request or at www.tpos.co.uk
If you have any questions about our fees or terms please ask a member of our lettings team.
VICKERS AND CO.