Tenants Fees

TENANTS FEES ACT 2019

as of 1st June 2019

All prior tenancy charges remain as said until the 31st May 2020.

NEW LETS

Agents are permitted to charge tenants under the new Tenant Ban Fee Act 1st June 2019 the following

  • A “holding deposit” capped at one week’s rent.
  • A holding deposit can be kept by the Agent if the following circumstances occurs:-
    • 1. If the applicant withdraws.
    • 2. If the tenant fails a Right to Rent check.
    • 3. If the tenant provides false or misleading information
    • 4. If the tenant doesn’t enter the agreement by the deadline and fails to take reasonable steps for the let to go ahead.
    • 5. If the applicant/guarantor fails referencing.

The holding deposit can be used as part of the first month’s rent if you agree in writing, otherwise it will be returned to you within 7 days except if there is any proof that you have delayed the process. 

PERMITTED PAYMENTS

  • Rent
  • Utility bills, communication, TV, Council Tax
  • A security deposit of 5 weeks rent if the annual rent is under £50,000 and 6 weeks if the annual rent is over £50,000
  • Rent arrears (after 14 days interest on late payment)
  • The cost of replacing a lost key or other security devices
  • Variation to the contract capped at £50 including VAT
  • Early Surrender Fee (the landlord can continue to charge the tenant for loss of rent until a new suitable tenant is found)
  • A green deal payment or other energy efficiency charges.

NHA (Non Housing Act Tenancy)

Tenancy agreement and setup administration 
£350 incl. VAT
Checking into the property fee and reviewing the inventory
Minimum of £120 incl. VAT
Enhanced reference fee (per person or company) 
£50 incl. VAT
Tenancy continuation  
£125 incl. VAT
Change of sharer  
£100 incl. VAT
Early termination     
£120 incl. VAT
Late payment of rent  
Interest will be charged at 3% above the Bank of England base rate
Guarantor referencing fee

£50 incl. VAT

Deed of guarantee
£50 incl. VAT

Please note:
Initial monies will be confirmed in writing and must be paid by bank transfer.
We are unable to accept cash payments.

Compass Residential is a member of the redress scheme provided by The Property Ombudsman.

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