TENANT FEES 1 JUNE 2019, and Tenant Guide

For New Assured Shorthold Tenancies (AST's) Signed on or after 1 June 2019

Vicary & Co Client Money Protection provided by the Royal Institution of Chartered Surveyors (RICS)

Independent Redress provided by The Property Ombudsman

Royal Institution of Chartered Surveyors (RICS) The Property Ombudsman

HOLDING DEPOSIT (per tenancy)

One week’s rent. This is to reserve a property. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).

FIRST MONTH’S RENT (required once referencing is complete)

The first month’s rent must show as cleared funds in Vicary & Co account prior to the Tenancy Commencement date before we can release the keys to the property.

All arrangements and representations made are subject to a formal written Tenancy Agreement being signed by both Landlord and Tenant.

SECURITY DEPOSIT per tenancy. Rent under £50,000 per year

Five weeks’ rent.  This covers damages or defaults on the part of the tenant during the tenancy.

Once references are approved and a tenancy agreement is signed, completed and commenced, the Deposit will become a security deposit held against all tenant’s liabilities arising under the Tenancy Agreement. This deposit will be held by the Deposit Protection Service on behalf of Vicary & Co Limited as stakeholder, who will provide the landlord and the tenant the prescribed and mandatory information under the scheme.  This will consist of details of how the deposit monies will be held and contact details for both parties.  On the termination of the tenancy, the Landlord / Agent will notify the Tenant in writing within 10 working days of the end of the Tenancy if they propose to make any deductions from the Deposit.  If there is no dispute the Landlord / Agent will keep or repay the Deposit, according to the agreed deductions and the conditions of the Agreement. Payment of the Deposit or any balance of it will be made within 10 working days of the Landlord and the Tenant agreeing the allocation of the Deposit.

In the event of a dispute arising, either the landlord or the tenant can refer the dispute to the Alternative Dispute Resolution (ADR) available through the DPS. No interest is paid to either party.

Unpaid Rent

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 Key(s) or other Security Device(s)

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 £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).

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 (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.

Early Termination (Tenant’s Request)

Should the tenant wish to leave their contract early, they shall be liable to the landlord’s 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.

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