As from 1st June 2019 the government introduced a new legislation called the Tenant Fee Act. With this in place there were significant changes in which the Landlord or agent can charge below is a brief outline but you can find full details by clicking here:

• Holding deposits taken to secure the property are limited to one weeks rent
• Landlords and agents can no longer charge tenants for referencing and certain admin fee’s
• All deposits are limited to 5 weeks which is the maximum limit if the annual rent is under £50,000

Below is a list of charges agents and landlords can undertake and what Excelet charge when choosing to rent with us:

Holding Deposit – One weeks rent will be charged to secure the property and withdraw the property from the market. The holding deposit is non-refundable if the tenant(s) or Guarantor(s) decide to withdraw from the tenancy, fail the reference checks, fail right to rent checks and provide false or misleading information. 

Tenancy Deposit – 5 weeks maximum if annual rent is under £50,000 this is taken to cover any damages or defaults during the tenancy. 

Rent Arrears – You will be charged 3% above the bank of England base rate upon any rent or other monies under your Tenancy Agreement which is more than 14 days in arrears in respect of the date from when it became due to the date of payment.

Permitted tenants payments for Assured Shorthold Tenancies – the below costs will cover all associated payments for changing documents such as deposit certificate, re-drafting Tenancy Agreements.

• £50 (inc Vat) for any variation on the Tenancy Agreement requested by the Tenant.
• £50 (inc Vat) for change of tenant, removal of tenant 

Lost or stolen keys including electric fobs – Any costs to replace keys, fobs or any other security devices must be covered by the tenant(s), if a locksmith is required, for replacement locks, keys, window replacement keys etc all costs must be paid by the tenant(s). If further works are required in order to replace locks or keys a charge of £15 (inc Vat) per hour will be charged to the tenant(s).

Early Tenancy Termination – If the tenant(s) decides to terminate the tenancy during the term they will be liable to pay the Landlords costs in re-letting the property this will include the fee paid to the end of the tenancy and any outstanding rent to date. These costs will be no more than the maximum amount of the rent outstanding on the tenancy.

If you have any further question or queries please get in touch either by telephone or email we will more than happy to help.

Excelet are members of the NRLA (National Residential Landlord Association), PRS (Property Redress Scheme) and DPS Deposit Protection Service.