Policy tenant fee
EA HMO Guaranteed Rent operates in full compliance with the Tenant Fees Act 2019. Only permitted payments are charged on all new Assured Shorthold Tenancies signed on or after 1 June 2019. Legacy fees listed below apply to existing ASTs and all Assured Tenancies signed prior to this date.
New Assured Shorthold Tenancies (ASTs) Signed On Or After 1 June 2019
Holding Deposit (per tenancy)
One Week’s Rent
This is to reserve a property while referencing and checks are completed.
This will be withheld if any relevant person (including any guarantor(s)) withdraws from the tenancy, fails a Right-to-Rent check, provides materially significant false or misleading information, or fails to sign their tenancy agreement (and/or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
Security Deposit — Rent under £50,000 per year (per tenancy)
Five Weeks’ Rent
This covers damages or defaults on the part of the tenant during the tenancy. To ensure that the property meets the required lettable standard, it must be maintained throughout the tenancy to avoid any deductions from the deposit.
Security Deposit — Rent of £50,000 or over per year (per tenancy)
Six Weeks’ Rent
This covers damages or defaults on the part of the tenant during the tenancy.
Unpaid Rent
3% above BoE Base Rate
Interest at 3% above the Bank of England Base Rate from the Rent Due Date until paid, 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)
Actual Cost + £15/hr (inc. VAT)
Tenants are liable for 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, and 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 variation
To cover the costs associated with taking the 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
£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, and the preparation and execution of new legal documents.
Early Termination (Tenant’s Request)
Re-let costs + all rent due
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.
Existing Assured Shorthold Tenancies (ASTs) And All Assured Tenancies
The following fees apply to tenancies signed before 1 June 2019, and to all Assured Tenancies regardless of start date.
Before you move in
Set-up Fees (Tenant’s Share):
£240 (inc. VAT) per tenancy. Covers contract negotiation (amending and agreeing terms) and arranging the signing of the tenancy agreement.
Tenant Referencing Fees
£48 (inc. VAT) per Tenant Referencing (ID checks, Right-to-Rent check, financial credit checks, obtaining references from current or previous employers/landlords, and any other relevant information to assess affordability).
Guarantor Fees
£138 (inc. VAT) per guarantor. Covering credit referencing and preparing a Deed of Guarantee (or as part of the Tenancy Agreement).
Inventory Check-In Fee
From £144 (inc. VAT) as quoted by independent inventory clerks. Depending on the number of bedrooms and/or size of the property, and any outbuildings.
Pet Deposit
Additional Security Deposit of 2 weeks’ rent to cover the added risk of property damage. This will be protected in accordance with current legislation and may be returned at the end of the tenancy.
During your tenancy
Tenancy Renewal Fee
£90 (inc. VAT) per tenancy. Contract negotiation, amending and updating terms, and arranging for the signing of a further tenancy agreement.
Change of Tenant Administration Fee
£198 (inc. VAT) per replacement tenant. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration, and the preparation and execution of new legal documents.
Ending your tenancy
Early Termination
Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property, plus the pro-rata commission for the unexpired segment of the tenancy 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.
Other fees and charges
Lost Key(s) or other Security Device(s)
£36 (inc. VAT) plus item cost. Obtaining necessary permissions, sourcing providers, and travel costs.
Rent Arrears / Returned Payments
£30 (inc. VAT) per letter, telephone call or email requesting payment, plus interest at 4% above Bank of England Base Rate from Due Date until paid on any outstanding sums, to cover the agent’s costs associated with chasing unpaid rent.
Failed Appointment Fee
£36 (inc. VAT) plus cost. Covering the agent’s cost in rearranging the appointment.
Inappropriate Call Out Charge
£60 (inc. VAT) per hour plus cost. Covering the agent’s or nominated contractor’s time to remedy situations of the tenants’ making.