The following fee schedule applies to all Assured Shorthold Tenancies (ASTs) signed after 1st June 2019
Holding Deposit (per tenancy) — One week’s rent
This is to reserve a property. Please note that this will be withheld if any relevant person (including any guarantor(s)) withdraws from the tenancy for any reason, 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 of making the holding deposit payment (or other deadline for agreement that might be mutually agreed in writing).
Security Deposit per tenancy where the rent is less than £50,000 per year
Five weeks’ rent.
Security Deposit per tenancy where the rent is £50,000 or over per year
Six weeks’ rent.
The security deposit is to cover any damages or defaults on the part of the tenant during the tenancy.
Interest at 3% above the Bank of England Base Rate will be charged on the amount of unpaid rent from the Rent Due Date until paid. Please note that this charge will not be levied until the rent is more than 14 days in arrears whereupon it will be backdated to the first day the rent became due but was not paid.
Lost Key(s) or other Security Device(s)
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/or 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.
This is 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.
This is 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 end their contract early, they shall be liable for 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.
If there is anything you do not understand or do not wish to agree to, please get in touch.
Client Money Protection
Every year, unprotected landlords and tenants lose money when their funds are misappropriated.
Under current legislation, the Consumer Rights Act 2015 made it a legal requirement for every lettings agent in England to display whether or not they are a member of a Client Money Protection (CMP) scheme.
Lifestyle are members of ARLA Propertymark - the UK’s foremost professional and regulatory body for letting agents representing almost 9,000 members.
The Propertymark Client Money Protection (CMP) Scheme provides compensation for landlords and tenants when agents misuse or misappropriate their rent, security deposit or any other client funds.
Should this happen and a landlord is using a letting agent who is registered with ARLA Propertymark, the landlord can make a claim and Propertymark will arrange a reimbursement, subject to CMP scheme limits.
The Propertymark Conduct and Membership Rules can be found here.
Letting Agency Redress
Since 1st October 2014, all letting agents have been legally required to be a member of one of three government-approved letting agency redress schemes.
Lifestyle is a member of the Property Redress Scheme, the purpose of which is to settle or resolve complaints made by consumers against their members.