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Deposit Payment & Tenant Fees
Deposit Payment & Tenant Fees
The final part in securing your property is putting down the deposit required, which you will be asked for once you have signed your tenancy agreement; a contract between you and the landlord.
The deposit required is usually five weeks of the rental amount and this is held as a safety net for the landlord to guard against the cost of replacing or repairing property damaged by you at the end of the tenancy.
The Deposit Protection Scheme (DPS)
If Charles Faye is managing the property on behalf of the landlord, the deposit will be registered with The Deposit Protection Scheme (DPS). The Tenancy Deposit Protection was introduced in April 2007 as part of the Housing Act 2004 for all assured shorthold tenancies in England and Wales.
All deposits by law must be held in an independent account, this is to protect both you and the landlord in the event of any dispute at the end of the tenancy. If the landlord manages the property themselves, we'll inform you what deposit scheme the landlord will be using, and the terms and conditions of that scheme will form part of your Tenancy Agreement.
At the end of your tenancy you and your landlord need to agree how your deposit will be repaid. In the event that you're unable to agree on how your deposit should be repaid, the free independent Alternative Dispute Resolution service, provided by the DPS can be used to resolve your dispute.
Tenant fees during a tenancy
Under the Tenant Fees Act 2019, there are fees that will be payable during a tenancy:
- A payment will be charged when a tenant requests a change to their tenancy, this being a change of sharer or permission to keep a pet at the property. A charge of £50 including VAT will be charged for the amendment of a tenancy or addition of an addendum. Further charges may be applicable in some circumstances.
- Tenants are responsible for paying utility bills in accordance with their tenancy agreement, which could include council tax, utility payments (gas, electric & water), and communication services (phone, TV & broadband).
- A default fee for late payment of rent. Any outstanding rent of 14 days or more will be charged at 3% above the Base of England's bank rate for each day the payment remains outstanding.
- Replacement of lost keys or security devices will be charged at the cost of the replacement of keys or a change of security locks for prevention of a security breach.
- If an agreement has been made to an early termination of a tenancy, a charge will be made equal to the loss of rent, plus any landlords costs in re-marketing and paperwork to allow the change of tenant.
