What you will need to pay before moving into a property.
Once you have found your property, you will need to complete an application form for referencing you will be asked to pay a holding deposit of £500. The holding deposit will be deducted from your final amount when the tenancy commences. However should your application prove unsuccessful you will forfeit the reference fees and any remaining amount of holding deposit. Should you decide not to proceed for any reason or want to alter the original agreed terms of the let; the holding deposit will not be returned.
Complete a reference/application form. Link UP uses a professional referencing company to carry out the References. The referencing company look for an average of 2.5% joint income. You will be asked to provide a copy of your passport or driving licence, Bank statements and 3 months wage slips as proof of earnings.
The Reference/application form is to be completed by every adult who will live at the property. The process normally takes 48 hours to complete once the form is submitted and satisfactory references will need to be obtained in order for us to proceed with the application. It may be the referencing company ask for a Guarantor to be provided and in this event we will need to your chosen Guarantor to complete a further reference/application form at an additional cost of £50 Per tenant
Deposit and Rent
Subject to given satisfactory references you will be offered the tenancy of the property subject to the terms and conditions of the Tenancy Agreement.
- You will then be asked to pay the Tenancy set up fees as follows:
- Tenancy Set up Charge is £150 inclusive of VAT per person.
- Referencing Fee is £75.00 inclusive of VAT per person.
- Registration of deposit fee is £25.00 inclusive VAT per person.
- One month’s rent – Rent is always paid calendar monthly in advance, the first payment being made by Bank Transfer, Bank/Building society cheque or cash. Subsequent payments are by Standing Order. If the payment of rent is late for any reason, interest and late payment charge may be payable found in your Tenancy Agreement.
- The deposit required is 6 weeks rent calculated over a period of 52 weeks, this acts as security for the performance of your obligations as a tenant under the Tenancy Agreement. This deposit will be returned at the end of your tenancy terms without interest, and subject to dilapidations or any deductions that may be necessary to compensate the landlord for any breach of the tenancy agreement. (Complete details of the Tenancy deposit will be dealt with at the end of your Term can be found in your Tenancy Agreement).
Link Up Estate Agents is a member of the Tenancy Deposit Scheme and a leaflet will be provided along with your Certificate explaining where your Deposit is lodged.
Rent (Multiple Tenants)
Where there are a number of tenants sharing accommodation, it is only acceptable that one Standing Order Payment is made to Link Up Estate Agents for the entire month’s rent.
Each tenant is jointly and severally responsible for the whole rent so that they are equally liable for the non – payment of rent by one of their co- tenants should they fail to pay. It is the responsibility of the Landlord to insure the building and their contents; however it is the responsibility of the tenant to insure their own contents.
We always advise the Landlord and the Tenant that a satisfactory inventory is prepared. An inventory is compiled to a professional standard by Link Up Estate Agents in order to ascertain any damages at the end of the Tenancy and to avoid any doubt regarding the return of the deposit.
The inventory will then form the basis of assessment of the property’s condition, including inventory items at the end of the tenancy term. Fair wear and tear will obviously be taken into consideration.
If an inventory will be required, the cost will be shared 50/50 with the Landlord and the Tenant at £150 inclusive of VAT. If the inventory is to be carried out professionally by an independent company this will be at an extra cost.
At the end of the Tenancy the tenant will pay the Check Out fee of £80 inclusive of VAT.
Link Up Estate Agents accept no responsibility should the tenancy start date be delayed for any reason caused by the landlord, current tenant or yourselves. Should the reference checks or return of papers delay the start date they you hereby agree that the tenancy shall be commence on that date agreed but you will not be permitted to occupy the property until satisfactory paperwork is completed.
Summary of Monies required before Tenancy Commences.
- Holding deposit of £500 – Balances of Monies due before Agreement Commences (the £500 will be deducted from this).
- Balance of One Month’s rent.
- Deposit of 6 weeks rent (calculated over 52 weeks).
- Tenancy set up charges £150.00 per person inclusive of VAT
- Referencing fee £75.00 per person inclusive of VAT
- Registration of deposit £25.00 per person inclusive of VAT
- If Guarantor required £50.00 per person for reference application.
- Inventory Check In £75.00 inclusive of VAT.
- Inventory Check Out £80.00 inclusive of VAT.
**All our prices stated are inclusive of VAT**