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Costs of Renting

Holding Deposit

When an agreement in principle has been reached for a Tenant to rent a property, they will typically need to pay a holding deposit. This deposit shows good faith on the part of the Tenant and allows the Agent to remove the property from the list of available properties. 

This deposit should be offset against the Letting Agent’s administration and referencing fees at the start of the tenancy. 

If the tenancy should fail to proceed, through no fault of the Landlord or the Landlord’s Agent, the holding deposit will potentially be retained to cover the Landlord or Agent’s costs. 

In the event that the Landlord should withdraw from the agreement prior to the start of the tenancy, through no fault of the Tenant, then this holding deposit will normally be refundable.

Administration and referencing fees

Most Agents will make a charge to the Tenant for work that is carried out prior to the start of the tenancy to cover the costs of works such as the drawing up contracts, preparing an inventory, running referencing and credit checks and, more recently, undertaking right to rent checks. 

(See Future Developments below)

Security Deposits

Landlords or their Agent will normally require that a security deposit is held for the term of the tenancy. Security deposits are usually set at a figure equivalent to 1 -2 month’s rent. A higher deposit may be required where there are additional Tenants or pets. 

(See Future Developments below)

Rent

Most Agents will require rent to be paid in advance. Similarly, most Agents will require a minimum of 1 months’ rent, though it is not uncommon for Tenants to pay quarterly, half yearly or even annually. 

Council taxes and utilities

Unless otherwise specified in the AST, it is the Tenant’s responsibility to inform all utility companies of their occupation of the property. They will be responsible for payment of all utilities and council tax etc. It is also the Tenant’s responsibility to have a valid TV licence for the property. 

Costs at point of ending the tenancy

Some Letting Agents will charge the tenant an administration fee for conducting an exit inspection of the property at the end of the tenancy. This exit inspection will be used to determine any claims against the security deposit. 

Future Developments

There are proposals being considered to introduce a ban on any fees being charged to Tenants. The bill also proposed to cap the level of security deposits to the equivalent of 6 weeks rent. Currently this Draft Tenant Fees Bill is awaiting Parliamentary approval. 

Peter Ball & Co Tenant Fees  

For Information about Peter Ball & Co's Tenant Fees click here.