If you are thinking of renting a property then you should understand the fees that could be payable before moving in. Here are the most common fees charged to a tenant, the actual amounts payable can vary.
Once you have found a property you may be asked to pay a holding fee to secure your interest. This fee is usually around two weeks rent.
Tenancy set up fee
This fee includes the cost of referencing - credit status, previous employer, current or past landlords as well the preparation of a Tenancy Agreement. You will be asked to pay this fee once you have found a property you want to rent. This fee should be in the region of £150.
Some agents charge for obtaining references and this should be around £120.
Additional person fee
This covers the cost of processing the application for an additional person. This fee should be in the region of £60.
Depending on the outcome of your application you may be required to provide a Guarantor in the event of default on your agreement. This may be due to your earnings or overall financial position. This fee should be in the region of £60.
This is often included in the Tenancy set up fee but some agents charge an extra £35 or so.
This fee is for carrying out an inventory and other paperwork when the tenant leaves a property and is likely to be around £50-75.
Tenancy renewal fee
If you wish to renew your tenancy at the end of the agreed term then you will be charged an administration fee of around £50.
This deposit is held against dilapidations and damage and is normally around 6 weeks rent.
Other possible fees
Additional fee for pets approx. £100
Late rent fee approx. £50
Bounced cheque fee approx. £50
Removal of left items approx. £60