2 min Read
09 Jul 2013

Written by Liam

Over 30 years experience in financial services, residential lettings and property sales. Director of a leading national estate agency chain, until leaving in 2008 to pursue other commercial interests. Vast experience in new business development, business change, management development and business strategy.

More about Liam

Thinking of renting? – a guide to tenants’ fees

for rent signIf 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.

Holding  fee

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.

Referencing fee

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.

Guarantor 

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.

Check-in fee

This is often included in the Tenancy set up fee but some agents charge an extra £35 or so.

Check-out fee

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.

Deposit

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

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