Thinking of renting? – a guide to tenants’ fees

2 min Read Published: 09 Jul 2013

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