Thinking of renting? – a guide to tenants’ fees
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
Looking for a financial adviser near you?
Do you need financial advice? An independent financial adviser can show you how to make the most of your money.
Simply find your nearest qualified and regulated adviser using the UK’s largest adviser search.