Fees and Charges - Bracewells

Residential Tenant Fees and Charges

To protect both tenant and landlord rights you’ll have to go through a series of checks, referencing and sign tenancy agreements. We always want you to rent through us, so we don’t just organise viewings; we help you at every stage of the complex rental process, including making and agreeing an offer.

There are four types of costs you need to budget for:

  • Your rental payment
  • Your chosen letting agents costs
  • The bills you have to pay on top of the rent
  • The deposit

We’ve detailed everything below to give you an idea of what to expect.

The rules for how fees will be charged for Assured Shorthold Tenancies (AST) are different to how fees will be charged for Non-Housing Act Tenancies (NHA).

Housing Act Tenancies

Non-Housing Act Tenancies (NHA)

Assured Shorthold Tenancies (AST)

An AST is the most common type of tenancy if you rent from a private landlord or letting agent.

You usually have an AST if:

  • you don’t share any accommodation with your landlord and they live elsewhere
  • the rent is less than £100,000 a year
  • the tenant is an individual and is using the property as their main home

Common Law Tenancies
A tenancy would be created as a NHA if the rent is over £100,000 a year, or where it is not the tenant’s main home.

Company tenancies are also NHAs.

A company let is when a company takes on a residential tenancy agreement as the tenant, rather than an individual. The tenancy will be in the company name. The company employee will live in the property.


HOUSING ACT TENANCIES (AST)

You can see all of the money and fees you’ll need to pay for Housing Act Tenancies (AST) listed below.

All our fees and charges are shown including VAT.

Description

Charge

General fees and charges

Holding deposit

Equivalent of one weeks rent, which will be put towards your first rent due on completion of the tenancy.

Any tenancy agreement specially negotiated clauses agreed after the tenancy agreement has been signed

Up to £50, or for any reasonable costs incurred if these are higher than £50

Traditional deposit: annual rent less than £50,000

Equivalent to five weeks’ rent

Traditional deposit: annual rent £50,000 or more

Equivalent to six weeks’ rent

Change of sharer

Up to £50 for one new reference and providing a new tenancy agreement, or for any reasonable costs incurred if these are higher than £50.

Early termination – at landlord’s discretion

All costs, fees and charges incurred by the landlord for allowing early termination including the agent’s existing or re-letting fees.

Stamp Duty Land Tax

Payable on tenancies where the rent (for the whole time a tenant stays in the property) exceeds £125,000.

Default fees and charges

Late, unpaid, returned rent payments

3% above the base rate of Bank of England per annum, calculated daily.

Lost keys

Any cost for the replacement of keys, fobs, security devices or associated items which have been lost, damaged or broken.

These charges are in line with Government regulations. If you have any queries your local lettings team will be able to help you.

NON-HOUSING ACT TENANCIES (NHA)

You can see all of the money and fees you’ll need to pay for Non-Housing Act Tenancies (NHA) listed below.

All our fees and charges are shown including VAT.

 Description

Charge

Pre Tenancy Application Charge (PTAC)

Equivalent of one weeks rent or £300, which will be put towards your first rent due on completion of the tenancy. If you withdraw from the tenancy: Private tenancies – minimum of £300 per person.

Tenancy paperwork

£300 per tenancy for contract negotiation and arranging the tenancy

Deed of guarantee

£120 per deed

Company reference checks

£120 per reference

Deposit

Usually equivalent to six weeks rent or if you have a pet this will usually be equivalent to eight weeks.

Withdrawing from the tenancy

Private tenancies – minimum of £300 per person. Company tenancies – minimum of £600.

Call out services (inc out of hours)

£60 per hour and/or you’ll have to pay the contractors invoice where your actions or lack of actions result in us or a contractor attending the property to remedy the situation.

Last minute cancellation or no cancellation of pre-arrange visits.

£60 per visit and any contractor invoice. If you cancel an appointment less than 24 hours before, or we have arranged to visit your property and we can’t gain access.

Hourly rate

£60 plus any replacement costs if we or the landlord have to replace any damaged or broken items, or return any fixtures or fittings to their original position, as per the inventory.

Any overseas payment charges

£30 per payment. Unless you ask us to pay monies to a UK bank account instead.

Late/unpaid/returned rent payments

£60 late payment charge and 3% above the base rate of Bank of England per annum, calculated daily.

Change of sharer

£375

Additional sharer

£75 if they change at the same time as the above

Renewal negotiation

£180 for each renewal. If additional referencing is required we’ll also charge you £45 per reference.

Any tenancy agreement specially negotiated clauses agreed after the tenancy agreement has been signed.

£180 each time a change is requested and agreed by the landlord

Early termination – at landlord’s discretion

All costs, fees and charges incurred by the landlord for allowing early termination including the agent’s existing or re-letting fees.

Stamp Duty Land Tax

This tax is payable on tenancies where the rent exceeds £125,000

Contact us today with any questions!

hello@bracewellsestateagent.co.uk

020 8348 8080