Holding Deposit and Fees for Tenants

Once you have viewed the property and have decided you want to take the property applicants will be asked to pay a ‘holding deposit’ which will be equivalent to one week of the annual rent agreed to secure the property at which point we will carry out references on the applicant. Here are the list of general references carried out along with the expectations from the reference checks unless you have otherwise stated prior to placing a ‘holding deposit’ down;-

  • A satisfactory credit check should be returned demonstrating that the applicant has no rent arrears, adverse credit history or CCJs in the last ten years.
  • Last three months bank statements
  • Details of your employer and last three month’s pay slips or last HMRC tax calculation to prove your income. It is stated on the form you sign before placing the holding deposit down what salary is required.
  • Details of your current or previous landlord to enable us to carry out a landlord reference. You should state to us how your current tenancy has been conducted. For example if you have missed any rent payments or had periods of non-payment of rent, have you caused a nuisance or ever been evicted from a rental property, as this could affect the outcome of the reference
  • A current utility bill to prove where you currently live.
  • Photo identification to prove your identity and demonstrate your right to rent in the UK.
  • If you are a NON- European Citizen, we will need to see your Visa documents to prove you have the right to rent in the UK

There is NO charge for your references to be carried out, however if it is deemed you have provided us with false or misleading information, or if you decide to pull out of the tenancy then your ‘holding deposit’ will be forfeited.

If you require a guarantor to support your application, then they will also be required to provide the above information and must undergo a full reference check. If you do not have a guarantor and have a poor credit history, we may ask for additional financial assurances. We may ask that you pay an additional amount of rent in advance.

The standard requirement before move in is one month’s rent payable in advance at least 48 hours before the tenancy is due to commence & a damage deposit equivalent to 5 weeks rent.

Tenancy deposit

A deposit will be taken for each tenancy to protect against damages at the end of the tenancy. The amount of this is capped at 5 weeks rent for all rents up to £50,000 per annum. Apex Lettings currently protects all deposits with the DPS which is an accredited government scheme. Any damages considered to be above fair wear and tear may be deducted from your damage deposit in line with legislation.

Charges for late payment of rent

If your rent is overdue you may be charged daily interest on the unpaid amount of 3% above the Bank of England base rate.

Charges for Loss of keys or locking yourself out

If you lose keys to the property you will be charged the cost of a replacement. If you lock yourself out of the property and Apex Lettings are unable to attend then you may borrow a set of keys if possible. If this is not possible, for example, if a contractor has borrowed our management set of keys to carry out maintenance works, we will suggest a locksmith contractor who is able to attend to let you back in to the property at the tenants own cost.

Tenant requested changes to the tenancy agreement

We will make a charge of £50 for each amendment that you request to be made to the tenancy agreement. This could include moving rooms if you are a HMO tenant, changing your rent payment date, adding an additional tenant onto the agreement or an amendment to your tenancy agreement allowing you to keep pets in the property.

Terminating your tenancy early

If you terminate your tenancy prior to the end of the fixed term, you may be charged for the rent left remaining within that fixed term. The amount you will pay will depend on how long of the fixed term is remaining.