Fees Payable When Renting a Property
Once you have found the property you would like to rent through Guide Estates, we will provide you with a Preliminary Holding Deposit Agreement form, which will explain the next stage of your application and fees payable prior to you signing the Tenancy Agreement and also during the tenancy. The information will also include confirmation of rent agreed and the security deposit.
Below is a list of our current fees:
A non-refundable preliminary holding deposit of £295 is to be paid by the proposed tenant(s) on the agreement of an offer. This fee does not constitute an acceptance of the applicant by the owner of the property or his/her agent, nor the granting of the tenancy. The payment of this sum is by way of confirmation that the applicant wishes to enter into negotiations with the owner, via his/her agents and is not refundable should the applicant withdraw.
Tenancy Set Up Fee
This fee is deducted from the preliminary holding deposit and includes the cost of referencing, ie. checking your employer, landlord and any other information provided to help assess the affordability of your application. The cost of preparing the Tenancy Agreement and securing the deposit is also included in this fee.
The deposit will go into the Deposit Protection Service upon payment and will be held in the scheme until the end of the tenancy. The scheme is a government run programme that protects the tenant and landlord against any discrepancies with the deposit. If any issue arises, the DPS will investigate further and deductions
can be made against the tenant for any damage, taking into account fair wear and tear.
If the Landlord decides to hold the deposit for an Assured Shorthold Tenancy under the rules of the Deposit Protection Service and Guide Estates are to collect the deposit we will forward the deposit to the Deposit Protection Scheme within 5 working days of the receipt of the appropriate registration details.
All deposit deductions must be agreed in writing by both landlord and tenant upon the termination of the tenancy. The tenancy agreement entered into is between the landlord and the tenant and, therefore, the tenant cannot hold Guide Estates liable for any deductions made from the deposit which may fall into dispute.
Additional Fees Which May be Applicable Guarantor
Depending on the outcome of your application with regards to your earnings or overall financial position we may require you to provide a Guarantor. This means you have someone on your behalf that also undergoes referencing, to ensure they have sufficient earnings to cover the overall rent commitments in the event that you, as the tenant, are unable to pay your rent. This fee is payable in respect of each Guarantor.
Additional Fees During The Tenancy Amendment Fee
May be applicable if a change to the tenancy is required mid-term. This may be due to a change in personal circumstances and /or a request to leave the tenancy early is agreed prior to the end of the tenancy agreement (this is subject to landlord consent)
This is the cost of preparing a new Tenancy Agreement and negotiating with your landlord for a further fixed term tenancy. Extending your tenancy, if agreed by your landlord, gives an assurance of staying in the property for a further fixed period and avoids the uncertainty of a landlord serving notice at any given time.
Check Out Fee
Some landlords ask Guide Estates to employ external inventory companies to produce an inventory for their property before the let. Where this applies, you will be liable for a check out fee when the inventory company carries out their inspection at the end of the tenancy. If applicable, the checkout report forms an important part of how the return of your security deposit is arranged.
Please note that a higher deposit will be required where it is agreed that pets can be included in the tenancy (this includes retaining £100 for a 3 month period after the tenancy has ended to safeguard against any infestation) This inclusion of any pets is subject to the landlord’s consent.