Tenant Fees
New tenants will be required to put down a holding deposit to reserve their desired property. The amount will total 1 weeks rent.
The holding fee is paid in order to secure the property (so that no other tenants are able to view or offer on it) and start the referencing process. This fee is deducted from the final amount payable when you move in. You will also be required to pay one months' rent upfront and a security deposit equivalent to 5 weeks rent before the tenancy start date.
IMPORTANT: The holding fee is non-refundable if you, the applicant, withdraws, if false or misleading information is provided or if you fail Right to Rent checks.
Additional Tenant Fees
Addendums to initial tenancy agreement: £50.00 Incl. VAT
Early Release from tenancy agreement: subject to landlords approval and with the understanding that the tenant would be liable to pay rent as defined in their tenancy agreement until a suitable replacement tenant is found. The tenant(s) would also be liable to cover the landlords / agents costs for re-letting, marketing and referencing.
Loss of a key: Cost of a key to be cut
Court Fees: Scale rate
Late rent payment: 3% above Bank of England rate (calculated 14 days after the rent due date).
Tenant FAQs
What is referencing?
Referencing involves checking your suitability to rent a property. You will
need to provide details of your employer, a previous landlord who can verify
suitability (if applicable) and checks will be run with a credit referencing agency.
Your right to live and work in the UK will be confirmed, and ID will be gathered. If
there are any credit issues or other issues which may influence the referencing
procedure, it's best to tell us straight away.
Why is a guarantor needed?
If a landlord is not satisfied that your earnings aren't enough to cover the
rent, or if there are previous credit issues, a landlord may ask for a guarantor.
Your guarantor must be someone who lives in the UK and can cover your rental
commitment should you not be able to. Referencing checks will be carried out on this
person also. The guarantor must prove earnings of 30x the monthly rent or be a
homeowner within the UK and be able to provide evidence of this.
Why do I need to pay a tenancy deposit?
Your deposit is required to protect the property against any damage caused
during the tenancy. Only cleaning and damage which goes above normal wear and tear
can be charged for, and an assessment will be carried out at the end of the tenancy.
The deposit can also be held against non-payment of rent.
Where will the deposit be held?
It is a legal obligation to hold all deposits in a government-backed Tenancy
Deposit Protection Scheme. We register our deposits in MyDeposits, click the link for more
information about how your deposit will be registered.
What is a tenancy agreement?
A tenancy agreement is a legal document which lays out the specific terms and
conditions of the tenancy. This is designed to protect both tenant and landlord.
Bespoke tenancy agreements can be drawn up to include any specific circumstances
agreed upon by both parties.
What happens if repairs are needed?
If your property is managed by us and there is an issue which needs fixing, you
can contact Jacobs Steel. We will then inform your landlord, and if necessary
arrange something with one of our trusted tradesmen. If the damage is caused by
yourself, you may be liable to cover the cost of the repair.
Where your property isn't managed by us, you would need to contact your landlord directly to report any maintenance issues.
Is the landlord allowed to enter the property?
Except for an emergency, the landlord and the managing agent must give 24
hours' notice should they wish to enter the property.
What are my responsibilities as a tenant?
Tenants are required to comply with all terms outlined in the signed tenancy
agreement. The most common duties are paying rent and household bills on time,
reporting damage and keeping the property clean.
Are tenants responsible for insurance?
A contents insurance policy must be purchased to the value of the possessions
you are bringing in to the property. Specialist insurance covers both your own
possessions, and any accidental damage caused by you to the landlord's possessions;
this is the recommended insurance policy. We can arrange this for you prior to
moving in if you don't already have contents insurance, and if you do you are
required to provide proof before taking out a tenancy.
Could the landlord decide to increase the rent?
The landlord has the right to a rent review after a period of time which will
be outlined in your tenancy agreement and at the start of the tenancy you will be
made aware of this. We can't predict if the landlord will want to increase the rent
but if this happens then the landlord is required to provide notice of the increased
rent. Negotiations of this would be made by Jacobs Steel if we manage the property,
or by the landlord directly if we do not.
Can I extend my lease?
After the initial fixed term has ended, it is usually possible to renew the
lease, so you can continue to live there. You should begin to discuss this within
the final few months of the initial term.
What happens if I want to move out?
There will be a set period of notice in the tenancy agreement, which you will
need to serve before moving out. You could move out sooner, but would need to honour
the rental payments and may or may not be liable for fees.
When will the tenancy deposit be returned?
When you have decided you would like to move out, a check out service and
examination of the inventory will be carried out. The results will be reported to
both tenant and landlord, and the deposit returned (minus any deductions if
necessary).
