Tenants – fees and charges
Rent
A Refundable Holding Deposit
To reserve a property to rent, you will be required to pay a Holding Deposit, capped at one weeks rent, which will then go towards your Tenancy Deposit.
Refundable Tenancy Deposit
Your Refundable Tenancy Deposit is required when you decide to rent a property. We will only need one deposit per tenancy. This cost is capped at five weeks of rent if your overall rent is under £50,000, annually.
For properties over £50,000 rent per year, the deposit is capped at six weeks of rent.
Deposits Breakdown
For example, if the rent was £1,000pcm:
£1,000 multiply by 12 = £12,000
£12,000 divided by 52 = £230.77
£230.77 multiplied by 5 = £1,153.85
Deposit will be £1,153.85
And your Holding Deposit will be £230.77
Additional Fees
Bills
During your tenancy, you may incur additional fees such as Utilities, Communication Services, TV License and Council Tax (where applicable).
Change of Tenancy Charge
A Change of Tenancy could be adding another tenant or pet. Applying for a Change of Tenancy will require a £50 cost to be paid. Additional fees may be charged should your landlord demonstrate their costs exceeded this.
Early Termination Fee
Early termination of tenancy will only occur if both landlord(s) and tenant(s) agree in writing. The pursuant will be subject to an administration charge of £600 + VAT (our Let Only Fee charged to landlords to market and find suitable tenants for their property).
You will still be liable to pay the rent up until new tenants are found to take over the tenancy.
Late Rent Payments
A default fee for late payment of rent is charged at 3% above the bank of England base rate.
Key Replacement
A default fee for replacement keys or security fobs, will be charged at the cost of the key, plus our time to have the key cut and get this to you (charged at £15 + VAT per hour). You have the right to deal with this yourself and pay the incurred charges.
Student Tenancy Application
Once you have had an offer accepted in writing and paid the holding fee to secure the property, you will need to complete our online student application form. Please complete within 48 hours of paying the holding fee. All prospective tenants will need to fill this out. We also require several supporting documents from each tenant. All details are included on the online form and can be emailed to us at longlets@hopewell.co.uk.
Report a maintenance repair
Tenant FAQs
How do I make an offer on a property?
If you have viewed a property either online, or in person and would like to make an offer, you can do so by clicking on the 'Make an offer' tab. You can access this tab by clicking on the relevant property on our website and you will find it above the property features section. The property will not be secured until the offer has been accepted by the landlord and you have paid the holding fee.
How much is my holding fee and deposit?
Your holding fee is 1 weeks rent and your deposit is 5 weeks rent. Your holding fee contributes towards your deposit.
Do I need a guarantor?
You will need a UK based guarantor if you are a student or you are not in full time employment.
I've paid a holding fee to secure a student property. What's next?
Once you have had an offer accepted in writing and paid the holding fee to secure the property you will need to complete our online student application form. You can access this by clicking here. Please complete within 48 hours of paying the holding fee. All prospective tenants will need to fill this out. We also require several supporting documents from each tenant, this is all detailed on the online form and can be emailed to us at longlets@hopewell.co.uk.
What our clients say
Read our latest blog posts
Property Jargon Busters: Top 12 terms you should know!
Are you looking to rent or become a landlord and are having difficulty understanding the property expert jargon? If you’re finding yourselves overwhelmed or confused by the terminology, and are struggling to move forward with your move or purchase, then take a look at our jargon breakdown for some helpful information on some keywords. HMO … Read more
13 Questions You Should Ask When Screening Tenants
19% of all households in the UK rent private property. That’s a little over 4.4 million renters. The size of the private renting sector can make it challenging for landlords to sift through applicants. How can you make sure that the people you are letting your property to can be trusted to maintain it and… Read more
A Guide to Property Tax for Landlords
Most people purchase a buy-to-let property because they want to make an investment. While the return is likely to be good, either through the money you make in rent or when you sell the property later, it’s important to know that you will need to pay tax at every stage of your investment: when you… Read more
5 Things To Know Before Purchasing a Buy-To-Let Property
The past decade has been rough for most sectors. But despite an EU exit, soaring inflation, and a pandemic, the UK’s Buy-To-Let market continues to endure. The sector has grown by £215 billion over the past five years. Its total value now stands at £1.7 trillion. Even with new Stamp Duty surcharges and decreased tax… Read more
8 Ways to Keep Your Rental Property Costs Down
Letting property can be a very lucrative business. Landlords in the UK earn £15,000 on average. However, that’s before taxes and operating costs. Expenses from major repairs and sudden void periods can also cleave into your profit. Maximising the income you take home from your rental property requires a bit of digging and meticulous planning.… Read more
Five Fire Safety Regulations Every Residential Landlord Should Know
A fire in the home is a devastating event that can happen surprisingly easily. House fires claim the lives of over 200 people in the UK every year, with the majority of these fatalities taking place between 10pm and 6pm, when people are asleep. During sleep, your sense of smell decreases to being almost non-existent,… Read more