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.
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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.
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