Admin fees
Information Regarding Tenancy
What are the expected payments when renting a property through Wards Property?
Once youve chosen a property, Wards Property will furnish you with a Tenancy Application Form. This document not only guides you through the subsequent steps of your application but also outlines the permissible payments due before, during, and after signing your Tenancy Agreement. It will also confirm the agreed-upon rent and deposit.
Outlined below are our current allowable payments. If youre interested in a property at any time, feel free to request a comprehensive breakdown of the payments due.
Holding Deposit (per tenancy): One weeks rent.
This amount reserves the property. Please note: It will be retained if any relevant person (including guarantor(s)) withdraws from the tenancy, fails a Right-to-Rent check, provides materially significant false or misleading information, or fails to sign their tenancy agreement (and/or Deed of Guarantee) within 15 calendar days (or any other mutually agreed Deadline for Agreement in writing).
Security Deposit (per tenancy, rent under £50,000 per year): Five weeks rent.
This deposit covers damages or defaults on the part of the tenant during the tenancy and applies to Assured Shorthold Tenancies (AST).
Security Deposit (per tenancy, rent of £50,000 or over per year): Six weeks rent.
This deposit covers damages or defaults on the part of the tenant during the tenancy and applies to Assured Shorthold Tenancies (AST).
Unpaid Rent: Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid to pursue non-payment of rent. Please note: This interest is not levied until the rent is more than 14 days in arrears.
Lost Key(s) or other Security Device(s): Tenants are responsible for the actual cost of replacing any lost key(s) or security device(s). If the loss necessitates lock replacement, the actual costs of a locksmith, new lock, and replacement keys for the tenant, landlord, or any other persons requiring keys will be charged to the tenant. If additional costs are incurred, there will be a charge of £15 per hour (including VAT) for the time spent replacing lost key(s) or security device(s).
Variation of Contract (Tenants Request): £50 (including VAT) per agreed variation.
This fee covers the expenses associated with landlords instructions, as well as the preparation and execution of new legal documents.
Change of Sharer (Tenants Request): £50 (including VAT) per replacement tenant or any reasonable costs incurred if higher.
This fee covers the expenses associated with landlords instructions, new tenant referencing and Right-to-Rent checks, deposit registration, as well as the preparation and execution of new legal documents.
Termination (Tenants Request): Should the tenant wish to terminate their contract early, they shall be liable for the landlords costs in re-letting the property, as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will not exceed the maximum outstanding rent on the tenancy.
Client Money Protection is provided by CMP www.clientmoneyprotect.co.uk. Redress is available through The Property Redress Scheme.
