Tenant Payments in detail
01
The rent:
The agreed monthly rental payments for a particular property.
02
A refundable holding deposit:
The equivalent of one weeks rent is to be paid to Hanover in order to remove the property from the market and commence referencing. The ‘deadline for agreement’ for both parties is usually 15 days after a holding deposit has been received (unless otherwise agreed in writing). Please note, this deposit is non-refundable if you provide false or misleading information, fail a right to rent check, withdraw from the proposed agreement (decide not to let) or fail to take all reasonable steps to enter an agreement (i.e. responding to reasonable requests for information required to progress the agreement) when the landlord and/or agent has done so. Should the tenancy proceed, Hanover can either refund the holding deposit directly to you or put it towards your rent or security deposit (subject to your consent).
03
A refundable security deposit:
Prior to the tenancy, you will be required to pay a security deposit capped at no more than five weeks’ rent where the annual rent is less than £50,000, or six weeks’ rent where the total annual rent is £50,000 or above. This provides a landlord with security if a tenant causes damage to a property, does not return it in its original condition, does not pay their rent or breaks the terms of their tenancy agreement.
04
Payments to change the Tenancy agreement:
You will be liable to pay an administration charge of £50 inc VAT (or higher if proved reasonable) for any amendments required during a tenancy. e.g. a change of Tenant.
05
Payments to terminate the Tenancy agreement early:
You will be responsible for all payments associated with early termination of the tenancy, when requested by you as the Tenant.
06
Utility bills:
You are responsible for all payments in respect of utilities (i.e. gas, electricity, water), communication services (i.e. broadband, Sky/cable TV, phone) TV licence and council tax unless stated otherwise within the Tenancy Agreement.
07
Late payment of rent:
When rent payments have been outstanding for 14 days or more, you will be liable to pay interest at 3% above the Bank of England Based Rate from the rent due date.
08
Replacement of keys:
You are responsible for ensuring that you look after the keys/security fobs for the property throughout the tenancy. If you fail to do so, you will be responsible for covering the reasonable costs of replacement.
Please note: for non-Assured Shorthold Tenancies / Company Lets the following fees will apply:
£250 admin fee & £50 refencing fee per tenant.
