What fees can I expect to pay if I rent a property with Reeds Rains?
When you have decided to apply for a property, Reeds Rains will provide you with a Tenancy Fee Declaration form. This form helps explain the next stages of your application and the fees due before you sign your Tenancy Agreement. It also explains any fees which may become payable during the tenancy, and confirms the agreed rent and the security deposit. For your information in the majority of cases Reeds Rains will protect your security deposit with My|Deposits, a tenancy deposit protection scheme. This is subject to your landlord's terms and conditions.
At any time you are interested in a property, just ask the branch staff about any fees which may be payable. Below is a list of our current fee scales.
The fees described below will become effective from April 2nd 2013 on any new application. Any application initiated prior to April 2nd 2013 will be subject to fees as agreed with your local branch.
All fees are non refundable, however, if the application passes the credit check and the landlord declines to proceed, a full refund will be made.
|Additional fees which may be applicable to some tenants…
|Check out fee
What is the administration fee?
The administration fee includes the cost of referencing — which will cover checking your credit status, previous employer, current or past landlords, and taking into account any other information to help assess the affordability of your tenancy application. The fee also includes providing a Tenancy Agreement and protecting your security deposit with My Deposits scheme.
When do I pay the administration fee?
After a viewing and when you have decided to apply for the property. We will provide you with a Tenancy Fee Declaration form which lists the services we provide and the fees that are payable. You will then be asked for your administration fee.
Any additional fees that may be applicable to you, for example a guarantor fee, will also be collected on the day that you submit your application form. Your rental payment and security deposit payment will become due on the day you sign your tenancy agreement and move in to your new home.
What other fees may be payable before I can move into the property of my choice?
This covers the cost of processing the application and associated paperwork for any additional applicants.
Depending on the outcome from your application from the referencing company, your earnings or overall financial position may require you to provide a Guarantor. This is not uncommon, and means you have someone on your behalf that undergoes credit referencing – to ensure they have sufficient earnings to cover the overall rent commitments in the event that you, as the tenant, are unable to pay your rent. This fee is payable in respect of each Guarantor to cover credit referencing costs and providing a Deed of Guarantee as part of the Tenancy Agreement, which details their obligations as a Guarantor.
This is a person approaching, or over the age of, 18 who will not be permanently residing at the rented property. This only applies in very specific situations and then only with the landlords consent. The administration costs include supplying the relevant documentation that explains in more detail what it means to be a permitted occupier and how this fits in with the tenancy of the property.
During the tenancy, we offer these additional services:
May be applicable if a change to the tenancy is required mid term. This may be due to a change in personal circumstances and / or a request to leave the tenancy early is agreed prior to the end of the tenancy agreement (this is subject to Landlord consent).
This is the cost of preparing a new Tenancy Agreement and negotiating with your landlord for a further fixed term tenancy. Extending your tenancy, if agreed by your landlord, gives an assurance of staying in the property for a further fixed period, and avoids the uncertainty of a landlord serving notice at any given time.
Check out fee
Some landlords ask Reeds Rains to employ external inventory companies to produce an inventory for their property before the let. Where this applies, you will be liable for a check out fee when the inventory company carries out their inspection at the end of the tenancy. If applicable, the check out report forms an important part of how the return of your security deposit is arranged. Please feel free to ask our staff if this would apply to you.
Please note that a higher deposit may be required where it is agreed that pets can be included in the tenancy. The inclusion of any pets is subject to the landlord’s consent.