Standard Fees & Terms for Tenants
Once the landlord has accepted your application in principle an initial administration fee of £150 inc vat will be payable per tenant. This will secure the property for you (subject to acceptable references and contract).
Your first month’s rent and security deposit will be payable before you move into the property. With regards to East 15 student’s lets payment is required by the 20th August each year.
Our fees are for:
- Compiling, submitting and completing reference reports for submission to your prospective landlord
- Drawing up the tenancy agreement, including any individual negotiated clauses
- Arranging the necessary documents to be signed and witnessed
- Taking payment of the initial pre tenancy payments and securing until forwarding to the landlord
- Right to Rent immigration checks
- Protection and registration of your tenancy security deposit with an appropriate scheme
Please note: the processing fee is payable at the point the landlord has accepted your application in principle, subject to references. Processing fees are non- refundable if the tenancy does not proceed, should you change your mind, failing your references or credit check or if you fail to submit your online application within 5 days of receipt.
For other fees/charges/deposits that may apply prior, during or at the end of your tenancy, please see below: –
Additional reference check, for more than one tenant by an independent specialist: £54 inc vat
Reference check for a guarantor by an independent specialist: £54 inc vat (one reference check is in included within the £150 processing fee)
Deposit: Usually equivalent to 6 weeks rent
Withdrawing from a tenancy: To a maximum of £150 per person
Inventory check in (paid at beginning of tenancy): Dependant on size of the property
e.g. studio £95 inc vat – six bedroom property £230 inc vat. (non applicable for student lets)
Call out services for non- emergency issues: Maximum £100 inc vat call out charge plus any actual costs incurred
Replacement of lost/missing keys: Cost of local key cutting – £6 – £9 per key inc vat, plus £6 inc vat per key for arrangement of replacement. If it is necessary for us to have the lock changed we will obtain a quote for you and you will be informed of the cost at the time.
Unpaid rent arrears: An administration fee for late payment of rent will be charged at £35 inc vat, this will also be charged for each seven days the rent remains unpaid
Abortive visits, per visit: If you are not home at a prior arranged appointment time for the landlord, agent or contractor: £30 inc vat
Incorrect refuse in bins or refuse left behind: If you vacate the property and leave incorrect refuse in bins we will arrange for the bin to be emptied and cleaned – £50 inc vat. If black refuse sacks are left then and not stored in the bin there will be a charge of £7.50 inc vat per bag for the removal
Dilapidation rectification: £0 – tbc – At the end of your tenancy, as per the terms of your tenancy agreement and inventory – price dependent on damage recorded, decorating or cleaning required.
Terminating a tenancy
Should you wish to terminate your tenancy before the end of the term and the landlord agrees that you can terminate early, you will be responsible for the repayment of the pro-rata commission paid in advance by the landlord for the unexpired portion of the tenancy, unless you are exercising a break clause which is contained in your tenancy agreement.
Renewal of tenancy
Please contact us in advance if you wish to extend your tenancy.
Payment of rent
The first instalment of rent must be paid in cleared funds when you sign the tenancy agreement. Thereafter, rent is payable by standing order (unless agreed otherwise) to arrive on the due date as stated in the tenancy agreement. This means that the standing order must be set up so that the funds leave your account three days before the rent is due. The full rent must be paid by a single standing order, we are unable to accept multiple standing orders.
A deposit equivalent to six weeks’ rent must be paid in cleared funds when you sign the tenancy agreement and is held by Mckinley Residential as Stakeholder for the duration of the tenancy in accordance with the terms of the tenancy agreement and where applicable Mckinley Residential will register the deposit monies with a deposit protection scheme on the landlord’s behalf. Mckinley Residential excludes liability in relation to loss caused by the insolvency of a financial institution which holds deposits in its contracts with landlords and tenants.
All deposit deductions must be agreed in writing by both landlord and tenant upon the termination of the tenancy. The tenancy agreement entered into is between the landlord and the tenant and, therefore, the tenant cannot hold Mckinley Residential liable for any deductions made from the deposit which may fall into dispute. Any interest earned on the deposit shall be retained by Mckinley Residential.
We will take up references based on the details that you have supplied to us. These references may be passed to our client so that they can make a decision on granting a tenancy.
You are responsible for any administration charges levied by your own bank in relation to obtaining a reference.
Before the tenancy can proceed you need to provide us with a photo ID or visa information if applicable in person.
Check-in and check-out
Mckinley Residential will be instructed by the landlord as to what arrangements are to be made for the inventory and check-in. Unless agreed otherwise, the landlord will be responsible for the cost of the inventory and check-out and the tenant will be liable for the cost of the check-in (and any missed appointments).We advise you to make yourself available for the check-in and check-out.
Management of the property
At the start of the tenancy we will advise you who is responsible for managing the property. This is not always Mckinley Residential. Where we are not managing the property we cannot authorise any repairs or maintenance or guarantee the speed at which repairs will be carried out. Where we are managing the property, we may have to obtain the landlord’s consent before proceeding with a repair.
Where we manage a property and hold keys, we can usually provide access to Mckinley Residential’ contractors (with your permission). However, where we do not hold keys or the contractor is not willing to collect keys, it is your responsibility to provide access.
It is your responsibility to insure your own belongings throughout the tenancy.
Unless otherwise stated on your tenancy agreement you will be responsible for the payment of telephone, gas, water and electricity accounts at the property during your tenancy, as well as the council tax. It is your responsibility to notify the relevant companies and the local authority that you are moving into/out of the property. You are also responsible for ensuring that a valid television licence remains in place for the duration of the tenancy. Utility companies will also always require the occupant to provide access for any visit.
Anti-Money Laundering Regulations
Mckinley Residential is subject to the Money Laundering Regulations 2007. As a result we will need to ask you for suitable identification, and will be unable to proceed with any work on your behalf if we are unable to obtain this from you.
All charges levied by Mckinley Residential are subject to VAT at the prevailing rate of 20%.
Mckinley Residential reserves the right to change the schedule of fees and these terms of business upon providing reasonable notice in writing.