HOLDING FEE:
Once we have accepted your application, we will request a holding fee of one month’s rent. This will secure the property and allow the referencing process to commence. This will prevent any further marketing of the property.
The tenancy will not commence until all monies and documentation have been received as follows:
- Holding fee – (to be paid immediately)
- Valid Photographic ID – (e.g. passport / driving licence)
- Valid proof of residency (e.g. utility bill / bank statement / valid tenancy agreement no more
than 3 months old)
- The deposit will need to be cleared in our Client Account (Or in the case of a Let Only property, in the Landlord’s account) 3 working days before the tenancy start date. The deposit will be then held in the Tenancy Deposit Scheme
TIMEFRAME:
You have 7 days from the moment you are notified that your application is being processed to provide the documentation (refer to points 2 & 3 above). Failure to meet the timeframe will result in the property being remarketed at your cost.
COSTS TO THE APPLICANT:
Costs to the applicant will only be occurred in the following circumstance:
- If you decided not to proceed with the tenancy you will be charged for loss of rent and/or cost of remarketing.*>
- If any information given on your application form is false or incorrect, you will fail the referencing process and will be charged for loss of rent and/or cost of remarketing.*>
- If the applicant fails to meet the deadlines, they will be charged for loss of rent and/or cost of remarketing.*>
*Loss of Rent – For example: if the landlord loses 2 weeks marketing this will be calculated as losing 2 weeks rent.
*Remarketing costs will be charged at £150 plus VAT.
Once the contract has been signed and accepted the holding fee will form the tenancy deposit which will be protected by a Tenancy Deposit Scheme.
