Tenancy Fees Explained
When moving to rented accommodation you need to be aware of the costs involved. While Purple Hat keep their fees to an absolute minimum there are other costs associated with your move.
The reservation fee is equivalent to two weeks rent. Once your offer has been accepted you will pay the reservation fee to prevent the property being rented to anyone else.
On receipt of cleared funds the property will be taken off the market and the application process begins.
The reservation fee is not refundable if you change your mind but is deductible from the final balance due on completion.
Every tenant will be referenced.
This will include a previous landlord reference (where applicable), employer reference and credit check.
Each tenant will need to provide photographic proof of identification, most recent three months’ bank statements, most recent three payslips and proof of address in the form of a utility bill.
Students or tenants who have not been living in the UK for more than 6 months will need to provide a guarantor or pay more rent in advance.
There is a guarantor referencing fee.
Rent in advance:-
Normally this is equivalent to one month rent payable in advance, on or before the day you are moving in (completion).
If you have a low or no income, a bad credit score, or have not lived in the UK for more than 6 months you may be required to pay more rent in advance.
The dilapidation deposit is equivalent to six weeks rent and is held against the performance of the tenancy. If the tenancy is an Assured Shorthold Tenancy, which is the norm, then the deposit has to be protected by a relevant scheme.
The deposit payment is due on or before completion.
On the whole Purple Hat does not charge any additional administration fees at the start of a tenancy. There may be some occasions where the landlord prepares the documentation and will charge an administration fee.
The cost of the inventory/check in and the check out is shared equally between landlord and tenant. The landlord pays the cost of the inbound check at the beginning of the tenancy and the tenant pays the balance at the end. Most agents charge the other way round but we like to keep your costs to a minimum.
The inventory and check out is carried out by an independent clerk and the cost varies on area, size of property and furnishing.
For your property or a prospective investment. The report includes:
- Preparation for letting
- Maximising your investment
- Current market intelligence on your area.
- Tenant profile for your property.