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Admin Fees for Tenants

We make it simple to calculate fees associated with moving into a rental property through Prospect. The monthly asking rent does not include one off letting fees payable at the commencement of the tenancy.

You will be required to pay a fee to cover various charges that are listed below. The fee is calculated dependent on circumstances and the agreed rental value of the property.

Calculating your Fee

Calculating your security deposit- Your security deposit is held by Prospect Holdings Ltd as stakeholder and is registered in a government approved Deposit Protection Scheme.

At the end of the tenancy, a checkout will be completed. The deposit will not be released until both parties are in agreement and have confirmed in writing to us that they are happy to proceed with any proposed deductions.

If deductions are agreed, these are subtracted from the initial security deposit and and the remainder of the deposit is returned to the tenant. The deposit is usually calculated as 1.5x the monthly rental amount and 1x months rent for room.

Other optional fees dependent on circumstances include:

Debit/Credit Card Fee – If the deposit and charges are paid via a credit card; there is a standard charge of 2.5% of the payment total. Debit cards carry a £1 charge.

BEFORE YOU MOVE IN:

Set up fee for lead tenant 

£495 (inc VAT)  additional tenants £180 (inc Vat) per tenant
Referencing  (identity, immigration and visa confirmation, financial credit checks, obtaining references from current or previous employers/landlords and any other relevant information to assess affordability) as well as contract negotiation (amending and agreeing terms) and arranging the tenancy and agreement

Room Set up fee for lead tenant 

£360.00 (inc VAT)  additional tenant £150 (inc Vat) per tenant
Referencing up to two tenants (identity, immigration and visa confirmation, financial credit checks, obtaining references from current or previous employers / landlords and any other relevant information to assess affordability) as well as contract negotiation (amending and agreeing terms) and arranging the tenancy and agreement

Guarantor Fee

£144.00 (inc VAT) per guarantor (if required) Covering credit referencing and preparing a Deed of Guarantee as part of the Tenancy Agreement

Permitted Occupier Fee £60.00 (inc VAT) per permitted occupier
Explaining to any permitted occupier their rights and responsibilities towards the named tenant(s) and landlord as well as the provision of documentary guidance and assistance during the tenancy

Express Move In Fee

£180.00 (inc VAT)
Arrangment of Move In with 5 days for agreed application

Pet Deposit

Returnable additional Security Deposit of 0.5 times the rent pcm
To cover the added risk of property damage. This will be protected with your security deposit in a Government-authorised scheme and may be returned at the end of the tenancy

DURING YOUR TENANCY:

Renewal Fee (tenant’s share)

£125.00 (inc VAT) Contract negotiation, amending and updating terms and arranging a further tenancy and agreement

 

ENDING YOUR TENANCY:

Check out Fee

(tenant’s share) Subject to Property size and Furnished / unfurnished
Attending the property to undertake an updated Schedule of Condition based on the original inventory and negotiating the repayment of the security deposit(s)

A check out report is required on every property that is let through Prospect. The report provides a snap shot of the property's condition before and after the tenancy period.

This is required to be paid by the tenant at the end of the tenancy. The charges associated with check out inspections are as follows:

Property Size
Unfurnished
Furnished
     
1 Bedroom Checkout
£120.00
£132.00
2 Bedroom Checkout
£138.00
£144.00
3 Bedroom Checkout
£168.00
£180.00
4 Bedroom Checkout (upto 2k PCM)
£180.00
£192.00
4 Bedroom Checkout (2k - 2.5k PCM)
£204.00
£228.00

*Please note: All prices include VAT. For properties with more than 4 bedrooms or with rental exceeding £2,500 please your Property Manager on 0118 955 9747.

Tenant Reference

A tenant reference is available on request £36 (inc Vat )

OTHER FEES AND CHARGES:

Out of Hours Services

£50.00 per hour (inc VAT) plus any actual costs incurred
Where actions of the tenant results in the agent (or nominated contractor) attending the property, time to remedy the situation is charged at the hourly rate

Unpaid Rent / Returned Payments

Interest at 8% above Bank of England Base Rate from date due.

Late Payment Fee's

Interest at 8% above Bank of England Base Rate from date due. If a chase letter is issued as a result of late payment, then a £25 charge will be issued.

Amendment Fee - Mid Tenancy - £75 (inc VAT)

Should there be any change to an existing tenancy agreement at the request of the tenant, an amendment fee will be charged.

Change of Occupier Fee - £240 (inc VAT)

When there is a requirement to change one or more of the occupiers during the term of the tenancy, an administration fee is chargeable.

Additional Clause Fee - £120 (inc VAT)

If any additional clauses are added to the tenancy agreement, such as a pet clause, then the additional clause fee applies.

Periodic Fee - £60 (inc VAT)

Should at the point of renewal it is agreed that the tenancy will continue as a periodic tenant and not wish to sign a new contract, then the periodic fee will apply.

Delayed Move in fee - £90 (inc VAT)

Where a move in date has been agreed and for the reason that the property is not ready, a delayed move in fee is charged. This is to cover the administration in changing contracts to reflect the change in move in dates.

Break early Fee’s

Should you be required to terminate your tenancy in advance of the agreed term, Break Early Fees are required to be agreed in advance, a full breakdown of these fees are available on request and consist of any fee incurred to your landlord due to your request to terminate the tenancy. You will also be required to pay a deposit of £300 (inc Vat) toward the cost of a Professional Clean of the property.

This is calculated to cover the costs incurred to the landlord for the services listed below and is based on the size of the property, fees can be provided on your request

  • Set Up Fee
  • Inventory Fee
  • Check In Fee
  • Professional Clean
  • Tenancy Agreement Renewal Fee
  • Administration Charge

You will be required to pay the rent at the prevailing rate until the day that a new tenancy commences along with a Check Out fee as per your Tenancy Agreement 

Professional Cleaning (if required)

Quotation available on request. Only charged where professional cleaning is necessary to return the property to the same condition as at the start of the tenancy.

If you would like any assistance calculating the fees or for more information with connection to the above, please contact our Property Management department on: 0118 955 9747.

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