Tenant fees, made clear.

A clear guide to your tenancy costs.

We believe renting should feel straightforward - starting with a clear understanding of the costs involved.

When you’ve found a home you love and the landlord accepts your offer, you’ll pay a holding deposit equal to one week’s rent. This secures the property while we complete your tenant checks and referencing.

Once your references are approved and the tenancy agreement is signed, you’ll pay a security deposit equal to five weeks’ rent. Your deposit is held securely by Prospect Holdings Ltd as a stakeholder and protected in a government-approved tenancy deposit scheme.

At the end of your tenancy, a checkout inspection will take place. Your deposit will be returned once both you and the landlord agree on any deductions in writing. Any approved deductions are taken from the deposit, and the remaining balance is released back to you.

Below, you’ll find a simple breakdown of the costs you may encounter before, during, and after your tenancy - whether you’re renting under an Assured Shorthold Tenancy or securing a property as a company let.

A simple breakdown of all the costs throughout your tenancy.

Before you move in

Service

Fee

Reservation Fee

Equivalent to 1 Weeks Rent

Security Deposit

Equivalent to 5 Weeks Rent

Company Let Tenancies fee

To include company referencing, right to rent checks, financial credit checks and any other relevant information to assess affordability and to arrange the tenancy and agreement.

£595 (inc.VAT)

Check In Fee* - 1 bedroom (Company Let Tenancies Only)

£126 (inc. VAT)

Check In Fee* - 2 bedroom (Company Let Tenancies Only)

£141 (inc. VAT)

Check In Fee* - 3 bedroom (Company Let Tenancies Only)

£174 (inc. VAT)

Check In Fee* - 4 bedroom (Company Let Tenancies Only)

£186 (inc. VAT)

Check In Fee* - 5 bedroom (Company Let Tenancies Only)

£216 (inc. VAT)

*Check in fees are charged for 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.

These reports provide a detailed insight into the property's condition before and after the tenancy period.

During your tenancy

Service

Fee

Amendment Fee

Updating your tenancy agreement during your tenancy

£50.00 (inc. VAT)

Replacement Lost Keys

Fee dependant of type of key and cost of replacement

Change of Share (Company Let Tenancies Only)

Complete full referencing, transfer of the deposit and arranging a new tenancy agreement

£275 (inc Vat)

Renewal Fee - Tenants’ Share (Company Let Tenancies Only)

Arranging a further tenancy and agreement

£150.00 (inc. VAT)

Other fees

Service

Fee

Late payment fees

Interest at 3% above Bank of England Base Rate from date due if a chase letter is issued as a result of late payment.

Unpaid Rent / Returned Payments

Interest at 3% above Bank of England Base Rate from date due.

Break Early Fees

Should you require to terminate your tenancy in advance of the agreed term, break Early Fees are required to be agreed in advance and a full breakdown of these fees are available on request.

Professional Cleaning

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

Need more help?

If you would like any assistance calculating the fees, or for more information - please contact our Property Management Department on 0118 955 9747.

Please note - Any new tenancy entered into after 1st June 2019 will be protected by The Tenant Fee Act 2019. This change in legislation means that an agent or landlord are prohibited from charging a tenant upfront fees for the arranging or renewal of a tenancy. The act applies to all assured shorthold tenancies and licence agreements; however it does not apply to company let tenancies.