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Fees for Tenants

We make it simple to calculate costs associated with moving into a rental property through Prospect.

You will be required to pay a reservation/holding fee, which is the equivalent to 1 weeks rent.

Calculating your Costs

Calculating your security deposit- Your security deposit is held by Prospect Holdings Ltd as a 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 the remainder of the deposit is returned to the tenant. The deposit is calculated based on 5 weeks rental.

Before you move in:

Set up fee for Company Let Tenancy 

£595 (inc VAT)
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.

During your tenancy:

Renewal Fee (tenant’s share)

£150.00 (inc VAT) Contract negotiation, amending and updating terms and arranging a further tenancy and agreement. Please Note: This is only applicable to Tenancies starting pre 1st June 2019.

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 snapshot of the property's condition before and after the tenancy period.

This is required to be paid by the tenant at the beginning of their tenancy. Please note: This is only applicable to tenancies starting pre 1st June 2019.

The charges associated with check in inspections are as follows:

Property Size Unfurnished Furnished
1 Bedroom Check In £120.00 £132.00
2 Bedroom Check In £138.00 £144.00
3 Bedroom Check In £168.00 £180.00
4 Bedroom Check In £180.00 £192.00
4 Bedroom Update (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 contact your Property Manager on 0118 955 9747.

Other fees and charges:

Unpaid Rent / Returned Payments

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

Amendment Fee - Mid Tenancy - £50 (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 - £275 (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. Please Note: This is only applicable to tenancies starting pre 1st June 2019.

Periodic Fee - £90 (inc VAT)

Should it be agreed at the point of renewal that the tenancy will continue as a periodic tenant and not wish to sign a new contract, then the periodic fee will apply. Please Note: This is only applicable to tenancies starting pre 1st June 2019.

Break early Fees

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 reasonable costs 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

You will be required to pay the rent at the prevailing rate until the day that a new tenancy commences along.

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 in connection to the above, please contact our Property Management department on: 0118 955 9747.

Money Handling Guidelines
As a member of property mark, we follow strict money handling guidelines. A link to the full set of these guidelines can be found by clicking here.

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