When you decide to rent property through Tim Russ & Company (Lettings) we will ask you to pay a £350.00 non-refundable “holding fee” prior to obtaining references – this takes the property off the market while references are being taken. This will be offset against your initial monies, should your tenancy proceed.
THE NEXT STEP
- Your will be required to complete an application form which will then be processed through a credit rating agency : this normally takes 3 days.
- On receipt of your references, we will then draw up the Tenancy Agreement, which is a legally binding document between the owner of the property (the Landlord) and you (the Tenant). You should read the Agreement carefully and ensure that you fully understand it.
THE COSTS INVOLVED
- Before the commencement of the tenancy, you will be required to make the following payments, which must be made by direct transfer to our bank account or banker’s draft. Personal cheques will be accepted but must be paid 7 working days in advance of commencement of tenancy.
- £24.00 inc VAT (£20.00 ex VAT) Credit Reference Check Fee for each Tenant
- £180.00 inc VAT (£150.00 ex VAT) Tenancy Set Up Fee per applicant
- Share of Inventory Check fees (Cost varies dependent on property size and furnishings). The Tenant will pay the checkout fee (as a guide, typically for a 2 bedroom furnished apartment the cost will be in the region of £100) ; the Landlord pays the check in.
- The first month’s rent in advance.
- Five weeks rent as a deposit against damage to the property during your tenancy, paid in advance. (Tim Russ & Company are members of The Tenancy Deposit Scheme and hold the deposit under the regulations stipulated by the scheme. Further information on the operation of the scheme can be obtained from www.tenancydepositscheme.com)
- Should you require a Guarantor, there will be a further Credit Reference Fee and a further charge of £90.00 inc VAT (£75.00 ex VAT) for drawing up the Deed of Guarantee
- A fee of £96.00 ex VAT (£115.20 inc VAT) will be charged should you renew your tenancy
- All tenancies are subject to contract, satisfactory references and the Landlords final approval.
All tenancies are exclusive of council tax, water rates, gas and electricity and, if applicable, telephone. These services will be the responsibility of the tenant.
Tim Russ & Company (Lettings) is regulated by RICS. Client Money Protection (CMP) is provided by RICS. Independent redress is provided by The Property Ombudsman Ltd.