Dimension Tenant Fees
NEW ASSURED SHORTHOLD TENANCIES SIGNED ON OR AFTER 1ST JUNE 2019
Holding Deposit (Per Tenancy) – One Weeks Rent
A holding deposit is required in conjunction with references being sourced. This sum is subsequently deducted from the full deposit subject to references. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
Full Profile References Required including for Tenants and Guarantors:
- Employment Status & Income Confirmation
- Address Verification
- County Court Judgements
- Bankruptcy Data & Bank Account Confirmation
- Existing Credit Agreements
- Previous Landlord/ Letting Agent Reference
Security Deposit (Rent under £50,000 per year)
Security Deposit required of Five Weeks Rent. The Deposit is lodged with a third-party organisation. This covers damages or defaults on the part of the tenant during the tenancy.
Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 calendar days in arrears.
Lost Key(s) or other Security Device(s)
Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (Inc. VAT) for the time taken replacing lost key(s) or other security device(s).
Variation of Contract (Tenant’s Request)
£50 (Inc. VAT) per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.
Change of Sharer (Tenant’s Request)
£50 (Inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
Early Termination (Tenant’s Request)
Should the tenant wish to leave their contract early. They shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
APPLICANT/TENANTS GUIDANCE NOTES PLEASE READ BEFORE PAYING ANY HOLDING DEPOSIT
PLEASE NOTE: If you have signed a Tenancy Agreement with Dimensions PS LTD prior to 01/06/2019. All clauses and fee’s apply until 31/05/2019.
• Properties will remain available until all completed application forms and the holding deposit* is received.
• On completion of an application form, please provide identification, eg; driving licence/passport/recent utility bill).
• Please ensure that before applying and paying your holding deposit that you provide full, truthful information and check with the local agent regarding affordability beforehand.
• The completion and submission of an application does not guarantee the offer of a tenancy. This is subject to satisfactory references being provided and is at the Landlords discretion.
YOUR HOLDING DEPOSIT EXPLAINED
• The asking rent does not include any holding deposit payable. Each tenancy is subject to a holding deposit as listed, payable on application for the property. Payment is a sign of good faith from you whilst the application is processed.
• Before your application can be fully considered, you will need to pay to us a holding deposit equivalent to one weeks’ rent for the property you are interested in. This section explains what happens to that holding deposit and the circumstances in which the deposit will / will not be refunded. It is important that you know your legal rights and accordingly you should feel free to seek independent legal advice before signing this or indeed any other document which we might put before you.
• Once we have your holding deposit, current legislation stipulates that the necessary paperwork should be completed within 15 days or such longer period as might be agreed in advance with the landlord.
• If at any time during any extended period you decide not to proceed with the tenancy, then your holding deposit will be retained by Dimensions. By the same token, if during that period you unreasonably delay in responding to any reasonable request made by Dimensions, and if it turns out that you have provided us with false or misleading information as part of your tenancy application or if you fail any of the checks which the Landlord is required to undertake under the Immigration Act 2014, then again your holding deposit will not be returned. It will be retained by Dimensions PS LTD and the Landlord.
• However, if the Landlord decides not to offer you a tenancy for reasons unconnected with the above then your deposit will be refunded within 7 days. Should you be offered, and you accept a tenancy with our Landlord, then your holding deposit upon your confirmation can be credited to the first months’ rent or Tenancy Deposit due under that tenancy.
• Where, for whatever reason, your holding deposit is neither refunded nor credited against any rental liability, you will be provided with written reasons for your holding deposit not being repaid within 7 days. You will not be asked to pay any fees or charges in connection with your application for a tenancy. However, if your application is successful under our standard assured shorthold tenancy agreement, you will be required to pay certain fees for any breach of that tenancy agreement in line with the Tenant Fees Act 2019. In consideration of us processing your tenant application, you agree to pay those fees to us on receipt.
• Right to Rent Checks will be carried out under the Immigration Act 2014. You must provide us with documentation which shows you have a legal right to rent in the UK. Checks will be carried out by our referencing company to verify this. In order to meet the legal requirements, you must provide us with various documents such as; Passport, endorsed passport giving permission to reside in the UK, immigration documents endorsed by the Home Office. Should the Right to Rent Checks fail by law we will be unable to allow the Tenancy to commence and the holding deposit paid will not be returned.
• In order to satisfy the criteria of our referencing agency your gross income should be equivalent to multiply the monthly rent by 30 for the annual salary and must be in permanent employment. If a guarantor is required, their gross income should be equivalent to 36 times the monthly rent (or share).
• You are responsible for any administration charges levied by your own bank in relation to obtaining a reference from them.
• If you have any concerns over your credit history, please speak to a member of staff to see if other options are available to you.
• Please note that if you do not meet the referencing criteria, you may have the option to pay the rent in advance– subject to agreement by the Landlord.
• The results of your references may affect our clients’ acceptance of your offer. Detrimental credit checks, previous landlord/agent reference, affordability and false information being provided will all be factors in our final decision. Should the references fail, be unsuitable or the application is withdrawn by you, Dimensions PS LTD will retain the holding fee to cover costs.
• A Tenancy Deposit must be paid at the start of the agreed Tenancy, prior to move in along with the first month’s rent. The deposit amount will be five weeks of the rental value which will be lodged with the Deposit Protection Service when the AST commences.
• A Tenant can request permission to keep a pet in the property before the holding deposit is paid and the tenancy is entered in to. A pet residing in the property will affect the monthly rental payment. Properties are often advertised at a higher rent to allow permission for a pet - this is property/pet specific so you should request permission or more details with our team.
• A Tenant is warned that the Landlord’s Insurance policy does not cover his possessions. The Tenant should hold adequate insurance to protect against accidental damage caused by the Tenant to the Landlords Fixtures and Fittings at the Premises as described in the Check-in Inventory and Schedule of Condition. The Tenant should consider their need for Insurance to cover their own personal possessions. We confirm that we will not share your information with any third party other than our client, and other businesses within Dimensions PS LTD, without your consent.