A Holding Fee will be required as part of the application process. This will need to be paid on application and will be the equivalent of one weeks rent. The Holding Deposit can be held for a maximum of 90 calendar days or until the commencement of the assured shorthold tenancy, which ever happens first. Where an Assured Shorthold Tenancy has been agreed, the Applicant(s) and Payee (if applicable) agree that the Holding Deposit can be used for part payment of the first month’s rent required under the Assured Shorthold Tenancy.
The Agent can deduct and retain from the Holding Deposit for any of the following reasons in the event that an assured shorthold tenancy cannot be proceed:
- If the Applicant(s) has provided false or misleading information, which is sufficient enough to prevent them from being granted an Assured Shorthold Tenancy.
- If the Applicant(s) are unable to take up occupation of the property under an Assured Shorthold Tenancy because of their immigration status under Section 21 of The Immigration Act 2014 (persons disqualified)
- If the Applicant notifies the Agent before the end of 90 days from the signing of the Holding Deposit Form or before the commencement of the Assured Shorthold Tenancy, whichever comes first, that they no longer wish to proceed with the Tenancy.
- If the Applicant fails to provide any of the documents or evidence listed in the section of the holding deposit terms and conditions titled *Required Documents/Evidence within the agreed timeline set out in that section.
- Failure to Pay the Rent. In the event of any default, interest of 3% above Bank of England base rate will apply to any rent due from the day of any default. The interest can only be charged in the event that the rent default continues for a minimum of fourteen days after the rent default occurs. For the current Bank of England base rate please visit the following website https://www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate
- Pay the Landlord for the reasonable cost of providing replacement keys or security devices for the property up to a maximum of £50 inclusive or greater where the Landlord has receipts or evidence to show such costs have been incurred.
- Pay the Landlord a maximum of £50 inclusive or greater where the Landlord has receipts or evidence to show such costs have been incurred, for each amendment/change to the Tenancy Agreement requested by the Tenant and agreed by the Landlord.
- Pay the Landlord, where a surrender of the tenancy has been agreed, any losses incurred by the Landlord on acceptance of the surrender, which could be but not limited to the remaining rent for the term, re advertising costs, utility supply costs, council tax and costs for any legal services retained.
Contact Us for More Information
For more details about tenant fees, or if you have any questions, please call us on 01424 447 080. Alternatively, you can contact us via email at email@example.com or firstname.lastname@example.org, or pop into one of our offices and chat with our letting agents in Hastings or our letting agents in Brighton. If you would like to know more about the renting process, take a look at our useful online renting guide.