Standard Fees & Terms for Tenants

When will the letting fees ban come into force?

'Chancellor Hammond revealed no details of his plan, but his tone suggested an outright ban on up-front fees paid by tenants to letting agents. The government's formal Autumn Statement document says only that the government will now consult on what the new law should look like. So there will be plenty of scope for lobbying and campaigning by interested parties. But there are no details or timetable yet.'

Source BBC news http://www.bbc.co.uk/news/business-38077596

fee costs

Referencing 

A fee of £140 (Plus £70.00 for each additional applicant over 18 years of age) will be due upon processing referencing forms to reference company, please note, this fee is subject to change. Company reference for LTD, Sole trader £150.00. For Partners £150 each. All costs include right to rent checks. Checks will include; Right to rent check, Credit Reference, Income Reference and Landlord Reference (if applicable).

Agent Fees

An agent fee of £125 will be payable upon creation of a legally binding tenancy agreement. An fee of £25 will be payable to the agent for each letter sent by Abbey Money and Property regarding late or nonpayment of rent or agency charges.A fee of £40 will be incurred for any appointments that are missed or cancelled without at least 24 hours notice. Contractors call out fee will be incurred to tenant if the tenant fails to give the contractor access to the property on the agreed date. If any charges remain outstanding at the end of the tenancy, Abbey Money and Property will deduct the amount due from the deposit.

Renewal of tenancy

Please contact us in advance if you wish to extend your tenancy. If the tenancy is renewed, we will make a charge of £80 Inc VAT at the current rate to cover our administration.

Payment of rent

The first instalment of rent must be paid in cleared funds upon referencing returning as a positive. Thereafter, rent is payable by standing order (unless agreed otherwise) to arrive on the due date as stated in the tenancy agreement. This means that the standing order must be set up so that the funds leave your account when the rent is due. The full rent must be paid by a single standing order, we are unable to accept multiple standing orders. All non standing order payments may be subject an additional charge. Over the phone charges are as follows; minimum charge of 50p thereafter Debit cards will incur a cost of 0.25% and 2.50% for credit card payments.

Deposit

A deposit equivalent to six weeks' rent must be paid in cleared funds when your referencing is returned as a positive and is held by the Abbey Money and Property as Stakeholder for the duration of the tenancy in accordance with the terms of the tenancy agreement and where applicable Abbey Money and Property will register the deposit monies with a deposit protection scheme on the landlord's behalf. Abbey Money and Property excludes liability in relation to loss caused by the insolvency of a financial institution which holds deposits in its contracts with landlords and tenants. All deposit deductions must be agreed in writing by both landlord and tenant upon the termination of the tenancy. The tenancy agreement entered into is between the landlord and the tenant and, therefore, the tenant cannot hold Abbey Money and Property liable for any deductions made from the deposit which may fall into dispute. Any interest earned on the deposit shall be retained by Abbey Money and Property.

References/identification

We will take up references based on the details that you have supplied to us. These references may be passed to our client so that they can make a decision on granting a tenancy. You are responsible for any administration charges levied by your own bank in relation to obtaining a reference. Before the tenancy can proceed you need to provide us with a photo ID in the form of a passport or EU driving licence.

Management of the property

At the start of the tenancy we will advise you who is responsible for managing the property. This is not always Abbey Money and Property. Where we are not managing the property we cannot authorise any repairs or maintenance or guarantee the speed at which repairs will be carried out. Where we are managing the property, we may have to obtain the landlord's consent before proceeding with a repair.
Where we manage a property and hold keys, we can usually provide access to Abbey Money and Properties' contractors (with your permission). However, where we do not hold keys or the contractor is not willing to collect keys, it is your responsibility to provide access.

Emergency Out of Hours Work

In the envent of any member of our team being called out to an out of hours emergency or any situation requiring immediade attention, a charge of £45.00 per hour plus additional cost of any equipment/ materials needed in the event of an emergency. This will be incurred payable by the landlord or tenant. Out of ours inclueds ANY time out of our listed office hours to carry out emergency tasks. 

Insurance

It is your responsibility to insure your own belongings throughout the tenancy. Abbey Money and Property require the tenant to have contents insurance for their own belongings upon occupancy of the property, the landlord’s agency can organize this via Safe and Secure who are regulated by the FCA. The tenants will allow the landlord's agents to hand over their contact details to safe and secure to offer suitable insurance and advice. Utilities You will be responsible for the payment of telephone, gas, water and electricity accounts at the property during your tenancy, as well as the council tax. It is your responsibility to notify the relevant companies and the local authority that you are moving into/out of the property. You are also responsible for ensuring that a valid television licence remains in place for the duration of the tenancy. Utility companies will also always require the occupant to provide access for any visit.

Unclaimed items on vacating the property

On vacating the property the you may wish to leave behind items or furniture that you have no use for. If you wish to do so Abbey money and property require these intentions in writing and will only be accepted once all parties (the tenant, Abbey Money and Property and the landlord) agree on whats being left and if the items are still usable. If items/ furniture are left behind without the above in place, the below storage charges will follow:

- £20 per week for a small van load or less of unrecovered items

- £35 per week for a luton van load of unrecovered items

-£50 per week for a large van load of unrecovered items

Anything greater than a large van  load will incur greater costs.

In addition to the above, a fee of £25 will be incurred for each letter sent out as a reminder. Any items left for us to dispose of will incur a disposal fee of £250, the bond will be used to cover these fees.

Taxation

If you pay rent directly to your landlord's bank account and your landlord is resident overseas, you will be responsible for applying the provisions of the HM Revenue and Customs NonResident Landlords scheme for taxing UK rental income and should ask us for advice on this. These provisions do not apply where you are paying your rent to Abbey Money and Property.

AntiMoney Laundering Regulations

Abbey Money and Property is subject to the Money Laundering Regulations 2007. As a result we will need to ask you for suitable identification, and will be unable to proceed with any work on your behalf if we are unable to obtain this from you.

 

Right To Rent

Right to Rent is now in place. This means all private landlords, including anyone subletting or taking in lodgers, need to carry out quick and simple checks on all new tenants to make sure they have the right to rent property in the country.

The roll out of Right to Rent has been informed by input from a panel of experts from trade bodies, local authorities, and housing charities and the Equality and Human Rights Commission and backed up by stakeholder events with landlords and agents.

Landlords need to check identity documents for all new tenants and take copies. A wide range of documents can be used for the checks, and the Government has worked closely with housing and homelessness charities to design a document list which can accommodate different individual circumstances. This includes where people do not have traditional identity documents such as a passport.

There are resources available to help landlords comply with the new rules, including an online checking aid which landlords can use to guide them through the process and to request a check on anyone who has an outstanding case with the Home Office. 

For more information about making the checks go to www.gov.uk/righttorentchecks