Permitted payments
What permitted payments can I expect to pay if I rent a property with LetCo?
Permitted payments for assured periodic tenancies in England.
When you have agreed on the property of your choice, LetCo will provide you with a Tenancy Application Form. This helps explain not only the next stages of your application but any permitted payments which are due before you sign your Tenancy Agreement and any which may become payable during and after the tenancy. This will also include confirmation of the agreed rent and the deposit.
Below is a list of our current permitted payments. At any time you are interested in a property, please ask a member of staff for a full breakdown of permitted payments that may be payable before, during and after a tenancy. You will be responsible for the payment of utilities including telephony and council tax etc (unless otherwise specified in the tenancy agreement).
Rent
Rent is a permitted payment. For an assured tenancy, rent cannot be requested, encouraged or accepted before the tenancy agreement has been signed by all parties.
Once the tenancy agreement has been signed, the first rent payment may be collected before the tenancy starts. Rent must then be paid at regular intervals in accordance with the tenancy agreement and cannot be required before its contractual due date.
Holding deposit (per tenancy). One weeks' rent.
This is one weeks' rent, calculated as monthly rent x 12 divided by 52.
This is to reserve a property. Please note: the holding deposit may be withheld if the tenant withdraws from the application, fails a Right to Rent check, provides false or misleading information that is relevant to their suitability as a tenant, or fails to take reasonable steps to enter into the tenancy agreement within 15 calendar days, or another Deadline for Agreement mutually agreed in writing.
Where a tenancy agreement is signed, the holding deposit will be refunded or, with the tenant’s consent, applied towards the tenancy deposit or first rent payment.
Security deposit (per tenancy, rent under £50,000 per year). Five weeks’ rent.
This covers damages or defaults on the part of the tenant during the tenancy.
Security deposit (per tenancy, rent of £50,000 to £100,000 per year). Six weeks’ rent.
This covers damages or defaults on the part of the tenant during the tenancy.
Properties with annual rent of more than £100,000 are not covered by the Tenant Fees Act 2019 deposit caps.
Unpaid rent
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 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).
Any amount charged must not exceed the reasonable costs incurred and will be evidenced in writing.
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.
Ending the tenancy without giving the required notice.
Where the tenant does not give the correct amount of notice to end an assured periodic tenancy, they may be required to pay an amount up to the rent that the landlord would have received had the correct notice been given.
The maximum notice period that a tenant can be required to give under an assured periodic tenancy is two months.