This article outlines the costs when applying to let a property from K&G Lettings Limited.
When you find a property that you like you will be asked to pay a Holding Deposit of £150 in order to process your application. For single applicants, half of this amount will be used to cover the costs of referencing and the remainder put towards your deposit, should you be successful in your application. If there are two or more tenants the entire holding deposit will be used to cover the cost of referencing. If you are unsuccessful you may be refunded part of the holding deposit (£75 for single applicants; £0 for joint applicants). The whole of your Holding Deposit will be returned to you in the event the landlord is unable to proceed. .
The value of the dilapidation deposit may vary depending on your personal circumstances, but will be equal to at least one month’s rent. When the tenancy starts, you will be asked to pay the balance of the deposit less any Holding Deposit paid already. This payment must be in cleared funds to enable the tenancy to commence. For more information on Deposits, please read our article ‘A Tenant’s guide: what is a Tenancy Deposit?’.
Deposit registration fee
Government legislation requires that all deposits are registered with a Government backed Tenancy deposit scheme to safeguard the tenant or Landlord should disputes arise. We charge £30 to cover the administration costs of registering the deposit. This amount is payable at the time of signing your tenancy.
If your application to rent a property is accepted and you have paid your Holding Deposit we will commence referencing and initial checks. We ask you to pay a charge to cover the costs of referencing, initial checks, and a contribution towards the preparation of the tenancy agreement and inventory.
Our charges are:
- Single person: £75.00.
- Two applicants: £150.00.
- Additional applicant: £75.00 per applicant.
* This is a non-refundable payment, should you not proceed with the tenancy we reserve the right to retain your reservation fee to meet any reasonable costs or loss of rent whilst the property was withdrawn from the market. This may apply whether you withdraw from the tenancy or are unable to proceed due to adverse references.
Depending on your personal circumstances and the progression of your tenancy, we may also ask you to pay other fees and charges. If we do, we will explain these to you at the time.
We always like a tenant to have a guarantor. We will charge a fee of £50.00 for carrying out reference checks on the guarantor.
The guarantor will be asked to read your tenancy agreement and sign a guarantor agreement before the tenancy starts.
Tenancy Renewal Charge
Tenancies are normally renewed every six to twelve months. Each time you decide to renew the tenancy for a further term, a charge of £25.00 will be made to cover administration costs. This amount is payable in advance, and must be received prior to a new contract being signed.
A check out fee may apply depending on the type of property, please check for clarification as this fee may vary.
Please note: at times we may accept payment for some of these fees by credit card. Should this be the case, there will be a charge added to reflect the amount that we will have to pay for the transaction. We will always tell you if we have to make any charges when accepting payments.