Tate Residential want you to be aware of the circumstances where you may incur a fee or charge in relation to a tenancy arranged through us, including during the application process. This Tariff details the current fees and charges, which include VAT at 20%. The fees and charges shown are payable to, and will be invoiced by, us.
This document does not contain details of sums which may be payable to a landlord under a tenancy agreement. You must refer to the terms of the tenancy agreement for this information. It also does not contain details of other costs associated with renting a property, such as gas, electricity, water, telephone, TV licence, Council Tax, and contents insurance. These will all be your responsibility not your landlord’s.
Before you move in:
Tenant Registration…………………………………….FREE OF CHARGE
Permitted Occupier fee………………………………..FREE OF CHARGE
Referencing per person (Tenant or Guarantor)…..(£45+VAT) £54.00
Tenancy Agreement (per Tenancy)…………………(£150+VAT)£180.00
Pet deposit (ADDITIONAL DEPOSIT)……………….By Agreement only
Check-in Fee…………………………………………….FREE OF CHARGE
Deposit…………………………………………………..Six weeks rent
Deposit Registration…………………………………..FREE OF CHARGE
During your Tenancy:
Rent Review Fee……………………………….FREE OF CHARGE
Tenancy Renewal Agreement…………………..(£150+VAT) £180.00
Change of Tenancy Terms…………………….(£300+VAT) £360.00
Unpaid/returned payments…………………….(£40+VAT) £ 48.00
Ending your Tenancy:
Future Landlord Reference………………………FREE OF CHARGE
Check out Fee………………………………£100.00 to £200.00 (Current figures June 2015)
(subject to size of property, date, furniture etc at checkout etc)
Early determination of tenancy……………….By agreement only
Professional Cleaning…..Dependent on amount of cleaning required
TENANT RESERVE FEE
After an offer has been accepted by a Landlord, which will be subject to contract and receipt of satisfactory references, it is normal for the prospective Tenant to place with Tate Residential a small reservation fee (normally £300 or one week’s rent, whichever is the higher) as a sign of their good intent. Should the Tenant decide not to proceed with the tenancy or if a satisfactory credit assessment and references are not obtained the Tenant will forfeit their reservation fee. Should the Landlord decide not to proceed the reservation fee will be refunded. If the tenancy goes ahead this reservation fee will be deducted from the initial monies payable.
A detailed reference analysis will cost each named individual Tenant £54.00 including VAT, if the Tenant is a Company the charge will be £54.00 including VAT. Each named Tenant will be required to complete an application form. The tenant referencing company will ask you for details of your employer, bank and previous Landlord. For your information, your bank will normally make a charge for providing a reference, which they will deduct directly from your account. Your references may be shown to the Landlord or an interested party acting on their behalf. We also require proof of identity before the tenancy can commence and would ask you to provide us with a copy of your passport, driving licence and/or ID card with photograph.
The rental payments are calculated as follows:
– Weekly rent x 52 divided by 12.
– Quarterly payments are calculated by multiplying the weekly rent by 13.
– Six monthly payments are calculated by multiplying the weekly rent by 26.
An amount equal to six weeks rental is required and is held by Tate Residential as Stakeholder for the duration of the tenancy. Tate Residential are members of the Tenancy Deposit Scheme which operates to safeguard your deposit and to ensure that any dispute over the return of the deposit after the tenancy has ended is resolved swiftly, inexpensively and impartially. Further details are available on its website www.tds.gb.com. 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 Tate Residential liable for any deductions made from the deposit which may fall into dispute. Any interest earned on the deposit shall be retained by Tate Residential.
The cost of the preparation of the Tenancy Agreement is shared between the Landlord and the Tenant. The Tenant’s contribution to this will normally be £180.00 including VAT, providing the Landlord is using our services for the preparation of the Tenancy Agreement. Please note that the Agreement may be liable to Stamp Duty and that this is something for which the Tenant is responsible. Further information regarding any potential liability for Stamp Duty can be found on the HM Revenue and Customs website www.hmrc.gov.uk.
– Direct transfer of funds to our bank account (details on invoice by same day transfer (CHAPS), online banking or BACS etc.
– Bankers draft (payable to Tate Residential)
– Personal cheque (payable to Tate Residential) – please allow 10 working days to clear from receipt
– Due to the Money Laundering Regulations we are normally unable to accept payment in cash
Tate Residential must be in receipt of cleared funds in full settlement of the amount shown on the initial Tenant Reserve sheet before the start of the tenancy. No tenant will be allowed to move into a property if the funds are not cleared funds in our Client Account before the start of a Tenancy.
Please note that after the initial payment is made we will ask you to set up a standing order for all future payments. Please note that this standing order must be set up to leave your account (or joint account) 3 working days before the rent due date in order for it to arrive on time.
CHANGE TO FEE STRUCTURE
We reserve the right to amend the fees and charges in this Tariff to reflect changes in our operating costs and/or changes in taxation such as VAT. A copy of the up to date Tariff at any time can be obtained from www.tateresidential.co.uk. Where you have signed an Information in your Tenancy Agreement no fees and charges in any amended Tariff will affect you unless the amendments are expressly permitted by the Tenancy Agreement.
Usually a minimum of 52 weeks initially with any options for renewal and/or release clauses to be negotiated.
INVENTORY CHECK-IN AND CHECK-OUT
An inventory will normally be checked in at a pre-arranged time on the day the tenancy commences with an independent inventory clerk booked by Tate Residential. It is strongly recommended that the Tenant is present both for the check-in and check-out to avoid any disputes at the end of the tenancy. The charge for the inventory check-out will be for your account. The amount of the charge is determined by the inventory clerk and will be notified to you once it has been notified to us. You must inform us as soon as possible if you have to change an appointment in order to avoid cancellation charges. Any cancellation or change to the check out within 1 working day of the booked check out will most likely result in a cancellation fee.
The Tenant is responsible for the gas, electricity, water, telephone, TV licence and council tax bills for the duration of the tenancy. Either your Landlord or Tate Residential will contact the utility companies (apart from British Telecom) on your behalf and will instruct them to transfer the accounts into your name at the start of the tenancy. However, you should also contact the suppliers to make sure this has been done. Please do not arrange for any of the utilities to be transferred to a different supplier without letting us know. British Telecom will not accept our instructions on your behalf so please call them on Freephone 150 to arrange to have the telephone service transferred into your name.
The Tenant is responsible for insuring their own contents and we strongly recommend that you do so by obtaining a quote through your own insurance broker.
EXTENSION OF TENANCY/CHANGE OF TENANT
If the Tenancy is extended beyond its original term, a charge of £180.00 including VAT will be payable by the Tenant for drawing up the necessary paperwork. If a Tenant in a shared property wishes to be replaced by a new Tenant during the tenancy (subject to the Landlord’s consent and receipt of satisfactory references) a charge of £360.00 including VAT will be payable by the Tenant for drawing up a new Tenancy Agreement or Deed of Assignment.
At the commencement of the tenancy we will advise you who will be responsible for the day to day management of the property (this is not always Tate Residential) and provide you with the relevant contact details. Where we are not managing the property we are unable to arrange any repairs or maintenance on the Landlord’s behalf, nor can we control how quickly repairs will be carried out. Where we are managing the property it may be necessary in some instances for us to obtain the Landlord’s consent before arranging a repair.
Should you wish to terminate your tenancy before the end of the term and the landlord agrees that you can terminate early, you will be responsible for the repayment of the pro-rata commission paid in advance by the landlord for the unexpired portion of the tenancy, unless you are exercising a break clause which is contained in your tenancy agreement.
LATE PAYMENT ADMINISTRATION COSTS
An administration fee of £60 inc VAT will be charged for each letter sent by Tate Residential regarding late or non-payment of rent or administration charges.
A reference may be requested by a tenant at any time. There is no charge provided that the Tenant has paid the rent in full on time and complied with the terms of their Tenancy Agreement. If not the administration fee for this service is £36 inc VAT and is payable upon request.
If any charges remain outstanding at the end of the tenancy, Tate Residential will deduct the amount due from the deposit.
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 Non-Resident 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 Tate Residential.
All charges levied by Tate Residential are subject to VAT at the prevailing rate of 20% as at June 2015