Policy Tenant Fee

For Assured Shorthold Tenancies (ASTs) Signed on or After 1 June 2019

Holding Deposit – One week’s rent (per tenancy)

This deposit is taken to reserve a property. It may be withheld if any relevant person (including any guarantor):

  • Withdraws from the tenancy
  • Fails a Right-to-Rent check
  • Provides false or misleading information
  • Fails to sign the tenancy agreement (or Deed of Guarantee) within 15 calendar days, or by any alternative written deadline

Security Deposit

  • If rent is under £50,000 per year: Five weeks’ rent
  • If rent is £50,000 or more per year: Six weeks’ rent

This deposit is held to cover any damage or breaches of the tenancy agreement by the tenant.

During the Tenancy

Unpaid Rent

Interest is charged at 3% above the Bank of England Base Rate from the rent due date until payment is made. This is applied only when rent is more than 14 days overdue.

Lost Key(s) or Security Devices

Tenants are liable for the actual cost of replacing lost keys or security devices. If locksmith services are required, costs may include:

  • Locksmith fees
  • Replacement of locks and keys
  • Distribution of new keys to relevant parties

An additional charge of £15 per hour (inc. VAT) applies for agent time involved in managing the replacement.

Tenancy Variation (at Tenant’s Request) – £50 (inc. VAT)

Covers the cost of obtaining landlord consent and preparing legal documents.

Change of Sharer (at Tenant’s Request) – £50 (inc. VAT) per replacement

Or reasonable costs if higher. Includes referencing, Right-to-Rent checks, deposit amendments, and documentation.

Early Termination (at Tenant’s Request)

Tenants seeking to end their tenancy early must cover the landlord’s re-letting costs and rent payments until a new tenancy begins. These costs will not exceed the total rent outstanding on the tenancy.

For Tenancies Commenced Before 1 June 2019 or Non-Housing Act Tenancies

Set-up Fee (Tenant’s Share) – £240 (inc. VAT)

Includes contract preparation, reference checks, and signing.

Referencing Fee (per tenant) – £48 (inc. VAT)

Includes ID verification, credit checks, and reference collection.

Guarantor Fee – £138 (inc. VAT)

Covers full referencing and the drafting of the Deed of Guarantee.

Inventory Check-In Fee – From £144 (inc. VAT)

Dependent on property size and assessed by an independent inventory clerk.

Pet Deposit (if applicable) – Additional two weeks’ rent

An extra security deposit held against potential damage caused by pets.

Other Charges

  • Tenancy Renewal Fee: £90 (inc. VAT) – For negotiation, renewal, and contract drafting
  • Change of Tenant Admin Fee: £198 (inc. VAT) – Includes referencing, legal documents, and Right-to-Rent compliance
  • Lost Keys / Devices: £36 (inc. VAT) + item cost – Covers coordination and travel
  • Rent Arrears / Returned Payments: £30 (inc. VAT) per item – Also subject to 4% interest above Bank of England Base Rate
  • Missed Appointment Fee: £36 (inc. VAT) – Applies to unattended pre-arranged appointments
  • Inappropriate Call-Out Fee: £60 (inc. VAT) per hour – Charged where a tenant causes an unnecessary call-out not covered by the landlord

Contact Us

For further information regarding tenant fees or specific tenancy-related queries, please get in touch: info@rentscheme.co.uk.