Tenant Fees

We believe in providing the best customer service possible, so our fees are displayed clearly and concisely for all to understand.

Below we have set out how our fees are calculated should a Tenant apply to rent a property through us. These will be paid in addition to any Rent and Deposit that is due under a Tenancy Agreement.

Fee TypeCost £ including VAT(VAT charged at prevailing rate)Explanation
Holding DepositOne week’s rentThis is to reserve a property. Please Note: This will be withheld if any relevant person (including anu guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing
Security Deposit (per tenancy rent under £50,000 per year)Five weeks’ rentThis covers damages or defaults on the part of the tenant during the tenancy.
Security Deposit (per tenancy rent over £50,000 per year)Six weeks’ rentThis covers damages or defaults on the part of the tenant during the tenancy.
Unpaid RentInterest at 3% above the Bank of England Base RateFrom 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).
Variation of Contract (Tenant’s Request)£50 (inc. VAT) per agreed variationTo 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.
Early Termination (Tenant’s Request)Should the tenant wish to leave their contract early, they shall be liable for the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy. N.B. The Landlord is not legally obligated to agree this request
Company Let£499 (inc. VAT) per companyThis covers registration, collating requirements, booking viewings, accompanied viewing, contract negotiation, referencing, company Equifax credit search checks, Companies House search and accounts referencing, update on referencing process, offer consultation meeting, legal and safety tenancy requirements confirmation, Right to Rent checks and introduction of utility and media packages

Parks are enrolled in the Client Money Protection scheme provided by ARLA Propertymark. The Client Money Protection (CMP) Scheme is a compensation scheme run by the National Federation of Property Professionals (NFOPP) which provides compensation to landlords, tenants and other clients to protect client funds. Please speak to a member of Parks Residential team to explain these to you and to confirm, once we know your circumstances and how many tenants are applying for the property, what fees would apply to you. For any other information please do not hesitate to get in contact.

Transitionary Period – 1st June 2019 to 31st May 2020

The following fees apply to tenancies entered into before 1st June 2019:

Fee TypeCostExplanation
Tenancy Renewal£58.80 inc VATRenewal contract negotiation (amending and agreeing terms) and associated paperwork.
Change of Tenancy£180 inc VATExecuting a new assured Shorthold Tenancy, negotiating the new contract and agreeing inventory & schedule of condition. Reconciliation of client accounts.
Late Rent Letter Charge£12 inc VAT per personOnly applicable if the rent is not paid by the agreed date.
Company Let£499 inc VAT per companyThis covers registration, collating requirements, booking viewings, accompanied viewing, contract negotiation, referencing, company Equifax credit search checks, Companies House search and accounts referencing, update on referencing process, offer consultation meeting, legal and safety tenancy requirements confirmation, Right to Rent checks  and introduction of utility and media packages
Early Termination (Tenant’s Request)Should the tenant wish to leave their contract early, they shall be liable for the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs include the tenancy agreement, inventory and the Landlord’s remaining commission for that period of the tenancy. N.B. The Landlord is not legally obligated to agree this request

All in all, we are very pleased with the professional service we have received to date. I only wish I had met more agents like this when I was a tenant for 21 years.

Mrs Constantinou, Landlord, 2018

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