Holding Reservation Fee: Equivalent to one weeks rent subject to referencing and contract. This will be deducted from the total monies owed prior to move in. The holding reserve will be calculated by dividing the agreed annual rent by 52 (weeks in a year), times one.
A Security deposit: Equivalent to five weeks rent. The security deposit will be calculated by dividing the agreed annual rent by 52 (weeks in a year), times five.
Loss of a key or other security device: Cost of replacing the lost key or security device. Landlords and letting agents can only recover the reasonable costs incurred as a result of having to replace the key or security device.
Late payment of rent: 3% above Bank of England base rate in interest on the late payment of rent for each day that the payment is outstanding, as outlined in the tenancy agreement.
Payment on variation, Assignment or Novation of a Tenancy: £50 inc. VAT in respect of the variation, assignment or novation of a tenancy.
Payment on Termination of a Tenancy: Early termination fee will be charged. This fee varies dependent on the remaining term length which will reflect the loss incurred by the Landlord / Agency.
Retaining the Deposit: The Letting Agent who received the Holding Deposit can keep it if:
- The tenant fails a Right to Rent check regardless of when the deposit was accepted.
- The tenant provides false or misleading information to the Lettings Agent, which the landlord is reasonably entitled to consider in deciding whether to grant the tenancy because this materially affects their suitability to rent the property.
- The tenant notifies the Letting Agent before the deadline for agreement that they have decided not to enter into a tenancy agreement.
- The tenant fails to take all reasonable steps to enter into a tenancy agreement.
Oakwood Estates are members of The Property Ombudsman, The Deposit Protection Scheme and Client Money Protect (see below).
Client Money Protection
We are accredited agents of the Client Money Protection (CMP) scheme and dedicated to protecting you and your assets.
To view our CMP accredited certificate, click here.