When renting a property in London with Crown Home Buying & Letting, there are certain fees you may need to pay, depending on the type of tenancy you have. These fees vary between Assured Shorthold Tenancies (AST) and non-AST tenancies. Here’s a simple breakdown of the fees:
Fees for Assured Shorthold Tenancy (AST)
Before You Move In:
Holding Deposit: Equivalent to one week’s rent. This deposit holds the property while you complete reference checks and sign the tenancy agreement. If you cancel, provide false information, or don’t complete the agreement, this deposit is not refunded.
Security Deposit:
For rent under £50,000 per year: Five weeks’ rent. This is held in a government-backed scheme and will be returned if there are no damages or unpaid rent.
For rent between £50,000 and £100,000 per year: Six weeks’ rent, also held in a government-backed scheme.
During Your Tenancy:
- Changing Your Contract: £50 (inc. VAT) for any changes to the agreement, like altering the terms.
- Changing Tenants: £50 (inc. VAT) per new tenant if someone leaves and you need a replacement. This covers new checks and paperwork.
- Early Termination: If you want to leave early, you will need to pay the costs of finding a new tenant and any rent due until a new tenant moves in.
Other Charges:
- Late Rent: If your rent is 14 days or more late, you’ll be charged interest at 3% above the Bank of England base rate for every day it’s overdue.
- Lost Keys: You will have to pay for replacing lost keys or security devices. If a locksmith is needed, you’ll also pay those costs, plus £15 per hour for time spent replacing them.
Fees for Non-Assured Shorthold Tenancy (Non-AST)
Before You Move In:
- Holding Deposit: Equivalent to two weeks of rent. This deposit holds the property while you complete reference checks and sign the tenancy agreement. If you cancel, provide false information, or don’t complete the agreement, this deposit is not refunded.
- Tenancy Agreement Fee: £288 (inc. VAT) for preparing the rental agreement.
- Reference Fee: £60 (inc. VAT) per person for checking your references.
- Occupant Check Fee: £30 (inc. VAT) per adult living with you, to confirm they have the legal right to rent.
- Guarantor Fee: £60 (inc. VAT) per guarantor, if one is needed to support your tenancy.
- Security Deposit: Six weeks’ rent, held in our client account, and returned if there are no issues at the end of the tenancy.
- Pet Deposit: An extra two weeks’ rent if you have a pet, to cover any potential damage.
- Stamp Duty: Applies if your rent is over £250,000 per year. Please seek independent advice.
During Your Tenancy:
- Contract Amendment: £600 (inc. VAT) if you need to change your tenancy agreement during the lease.
- Arrears Letter Fee: £30 (inc. VAT) for each letter sent if your rent is overdue.
Ending Your Tenancy:
- Inventory Check-Out: Tenant is responsible for the Check-out fee. The cost is based on the size of the property.
Other Charges:
- Unpaid Rent: If rent is unpaid, you will be charged interest at 3% above the Bank of England base rate.
- Cleaning: If the property needs professional cleaning when you leave, the cost will be deducted from your deposit.
Crown Home Buying & Letting is a member of the Property Redress Scheme and provides client money protection through the RICS Client Money Protection Scheme.
If you have any questions about our fees, please feel free to contact our lettings team at info@chbl.uk or call us on 0207 903 6881.
