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Tenant Permitted Payments

Refundable Holding deposit - Capped at 1 weeks rent per tenancy

Security Deposit - Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent - The agreed monthly rent

Changes to tenancy - Capped at £50 inc VAT

Early termination charge - Not exceeding the landlord’s financial losses

Late payment of rent - Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys - Reasonable costs or give the tenant the option to purchase themselves

Utilities, council tax, communication services, TV Licence etc Tenants own responsibility unless otherwise stated in contract

Client Money Protection Scheme Membership details The law requires your membership details

Property Redress Scheme Membership details The law requires your membership details

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Landlord Do's and Don'ts

 

Landlord Do's and Don'ts

 

• Always get an agents advice whether you’re looking to rent yourself or use an agent. When it comes to property it is always useful to get a separate professional opinion. This way you can weigh up the pro’s and con’s of renting. 

 

• Always make sure the tenancy documents you use are current and meet the ever changing Housing Laws & Rights. For example; know the difference between an AST and a License Agreement. An AST is an Assured Shorthand Tenancy agreement which gives you the most protection as a landlord and is required when renting a property as a whole dwelling. A License Agreement is required when you are renting out a room or wish to have a lodger. 

 

• Make sure your property is “Rental Safe” have your EPC, Gas & Electrical Safety Certificates and make sure any furniture/appliances are safety compliant. 

 

•  Have Check-in & Check-out Inventories. These reports are so useful as they highlight the schedule of condition of the property when a tenant moves in and moves out. These come in handy if you wish to charge for any deductions for damages from a security deposit at the end of a tenancy. 

 

• Do not accept failed references. If a tenant fails references, see what the objection to the reference is. Can these be overcome by using a guarantor or paying in advance? It is down to the Landlord’s discretion if they wish to take a tenant that does not have passed references. However, when it comes to landlord insurance/rent protection, if a tenant does not pay their rent, the policy you have may not cover rental loss if it wasn’t a passed reference in the first place. 

 

• Do not cut corners with your property, make sure it shows well. Nice property = nice tenant. A lick of paint and deep clean is sometimes all you need for a property to appear fresh. BUT, scratched walls, dirty grouting and dust will not be appreciated by any tenant. If you appreciate your property, so will your tenant. 

 

• Do not forget your Landlords insurance! Make sure you are covered for the building, general damages, rental loss & legal expenses. 

 

•  Do not rent with an agent without seeing their T’s & C’s first, know what you are signing up for! It is always good, not to be caught off guard when it comes to renting out your property. Make sure you know the service you are signing up for and have the fees outlined. Don’t be afraid to ask questions!

Source Director