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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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London Rentals and Lockdown Ending

Despite the pandemic, London still remains the most popular place to rent in the UK. While the demand for sales property has weakened along with a drop in rental demand in the wake of coronavirus, the rental market bounced back with 30% demand. With rental markets being more dynamic, the uncertainty means that any mover will look for their housing needs to be met by turning to rental property.  

 

As a company, we felt the decline in interest from the London renter with enquiries at an all time low at the end of March. However, with the help of technology and being able to accommodate virtual viewings and video tours, we see an increase in activity towards the end of April. At each point of restriction lifting we have seen more interest is coming in, slowly but surely. 

 

With more businesses opening this only means more people are returning to work with a stable 100% income. Along with more easing of restrictions and lockdown coming to and end, hopefully Londoners can confidently return to work without relying on Government Financial Support schemes. Bearing the above in mind, coming to the end of July, I am sure the rental market will have a full recovery with its usual summer activity!

 

Source Director