The Tenant Fees Act 2019 banned most fees charged to tenants by lettings agents. You will however need to pay some money to secure a property.
All tenants wishing to reserve a property with Oak Student Letts will be required to pay a holding deposit equivalent to one week’s rent. In the case of property that you are sharing with other tenants the holding deposit will be the total of the number of tenants x one weeks rent. For example, six tenants jointly renting a house who will each pay £100 rent per week will be required to pay a holding deposit of £600. This can be paid by one tenant or by multiple tenants in instalments e.g. £100 each.
Before you commit to paying this holding deposit, you must read the proposed tenancy agreement and sign to say you have done so. Upon receipt of full payment of this holding deposit, the tenants and agent are considered to have entered into a legally binding agreement. Oak Student Letts will stop marketing the property and will undertake the steps required to create a legally binding tenancy agreement.
Once the holding deposit has been paid, Oak Student Letts will have two weeks to enter into a tenancy agreement with the tenants. On the 15th day which is the “deadline for agreement” date all parties must enter into agreement unless an alternative “deadline for an agreement” date has been agreed with the tenant (for example with a large group we may allow a longer period of time).
If the “deadline for agreement” date has expired and a tenancy agreement has not been entered into, Oak Student Letts are required to return the holding fee to the tenants within seven days. However a number of exceptions to this are legally proscribed for and are listed below. If these breaches occur, Oak Student Letts are able to retain the holding deposit, or (for point 1 only) delay its repayment.
- Both parties agree in writing (including by e-mail) to extend the “deadline for agreement” due to unexpected complications.
- The tenant has failed to provide relevant information (as listed below) that is required to allow Oak Student Letts to complete the tenancy agreement and any relevant referencing.
- The tenants or an individual tenant provide false information that prevents the Tenancy Agreement being entered into.
- The tenant or an individual tenant fails a “right to rent” check.
Once the required information has been provided the tenancy agreement will be drawn up and tenants are required to pay the first period of rent. The holding deposit may be returned to tenant or used as rent against the 1st period of rent. If you do not wish to use the holding deposit as rent, please indicate this on the booking form.
We will require the following information to be provided to book the property:
- A completed booking form.
- The payment of the holding deposit in full
- A copy of the tenants “right to rent” documentation as listed.
- The information required for the Guarantor so that an agreement can be sent to them.
Other fees may be payable, for example:
- If after signing the contract you require a change of name or another party adding the contract a charge of £50 will be levied.
- If during the tenancy you become locked out the property a charge may be levied for the replacement of the key or change of the locks. You will advised of these charges before work can be commenced.