MIDWINTER KOVAL TENANT CHARGES FOR NEW TENANCIES FROM 1st JUNE 2019

One Week’s Holding Deposit

At the time of making an application for a property, prospective tenants will be asked to pay the equivalent of one week’s rental as a holding deposit, which will be carried forward as part payment of the main deposit paid at the start of the tenancy, as long as the application is successful or refunded to the tenant if the landlord doesn’t wish to let. However prospective tenants should be aware that it will not be refunded if they have provided false or misleading information, fail a right to rent check, withdraw their application, if the credit check uncovers adverse history over and above items that the agent has been made aware of or fail to respond to reasonable requests for information.

Deposit equal to 5 weeks rent

This will be due prior to the start of the tenancy and payment will take into account the holding deposit paid above. This is to cover any damages, dilapidations & defaults on the part of the tenant during the tenancy. Midwinter Koval hold this as stakeholder and are members of the TDS (Tenancy Dispute Scheme).

Default Payments allowed under the Act

Late Rent Payment Charge

Following failure to pay rent in full within 14 days of it becoming due, a charge will be payable at a rate of 3% above Bank of England base rate (calculated annually)

Lost keys or other security devices

Tenants are liable for the actual cost of replacing any lost key(s) or other security device(s). Please note that these costs are not just limited to the actual keys or device, if the locks themselves need replacing as a result of any loss, but any other associated costs such as the actual costs of a locksmith, the new lock itself and replacement keys for the tenant, landlord & any other persons requiring a key(s). If these extra costs are incurred, we reserve the right, if appropriate, to apply the reasonable charge of £15 per house (including VAT) for the time taken to organise the works.

Alterations of the Tenancy Agreement

For any variation to the tenancy requested by the tenant (and agreed by the landlord), a fee of £50 (including VAT) will be payable (unless the reasonable costs of making the variation are more than this and this cost will be payable).

Early release from the tenancy

A payment will be required if a tenant requests to end a tenancy early, either as early termination of a fixed term tenancy, or in termination of a periodic tenancy without giving the legally required period of notice. The payment due will be fixed to the loss suffered by the landlord as a result of early termination to include the rent due up to the date the property is re-let or the end of the tenancy agreement (whichever is sooner), any associated utility costs together with any other bills which are the tenant’s responsibility, again due up to the date the property is re-let or the end of the tenancy agreement (whichever is sooner) and the reasonable costs to the landlord of re-letting the property.

Breach of the Tenancy Agreement

A charge will be payable if there are any breaches of the tenancy that result in costs or a loss to the landlord and/or the agent. Any costs claimed will not exceed the actual costs incurred or loss incurred as a result of the breach.

Midwinter Koval are members of NALS (National Approved Letting Scheme) and Safe Agent (Client Money Protection Scheme)