What permitted payments can I expect to pay if I rent a property through Medway Property Matters

When you have agreed on the property of your choice, Medway Property Matters will provide you with a tenancy application form. This helps to explain not only the next stage of your application but any permitted payments which are due before you sign your tenancy agreement and any which become payable during or after your tenancy. This will also include confirmation of the agreed rent and the deposit.

PERMITTED PAYMENTS

HOLDING DEPOSIT – one weeks rent (per tenancy)

This is to reserve the property (unless you are on the Medway Council PRS Scheme). Please note: this will be withheld if any relevant person (including guarantor) withdraws from the tenancy, fails right to rent checks, provides material significantly false or misleading information, or fails to sign the tenancy agreement (and/or guarantor deed) within 15 calendar days (or other deadline for agreement as mutually agreed).

The weekly rent is worked out  as – monthly rent x 12 divided by 52

SECURITY DEPOSIT (per tenancy rent under £50,000 per year) a maximum of five weeks rent. This covers damages or defaults on the part of the tenant during the tenancy and applies to all Assured Shorthold Tenancies (AST).

The deposit is worked out  as – monthly rent x 12 divided by 52 x 5

SECURITY DEPOSIT (per tenancy rent over £50,000 per year) a maximum of six weeks rent. This covers damages or defaults on the part of the tenant during the tenancy and applies to all Assured Shorthold Tenancies (AST).

UNPAID RENT

Interest at 3% above the Bank of England Base Rate from rent due date until paid, in order to pursue non-payment of rent. Please note: this will not be levied until the rent is more than 21 days in arrears.

LOST KEY(S) OR OTHER SECURITY DEVICE(S)

Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). if the loss results in the locks needing to be changed, the actual cost of a locksmith, including new lock and replacement keys for the tenant, landlord and any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 an hour (Inc VAT) for the time taken replacing lost key(s) or other security device(s).

VARIATION OF CONTRACT (TENANTS REQUEST) £50 per agreed variation

To cover the costs associated with taking the landlords instructions as well as the preparation and execution of the new legal documents.

UTILITY CHARGES

During the tenancy you will be responsible for the payment to the relevant provider for the utility charges (gas, electricity and water) as well as council tax, communication charges (satellite, internet and telephone charges) and tv licence.

EARLY TERMINATION (TENANTS REQUEST)

Should the tenant wish to leave their contract early, they shall be liable for the landlords’ costs in re-letting the property as well as any rent due under the contract until the start date of the replacement tenant. These costs will be no more than the maximum amount of losses that would be suffered by the landlord.

MEDWAY PROPERTY MATTERS is a member of Client Money Protection, The Property Redress Scheme and the Property Ombudsman which is a redress scheme.