At Park & Bailey, we believe in providing tenants with transparency and clarity throughout the rental process. We understand that renting a property is a significant decision, and knowing the associated costs is crucial to making an informed choice.
In this Tenant Fees Schedule, we provide details of the tenant fees involved when renting a property through Park & Bailey. Whether you're a first-time renter or an experienced tenant, our goal is to help you navigate the rental market with confidence.
Tenant Fees Schedule
Holding Deposit:
One week's rent. This is to reserve a property.
Please Note: This will be withheld if any (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
Security Deposit (per tenancy. Rent under £50,000 per year):
Five weeks' rent. This covers damages or defaults on the part of the tenant during the tenancy. Six week's rent for rent over £60,000 per year.
Unpaid Rent:
Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid. This will not be levied until the rent is more than 14 days in arrears.
Lost Key(s) or other Security Devices:
Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).
Variation of Contract (Tenant's Request):
£50 (inc. VAT) per agreed variation. To cover the costs associated with taking landlord's instructions as well as the preparation and execution of new legal documents.
Change of Sharer (Tenant's Request):
£50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord's instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
Early Termination (Tenant's Request):
Should the tenant wish to leave their contract early, they shall be liable to the landlord's costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
Pets:
Some Landlords may request a higher monthly rent for Tenants with pets.
CMP Membership No. CMP003611.
How do we ensure our tenants are protected?
We are a registered member of the Client Money Protection Scheme. This is a client money protection scheme to ensure your money is handled within the correct manner. Download a copy of our Client Money Protection Certificate here
We are also members of The Property Redress Scheme (PRS), which is a redress scheme for consumer complaints. Download a copy of our PRS Certificate here.
