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Tenancy Fees from 1st June 2019

5 weeks rent as a deposit for annual rents up to £50,000 - held with the Deposit Protection Service

6 weeks rent as a deposit for annual rents over £50,000 - held with the Deposit Protection Service

£100 holding fee, this goes towards your first month's rent that will be due in advance. Should you not want this go towards the rent please let MMS know. Should tenants change their mind this fee is non-returnable.

Checks

Should tenants fail the right to rent check, or fail to provide reasonable information required within 14 days to enter a tenancy, the £100 fee is non-returnable from day 15.

Tenants need to provide information that they have a legal right to reside in the UK, therefore we will request copies of documents that prove this information, normally in the form of a passport or visa.

Please note we will carry out the following checks, and providing deliberate false information could jeopardise the return of the holding fee should a tenancy not start.

  • Credit checks - any County Court Judgements in the last 6 years either settled or not the referencing will not pass.
  • Any IVA's or Bankruptcy on your credit file will fail referencing.
  • Receiving a detrimental Landlords reference from your current Landlord/Letting agent, the referencing will not pass.

Income Reference & Guarantors

Household income from employment will need to be 2.5 times the annual rent or a suitable guarantor will be required.

Guarantors income needs to be 3 times the annual rent to pass referencing and guarantors will need to have a good credit file with no County Court Judgements, IVA's or Bankruptcy.

Other Charges

A change of person on the tenancy agreement partway through a tenancy will incur a cost of £50.

Rent arrears - Interest will be charged on rent arrears after 14 days 3% above the current Bank of England base rate.