Tenant Fees
A clear, up-front summary of what you can be charged as a tenant. All figures comply with the Tenant Fees Act 2019. If you are ever asked for a payment not listed below, please tell us, or report it to Trading Standards.
From 1 June 2019 it has been prohibited to charge tenants any fees for referencing, tenancy agreements, administration, inventory makes and inventory checks on assured shorthold tenancies. The fees below reflect Regency Lettings & Property Management’s charges from 1 November 2022 and comply with the Tenant Fees Act 2019. If you are ever asked for a payment not shown here, please contact us or report it to Trading Standards.
Permitted payments from 1 November 2022
The following payments are permitted for assured shorthold tenancies under the Tenant Fees Act 2019:
| Payment | Amount | Notes |
|---|---|---|
| Holding deposit | Up to 1 week’s rent (e.g. £230.76 on £1,000 pcm) | A reservation fee of up to one week’s rent, paid to reserve the property while references and credit checks are undertaken. It can be put towards the initial rent due or refunded. It may be retained if you provide false or misleading information, fail a Right to Rent check, fail to enter into an agreement within 15 days, or withdraw from the application. |
| Tenancy agreement | Nil | No charge. |
| Referencing / credit check fees | Nil | No charge. |
| Inventory fees | Nil | No charge. |
| Security deposit | 5 weeks’ rent (6 weeks if annual rent over £50,000; e.g. £1,153.84 on £1,000 pcm) | Calculated as the equivalent of five weeks’ rent (or six weeks’ rent if the annual rent is over £50,000) and payable before the tenancy begins. Protected in a government-approved Tenancy Deposit Protection scheme. |
Permitted charges during the tenancy
| Charge | Notes |
|---|---|
| Late rent interest | Interest of 3% above the Bank of England base rate, from the rent due date until the rent is paid in full, charged on all arrears of 14 days and over. |
| Lost keys & security devices | You are liable for the actual cost of replacing any lost keys or security devices (such as alarm fobs or entry fobs). If the locks need to be changed, the actual costs of the locksmith, new lock and replacement keys for the tenant, landlord and any other persons requiring keys will be charged to you. Call-outs for the agent to unlock a property out of hours may be charged at £15 per hour for time and travel. |
| Variation of contract (at your request) | A charge of £50 (inc. VAT) may apply per variation. |
| Change of named tenant (at your request) | A charge of £50 (inc. VAT) will apply, or any reasonable costs incurred if higher. Reasonable costs may include tenant referencing, Right to Rent checks and the preparation and execution of new tenancy documents. |
| Early termination (at your request) | If you wish to end your contract early, you will be liable for the landlord’s costs in finding new tenants, and for the rent and bills due until a new tenancy commences. The total of all costs will be no greater than the maximum rent outstanding on the tenancy. |
| Breach of the terms of the tenancy | You are required to indemnify the landlord for any damage caused to the property, or for the cost of bringing it back to the standard it was let in, where there has been a breach of the terms of the tenancy. |
About the holding deposit. If the landlord withdraws, you will receive a full refund. If the landlord does not enter into an agreement with a tenant who has passed all referencing and Right to Rent checks within 15 days, the deposit will be refunded, unless you and the landlord agree to extend the 15 day period.
Company & Non-Assured Shorthold TenanciesCompany and non-AST fees
The Tenant Fees Act 2019 does not apply to company tenancies and other non-assured shorthold tenancy agreements. The following fees apply to those tenancies:
| Fee | Amount & notes |
|---|---|
| Holding deposit | £500 |
| Referencing / credit check fees | £54 (£45 + VAT) charged for each reference. |
| Tenancy agreement and inventory fees | Company tenants pay a minimum of £500for the tenancy application, referencing costs, tenancy agreement fee, part costs of the inventory make and full costs of the inventory check-in. Any costs in excess of £500 will be notified at the time of applying. Inventory costs vary by property size, from around £100 for a one bedroom property up to around £350 for a five bedroom property. |
| Security deposit | Equivalent of six weeks’ rent, or the equivalent of two months’ rent for tenants with pets or a furnished property. The deposit is held by Regency Lettings & Property Management as stakeholder in a client deposit account. No interest is payable on deposits. We are members of Client Money Protect, membership number CMP010261. |
| Tenancy renewal fee | £150 |
All fees are subject to VAT @ 20%. Where a fee is shown with a net plus VAT breakdown, the first figure is the gross amount payable.
Questions about any of these fees?
We are happy to explain anything before you commit. For the full tenancy walk-through, take a look at our Tenants Guide, or get in touch with our team.
As at 1 November 2022, all fees are subject to VAT @ 20%. This page reflects permitted payments under the Tenant Fees Act 2019 and does not constitute legal advice. Regency Lettings & Property Management Ltd are members of Client Money Protect (membership number CMP010261) and The Property Ombudsman.
