Tenant Guide
Tenant Fees & Charges Guide
At Property Nirvana, we believe in transparency and clarity when it comes to tenant fees and charges. This guide provides a comprehensive overview of the costs associated with renting a property through our agency, ensuring you are fully informed before making any commitments.
1. Holding Reservation Fee
- Equivalent to one week’s rent, subject to referencing and contract.
- Deducted from the total monies owed before move-in.
- Calculation: Annual rent ÷ 52 × 1
2. Security Deposit
- Equivalent to five weeks’ rent.
- Held as protection against damages or breaches of tenancy.
- Calculation: Annual rent ÷ 52 × 5
3. Company Let
- Administration fee: £300 (non-refundable) for a company let.
4. Default Fees
- Loss of Key or Security Device: Cost of replacement (reasonable costs only).
- Late Rent Payments: 3% above Bank of England base rate per day on outstanding rent (as per tenancy agreement).
- Tenancy Variation, Assignment, or Novation: £50 (inc. VAT) per request.
- Early Termination: Fee charged depending on the remaining tenancy term, reflecting the landlord/agency’s loss.
5. Retaining the Holding Deposit
- The holding deposit may be retained if: - The tenant fails a Right to Rent check. - False or misleading information is provided that materially affects suitability. - The tenant withdraws from the tenancy before the agreement deadline. - The tenant fails to take reasonable steps to enter into a tenancy agreement.
6. Professional Memberships & Protection
- Oakwood Estates are proud members of: - The Property Ombudsman - The Deposit Protection Scheme (DPS) - Client Money Protect (CMP)
7. Client Money Protection
- We are accredited agents of the Client Money Protection (CMP) scheme, ensuring tenant deposits and funds are fully safeguarded.
Ready to Take the Next Step?
Our lettings team can guide you through every stage of the rental process. Contact us today to secure your new home with confidence.
