Alongside rent and deposits, agents and landlords are permitted to charge tenants fees associated with:
A tenancy deposit is required to protect the landlord against the cost of replacing or repairing property damaged by the tenant. Galley Properties will protect your tenancy deposit with The DPS, a tenancy deposit protection scheme. This is subject to your landlord’s terms and conditions.
Tenancy Deposits will be the equivalent of five weeks’ rent (unless the annual rent exceeds £50,000 in which case deposits are capped at six weeks’ rent).
Holding Deposit amounts:
Holding Deposits will be no more than one week’s rent.
If a tenant fails referencing can the Holding Deposit be withheld?
If a tenant has provided completely factually and accurate information but nonetheless still fails referencing then the Holding Deposit will be returned. However if a tenant provides false or misleading information the Holding Deposit may be withheld. For example, a potential tenant stating that their salary was higher than it actually is would be providing false or misleading information.
What happens if a tenant has a pet?
Tenancy deposits cannot exceed five week’s rent (or six weeks for rent exceeding £50,000 per annum), however this doesn’t mean that having pets isn’t an option. A higher amount of rent may be organised to accommodate for a tenant having a pet.