Tenant Fee Schedule
Below is a list of all administration and other fees associated with taking a tenancy through Love Your Postcode. If you are uncertain of how, or why, any of these fees are applicable then please do call us and a member of the team will be happy to talk you through them.
|Holding fee to secure any property||£500.00|
|Tenancy set up fee (single application)||£360.00|
|Each additional person||£240.00|
|LYP exclusive club membership fee||Variable fee scale|
|Guarantor application fee||£240.00|
|Company application fee||£500.00|
|Contract amendment fee||£50.00|
|12 month contract extension fee: via Go Cardless||£95.00|
|Rent chasing letter & other work||£90.00|
|Door visit for late payment of rent||£150.00|
|Failure to attend gas safety/ repairs/ inspection||£90.00|
|Cancellation of standing order without pre-agreement||£90.00|
|Early termination of a fixed term contract||2 month’s rent + £400.00|
|Duplicate tenancy agreement||£30.00|
|Written confirmation of tenancy||£30.00|
|Branch cash handling fee||£24.00|
|Refundable check in & out fee||£500.00|
|Maintenance call out (made in error) fee||£90.00|
The figures shown above are inclusive of VAT.
We take debit and credit card payments in branch, over the phone and online.
What is the tenancy set up fee?
The tenancy set up fee includes the cost of referencing – which will cover checking your credit status, previous employer, current property standard check, current or past landlords, and taking into account any other information to help assess the affordability of your tenancy application.
When do I pay the tenancy set up fee?
After a viewing and when you have decided to apply for the property. We will provide you with a Tenancy Fee Declaration form which lists the services we provide and the fees that are payable. You will then be asked for your tenancy set up payment, which will be deducted from the total amount payable on the day you sign the tenancy agreement and move into your new home.
Any additional fees that may be applicable to you, for example a guarantor fee, will be collected on the day that you sign your tenancy agreement along with your rental and administration fee.
As a rough guide you are likely to pay 2.5 times the rental amount in obtaining a property with our group.
For example a property on the market for £900.00 PCM will cost you £2,250.00 upfront.
A non refundable reservation or holding fee of £500.00 will become payable at the outset and will need to be paid in branch.
There is a refundable fee of £300.00 plus £200.00 fee for the return of any property in satisfactory clean order, with the return of all door and window lock keys and change over and settlement of all utility/ bill charges.
What other fees may be payable before I can move into the property?
Love Your Postcode Club Membership
Love Your Postcode is for members only. The price of the membership is variable and depends on each individual application. The variables are based upon an individuals credit history, renting history, association with other club members as well as other factors. A premium non-refundable membership option is for working, professional or business owner applicants and is offered at the discretion of the management. We are the only property group offering this service in the Midlands. Founded by our group in 2009 it has over 1,000 members enjoying the privileges associated with a private property club.
All contractual agreements are between the tenant and loveyourpostcode.com. loveyourpostcode.com and your landlord have a separate legally binding agreement. It’s an imperative part of your club membership that all rental payments are made to the advised Love Your Postcode business account. Should this agreement be broken or you choose to go direct with your landlord you will become personally liable to pay our group an exit fee equivalent of six months’ rent, all outstanding charges relating to cleaning/ property maintenance/ late charges and all court related costs. Your club membership will be deemed void.
To discuss the benefits of our membership please call through to one of client care team. Please do not confuse our private membership product with a government custodial scheme.
Government Custodial Deposits
We do not accept government custodial deposits schemes for any of our properties.
Depending on the outcome from your application from the referencing company, your earnings or overall financial position may require you to provide a Guarantor. This is not uncommon, and means you have someone on your behalf that undergoes credit referencing – to ensure they have sufficient earnings to cover the overall rent commitments in the event that you, as the tenant, are unable to pay your rent. This fee is payable in respect of each Guarantor to cover credit referencing costs and providing a Deed of Guarantee as part of the Tenancy Agreement, which details their obligations as a Guarantor.
Tenancy Extension Fee
This is the cost of preparing a new tenancy agreement and providing an extension based upon the performance the the historic contract term. As standard there will be an annual increase of 5% of the agreed rental at every 12 month anniversary. Your fee of £95.00 will be taken annually by GoCardless from your back account by Direct Debit.
Last Updated: 2014-08-05T18:19:27+00:00