NOTES TO PROSPECTIVE TENANTS REGARDING FEES

Tenant Fees

All fees include VAT where applicable.

When you decide to rent a home, you need to budget not just for the monthly rent and household bills, but also the initial costs. PARKER STAG LTD will normally ask you to pay a deposit and an administration charge in addition to the first months’ rent. A full breakdown of our fees can be found further down this page.

Holding deposit / Reservation

When you find a property that you like, PARKER STAG LTD may ask you to pay a holding deposit or reservation in order to process your application. The amount of this payment will form part of the total deposit if your application is successful.

This payment may not be refunded to you if you decide not to progress with the tenancy application*, depending on the time that has passed between you submitting your application and withdrawal. It will be returned to you in the event the landlord is unable to proceed.

When the tenancy starts, you will be asked to pay the balance of the deposit+ less any holding deposit or reservation paid already. The value of the deposit may vary depending on your personal circumstances, but will be equal to at least one month's rent.

This payment must be in cleared funds to enable the tenancy to commence.

* Should you not proceed with the tenancy we reserve the right to retain your holding deposit or reservation to meet any reasonable costs or loss of rent whilst the property was withdrawn from the market. This may apply whether you withdraw from the tenancy or are unable to proceed due to adverse references.

+ A deposit is a sum of money taken to be held as security for the performance of the agreement and can be used against any costs or damages at the end of your tenancy as detailed in your agreement.

Administration Charge*

We will ask you to pay an administration charge to cover the costs of referencing and initial checks.

* Once referencing commences, this is a non-refundable payment.

Guarantor*

If you are a student, are unemployed or on a low income, you will need a guarantor. We will need to carry out reference checks on the guarantor and charge a fee for this and the administrative work we do.

The guarantor will be asked to read your tenancy agreement and sign a guarantor agreement before the tenancy starts.

 * Once referencing commences, this is a non-refundable payment.

Renewal Charge

Tenancies are normally renewed every six months. Each time you decide to renew the tenancy for a further fixed term, a charge may be made. This amount is payable in advance, and must be received prior to a new contract being signed.

Late Payment of Rent

We reserve the right to charge a fee for chasing any rents that are received more than three days late from the due date.

Early release from tenancy

If you want to leave the property before the end of the tenancy, the landlord may agree to this, but may ask you to continue to pay the rent and all household bills until the date a new tenant moves in or your tenancy comes to a natural end, whichever is the sooner. You may also be asked to pay reasonable costs in re-letting the property.

Mortgage/Landlord references

We are normally pleased to provide a reference for the above purpose. To cover our costs in administration we may charge a fee for this service.

Check out

If we are unable to complete the agreed Check Out appointment due to unreasonable delays by you on the day of the appointment, you may also be charged to cover our reasonable costs. Please also note that rent is payable until the day you move out of the property and surrender the keys.

Overpayment of rent

We do not have the authority to cancel your Standing Order at the end of the tenancy and this is your responsibility. If we need to refund you rent because you have not done this, we may charge you an arrangement fee to cover the cost of administration.  

Our tenant fees are as follows:

 

 

Charge (inclusive of VAT where applicable)

Holding deposit / Reservation

Equivalent to a maximum of 1st month’s rent plus £100.00

Administration Charge – Per Person

£125.00

   

Administration Charge - Guarantor

£125.00

   

Renewal Charge

A maximum of £50.00

Late Payment of Rent

A maximum of £25.00

   

Mortgage/Landlord References

A maximum of £25.00

Abandoned Check Out

A maximum of £25.00

   

Overpayment of Rent

A maximum of £25.00

 

NOTES TO PROSPECTIVE LANDLORDS REGARDING FEES

Landlord Fees

All fees include VAT where applicable.

Set Up Fee for Fully Managed.

When you first instruct us on either of these schemes you will have to pay a Set Up Fee. This fee covers all the cost of advertising, finding a tenant, compiling the inventory and drawing up agreements etc. The Set Up Fee is usually payable each time you instruct us to find a new tenant for your property.

Commission for Fully Managed.

We charge a monthly commission for the ongoing management of your property, which will depend on the level of service you require.

Tenant Find Charges

If you simply want us to find a tenant for your property, we will charge you a one off fee. This fee covers all the cost of advertising, finding a tenant and drawing up agreements.

Our Fees

 

Charge (inclusive of VAT where applicable)

Standard Set Up Fee - Fully Managed

£299.00

Standard Monthly Commission – Fully Managed

10%

   
   

Standard Tenant Find Charges

£299.00

 

ADDITIONAL NOTES

  • Parker Stag Ltd is NOT a member of a client money protection scheme.
  • Parker Stag Ltd is a member of a redress scheme which is The Property Ombudsman Scheme for Residential Sales & Letting.
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