The tenancy holding deposit is the equivalent of 1 weeks rent which indicates your intentions to proceed with renting the property. Once you have paid your holding fee, we will hold the property for satisfactory references to be sought for an initial period of 15 days from the date of receipt. We are able to extend the period of 15 days agreement deadline by mutual consent in writing should this be required, ie difficulties in obtaining references within the specified time by third parties. Should either you or your guarantors (if applicable) application be unsuccessful because you or any proposed joint tenant(s) change your or their mind(s) and withdraw, fail the rights to rent checks, take the tenancy within a reasonable timescale or fail the referencing process due to the omitting of critical information i.e. adverse credit or misleading information then no monies will be refunded to you.

Before your tenancy commences you will be required to make a security deposit equivalent to one months rent (This may vary dependent on landlords specific instructions or tenants personal circumstances but will be no more than 5 weeks rent). If the property is managed by Stanford Estate Agents then the deposit will be lodged with the (DPS) If the landlord manages the property they will be responsible for the lodging of any deposit with an appropriate and government accredited custodial scheme.

A default fee is payable for late payment of rent. This rate is 3% above the Bank Of England’s base rate and may only be applied once the rent has been outstanding for a period of 14 days from the rent due date.

There will be a reasonable charge for the replacement of lost keys or other security devices. In the event of an out of hours call out for the replacement or re-entry of the property, again reasonable charges and costs will be made for this.

Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.

Changes to the tenancy agreement at the tenants request will be charged at no more than £50 inclusive of VAT.

At the tenants request a charge of £50 inclusive of VAT per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution.