What costs can I expect to pay when I rent a property through Sovereign?
As soon as you have found the perfect place to live, there will be some paperwork to complete and a reservation payment to make.
To make things clear for you we have listed our costs below for reference, these costs are in accordance with the Tenant Fee Act 2019.
Reservation payment: The equivalent of 1 weeks rent
Change of tenant: £50
Amendments to tenancy e.g. pets to be kept at the property or any other amendment which alters the obligations of the agreement: £50
Providing references (Landlord to Landlord/Agent): £50
Default costs for unpaid rent over 14 days: Bank of England base rate +3%
Default cost for replacement keys/security device: Up to £50 or reasonable costs incurred by Landlord
Early termination cost: Reasonable costs incurred by Landlord which may include loss of rent, referencing and marketing
Tenancy renewal: FREE
When you have applied to rent a property from us, references will be carried out on each proposed tenant by an independent credit search agency. We will provide you with the relevant information to enable you to complete the form online once we have received your reservation payment.
In some cases, where insufficient employment or UK financial history is available, advanced rental payment may be required.
Once your tenancy has been confirmed, your reservation payment will become part of your first rent payment at the start of the tenancy.
Your reservation payment is non-refundable in the event that you no longer wish to proceed with the property or the references prove unsatisfactory as a result of something you failed to declare on your application form.
More details on our costs and referencing information can be found here.