Holding deposit
Up to 1 week’s rent
A holding deposit may be taken to reserve a property while referencing and pre-tenancy checks are completed. It is normally refundable, but may be retained in statutory circumstances, including where an applicant withdraws, fails a Right to Rent check, stops taking reasonable steps to progress the tenancy, or provides materially false or misleading information.
Application withdrawal
Holding deposit rules apply
There is no separate withdrawal administration fee. Where an applicant withdraws after paying a holding deposit, Edward Chase may retain the holding deposit only where the law permits and will provide the required written explanation.
Unsuccessful referencing
Referencing and application progression costs may apply where legally permitted
If an application fails because the applicant has provided materially false or misleading information, fails to provide required information, withdraws after acceptance, or another statutory ground for retaining the holding deposit applies, Edward Chase may retain an amount from the holding deposit to reflect the reasonable evidenced cost of referencing and progressing the proposed letting. Any retention will be limited to the amount of the holding deposit and will only be made where permitted by the Tenant Fees Act and applicable legislation. A simple failure of affordability or referencing, without a statutory ground, will not create a separate additional fee.
Tenant-requested tenancy changes
£50 inc VAT
For a variation, assignment or novation requested by the tenant. If Edward Chase’s reasonable evidenced costs are higher than £50, the higher reasonable cost may apply and evidence will be provided.
Lost keys / lock replacement
£100 per lock*
If a lost key means the property must be re-secured and a lock replaced, the tenant is responsible for the reasonable evidenced cost incurred. *£100 per lock applies only where this reflects the actual reasonable replacement and locksmith cost; if the evidenced cost differs, the actual reasonable cost applies.
Lost fobs / security devices
Replacement cost
Lost access fobs or other security devices are charged at the actual reasonable replacement cost incurred, with written evidence of the cost provided where required.
Late rent
3% above Bank Rate
Where provided for in the tenancy agreement, interest may be charged once rent has been outstanding for 14 days or more, capped at 3% above the Bank of England base rate.
Insufficient notice / tenant-requested termination
Reasonable permitted cost
For an assured periodic tenancy, where the tenant does not give the required notice, a permitted payment may be charged up to the rent that would have been payable had the correct notice been given. Other termination requests are dealt with in line with the applicable legislation.
Other administration
Only where legally permitted
Any future administration charge will only be applied where it is expressly permitted by law, agreed where required, and is reasonable and evidenced. Edward Chase does not apply open-ended or prohibited tenant administration fees.
Important:
The Tenant Fees Act restricts the payments that can be required from tenants and applicants. Charges shown here are subject to the tenancy agreement, the circumstances of the case and the legislation in force at the time.