Deposits & Fees

DEPOSITS & FEES

When applying for a property with Trueman Estates you will be required to pay a holding deposit to reserve the property whilst reference checks and preparation for a tenancy agreement are undertaken.

Upon the tenancy commencing you will be required to pay a refundable tenancy deposit to provide the landlord with security. This will be returned at the end of your tenancy subject to a final inspection.

The amount payable for the holding deposit and tenancy deposit is outlined below:

Holding Deposit: Equivalent of ONE weeks rent

Tenancy Deposit: Equivalent of FIVE weeks rent

(Weekly rent is calculated by the total monthly rent x 12 then ÷ 52. i.e. if a property is £500.00 pcm the holding deposit will be £115.00 and the tenancy deposit will be £575.00)

Your Tenancy Deposit will be registered with a government-backed Tenancy Deposit Protection Scheme within 30 days of your agreement commencing.

DEFAULT FEES

Although no tenancy fees are payable when applying for a property with Trueman Estates, during your tenancy you may incur a charge or default fee for the following:

Late Payment of Rent:

Where the rent payment has been outstanding for 14 days or more (from the date set out in your tenancy agreement) you will be charged 3% above the Bank of England’s base rate for each day that the payment has been outstanding.

Changes To a Tenancy:

If you wish to make a change to your tenancy such as adding or removing a tenant you will be charged £50.00 (inc. VAT).

Early Termination Fee:

If you wish to terminate your tenancy agreement before the end of the fixed-term you will be required to pay the rent until either a suitable replacement tenant is found and the new tenancy has started or until your fixed-term agreement has ended.

You may also be charged a fee to cover any referencing and advertising costs that the landlord has incurred because of you leaving early.

Loss Of Keys Or Equivalent Security Device:

If you lose your keys or equivalent security device you will be charged the reasonable associated costs for replacements, the cost of which will be evidenced.
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