The figure you will pay represents one month’s rent in advance and a deposit. An example of the monies required (based on a rent of £700 pcm) is shown below:
- First month’s rent: £700
- Deposit: £807 (equivalent of 5 weeks rent)
- Loss of a key: £20.00
- Loss of security devices: Reasonable costs to replace with same
- Failure to pay rent on due date (calculated after 14 days): 3% above Bank of England rate
- Addendums to initial tenancy agreement: £50.00
- Court Fees: Scale rate
- Early Release (ending the tenancy agreement early subject to the landlord’s approval and on the understanding that the tenant will be bound by the contract and associated costs [rent, utilities etc.] up until the day before a new tenant takes occupation of the property): £720.00
All figures quoted include VAT
Spectrum Property Management Ltd are members of the UK Association of Letting Agents (UKALA) and Client Money Protect which provides financial protection for landlords and tenants.
We are also members of the Property Redress Scheme.
On 1st February 2016, a new code of practice was introduced and applies to Residential Tenancy Agreements. Tenants will need to supply acceptable documents for the Right to Rent checks which will be certified by a member of Spectrum Property Management Ltd.
Important information on your rights as tenants can be found by following the attached link.