INFORMATION FOR PROPOSED TENANTS
Permitted Payments and Tenant Protection Information
As well as paying the rent, you may also be required to make the following permitted payments.
For properties in Wales, The Renting Homes (Fees etc.) (Wales) Act 2019 means that in addition to rent, lettings agents can only charge tenants the following permitted payments
- Holding deposits (a maximum of 1 week's rent)
- Security deposits; equivalent to 5 weeks rent
- Where required, utilities (electricity, gas or other fuel, water, sewerage), communication services (telephone, internet, cable/satellite television), TV licence
- Council tax (payable to the billing authority)
- Payments for the late payment of rent (where required under the tenancy agreement); Rental payments overdue by more than 7 days will be subject to interest at the rate of 4% over the Bank of England Base Rate calculated from the date the payment was due up until the date payment is received
- A breach of a term of the contract (where required under the tenancy agreement)
- Loss of keys, including security devices and electronic fobs
- Any other permitted payments under the Renting Homes (Fees etc.) (Wales) Act and regulations applicable at the relevant time.
Charges during Tenancy: as outlined in your tenancy agreement
Release fee for ending your tenancy early (if agreed): £192.00 including VAT for managed tenancies and £540 including VAT or 1/2 a month’s rent + VAT (whichever is the greatest) for let only tenancies (rent is required until the new tenancy starts).
- Late Payment of Rent: Rental payments overdue by more than 7 days will be subject to interest at the rate of 4% over the Bank of England Base Rate calculated from the date the payment was due up until the date payment is received
- Wasted contractor/staff visit: £36.00 including VAT
Watts & Morgan is a member of RICS, which is a client money protection scheme, The Property Ombudsman, which is a redress scheme and licensed under Rent Smart Wales number #LR-86002-26633.
Referencing Process & Right to Rent Checks
A Pre-Tenancy Questionnaire is supplied prior to ordering referencing. You will be required to supply information regarding employment status, income, credit information, most current landlord details, proof of address, original photo I.D, pet and smoking status.
On supplying this information, you will be authorising Watts & Morgan to pass your details onto a third-party reference company. There are no fees connected to the tenant for the referencing process.
If a guarantor is required, which may not become apparent until your referencing has been completed, they will need to complete an application form. In addition provide photographic identification and proof of residence, along with standard referencing which covers employment status and salary checks, confirmation of previous tenancy details, right to rent checks, and credit history. There is no charge relating to this.
A holding deposit is taken in order to secure the property during the reference process. This is payable in advance in either cash, bank transfer or cleared funds if paid by personal cheque. The company bank details will be passed to tenants prior to move in. It also serves as a guarantee to the tenant that the landlord will hold for them pending a successful reference.
A Holding Deposit is equivalent to 1 weeks rent. Calculation – Monthly rent divided by 4.35
- This can be retained if the tenant provides false or misleading information to the letting agent/landlord. The letting agent/landlord is reasonably entitled to consider in deciding whether to grant the tenancy as a result.
- If the tenant decides to withdraw before the Deadline for Agreement.
- If the tenant fails to take all reasonable steps to enter into a tenancy agreement by a given date
- However, once a successful reference has been obtained, the holding deposit will be put towards the first month’s rent
On receipt of a successful reference, a suitable move in date is agreed, and tenancy agreements prepared along with a full inventory recording the condition of the property.
INGOING COSTS TO BE RECEIVED BY CLEARED FUNDS ON MOVE IN DAY
When a Tenancy has been granted, the necessary monies, as listed below, must be paid by cleared funds, by the agreed moving in date.
First Month’s Rent: Payable in advance in either cash, bank transfer or cleared funds if paid by personal cheque. This is payable in advance in either cash, bank transfer or cleared funds if paid by personal cheque. The company bank details will be passed to tenants prior to move in.
Deposit: Equivalent to five weeks rent. This is payable in advance in either cash, bank transfer or cleared funds if paid by personal cheque. The company bank details will be passed to tenants prior to move in. The deposit will be returned at the end of tenancy, providing there is no breach of tenancy as stated in the tenancy agreement, no outstanding rent or bills, and the property is clean and tidy with no damage above wear and tear.
If the property is managed by Watts & Morgan the deposit is protected under a government authorised scheme, TDS.
Should you require any further information on any of our properties, please contact: The Rental Department on 02920 712266 or email [email protected]