|Holding Deposit – One week’s rent – to reserve a property.||This will be refundable unless: the applicant withdraws from the tenancy, fails a Right-to-Rent check, provides materially false or misleading information, or fails to sign their tenancy agreement within 15 calendar days (or other deadline as mutually agreed in writing).|
|Deposit- Rent under £50,000 – Five weeks’ rent||This is money held as security for damages or defaults of a tenant throughout the tenancy (secured in a government approved deposit protection scheme) and will be refundable at the end of the tenancy.|
|Deposit – Annual rent of £50,000 or over – Six weeks’ rent||This is money held as security for damages or defaults of a tenant throughout the tenancy (secured in a government approved deposit protection scheme) and will be refundable at the end of the tenancy.|
|Late payment of rent||Interest at 3% above the Bank of England Base Rate for late payment of rent (i.e. more than 14 days overdue) from the due date until paid.|
|Lost Key(s) or other Security Device(s)||Tenants will be liable for the actual cost of replacing lost keys or other security device.|
|Variation of Contract – (Tenant’s Request) including a request for a change of sharer||To cover the costs of taking landlord’s instructions and preparation of new contract capped at £50.00 or reasonable costs if higher.|
|Early Termination – (Tenant’s Request)||Following the request of an early termination to the tenancy the tenant shall be liable to the landlord’s/agent’s reasonable costs in re-letting the property (including the rent due) until the start date of the replacement tenancy.|
Payne & Co Limited are members of Propertymark and as such have Client Money Protection (C.M.P.).