Tenant Fees & Permitted Payments

Tenant Fees & Permitted Payments

In accordance with the Tenant Fees Act 2019, Victorstone may only require tenants to make payments that are permitted by law.

1. Permitted Payments

Rent

Rent payable under the tenancy agreement.

Tenancy Deposit

Maximum of 5 weeks’ rent where the annual rent is less than £50,000.

Maximum of 6 weeks’ rent where the annual rent is £50,000 or more.

Holding Deposit

Maximum of one week’s rent to reserve a property.

2. When a Holding Deposit May Be Retained

Managed Service

A holding deposit may only be retained where permitted by the Tenant Fees Act 2019, including where:

• The tenant withdraws from the proposed tenancy.
• The tenant fails a Right to Rent check.
• The tenant provides false or misleading information which materially affects their suitability to rent the property.
• The tenant fails to take all reasonable steps to enter into the tenancy agreement within the applicable deadline.

In all other circumstances, the holding deposit will be dealt with/refunded in accordance with the Tenant Fees Act 2019.

3. Changes to a Tenancy

Where a tenant requests a variation, assignment or novation of the tenancy, a payment of up to £50 including VAT may be charged, or reasonable higher costs where these can be evidenced.

4. Early Termination Requested by the Tenant

Where a tenant requests to leave a tenancy early, the tenant may be responsible for the landlord’s loss and the reasonable costs incurred as a result of the early termination, subject to the limits permitted by the Tenant Fees Act 2019.

5. Late Payment of Rent

Interest may be charged on rent that has remained unpaid for 14 days or more, at a rate not exceeding 3% above the Bank of England base rate, calculated in accordance with the Tenant Fees Act 2019.

6. Lost Keys / Security Devices

Tenants may be required to pay the reasonable cost of replacing lost keys or other security devices. Evidence of the reasonable costs incurred will be provided.