Studio Flat to Rent

No tenancy admin fees apply to tenancies signed after 1st June 2019.

You will be required to pay a Holding Deposit, equivalent to 1 weeks rent in order to commence the process to reserve a property for consideration for tenancy.

The Holding deposit can be held for up to 15 days (The Deadline for Agreement) by which time unless mutually agreed to be extended the tenancy agreement must be signed and entered into.

The Holding Deposit is refundable (within seven days) to the tenant when the landlord and tenant agree a tenancy agreement (or where agreed in writing, can be used as part payment towards the first month’s rent where a tenancy is agreed); It is also refundable to the tenant where the landlord decides before the deadline to NOT enter into a tenancy agreement or where the landlord and tenant fail to agree to a tenancy agreement before the deadline.

The Holding Deposit will be retained by the landlord or us as letting agent in the following circumstances:

Where the tenant applicant fail the Right to Rent check regardless of when the deposit was accepted.

Where the tenant provides false or misleading information, which we have reasonably relied upon to consider the decision to grant the tenancy because this materially affects suitability to rent the property.

Where the tenant notifies the landlord or us before the deadline for agreement that they have decided not to enter a tenancy agreement.

Where the tenant fails to take all reasonable steps to enter into a tenancy agreement.

Once your offer has been accepted the full monies for the commencement of the tenancy will fall due, including typically the first month’s rent, and a deposit equivalent to 5 weeks rent (if annual rent for the tenancy is less than £50,000). The Holding deposit can be utilised towards the first month’s rent.

Please see https://www.ludlowthompson.com/resources/pdf/letting-admin-fees-tenant.pdf?20190627 for information on Tenant Fees