Tenant Fees

From 1st June 2019 the government introduced the long awaited 'Tenant Fees Act 2019' in summary this means that many fees to tenants are now prohibited*. At Yooodle, we never charged our tenants fees and have always welcomed this new legislation. In light of the changes made under the act please read through our advice guidelines below.

Reservation Deposit
We will require a reservation deposit equal to one weeks rent, prior to your offer being submitted. If your offer is not accepted by our Landlord and you decide to withdraw, your reservation deposit will be refunded in full.

Please be aware of the Terms and Conditions before signing our Tenancy Application Form, should you withdraw from your application after your offer has been accepted, you provide false or misleading information, or your referencing is declined without providing a suitable guarantor(s) the reservation deposit will not be refunded.

Tenancy Deposit
Where the annual rent is less than £50,000.00, the tenancy deposit will be equivalent to 5 weeks rent. Where the annual rent is equal to or greater than £50,000.00, a tenancy deposit equivalent to 6 weeks rent will be required.

In order to calculate the 5 or 6 weeks rent amount, you first take the annual rent and divide by 52 to get one weeks rent and then multiply by 5 or 6 as appropriate.

The deposit must be paid in cleared funds prior to signing your tenancy agreement. The deposit, if held by Yooodle will be as stakeholder under The Tenancy Deposit Scheme (TDS) for the duration of the tenancy in accordance with the scheme rules.

Rent Payments
The first month's payment of rent must be paid in cleared funds prior to signing the tenancy agreement. Rent is payable by standing order which must arrive as cleared funds on the due date as stated in the tenancy agreement. It is advisable to setup your standing order three days prior to the rental being due. We can only accept one standing orders for the total amount of rent.

Permitted Charges
Under Schedule 1 of the Tenant Fees Act 2019 Permitted Charges are allowable should any of the following events occur, default on rental payments, variation, assignment or novation of tenancy, termination of a tenancy, outstanding payments for council tax, utilities, television license and communication services.

Unpaid Rent
Should you fall into rent arrears, you will be charged interest at 3% above the Bank of England Base Rate from the rent due date until paid in full. This charge will not be applied until the rent is more than 14 days in arrears.

Lost Keys/Security Fobs
You will be liable for the actual cost of replacing any lost keys or security fobs. If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for you, the Landlord and any other persons requiring keys will be chargeable. If extra costs are incurred there may be a charge of £20.00 per hour (inc VAT) for the time taken replacing the lost keys/fobs.

Variation of Contract
Should you wish to make changes or amendments to the contract you will be charges £50.00 (inc VAT) per agreed variation.

Early Termination
Should you wish to leave your contract early, you shall be liable for the Landlord's costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy. Please refer to our website https://www.yooodle.co.uk/landlord-fees for details of our landlord fees.

Stamp Duty Land Tax
This tax is payable on tenancies where the rent exceeds £125,000 PA. Please contact HMRC for further information.

*Please be aware that the Tenant Fees Act does not apply to contractual tenancies which would be used if the tenancy is for a company let or it it's not to be individuals only or principal home.
Yooodle is a member of and covered by ARLA/Propertymark Client Money Protection Scheme and a member of a redress scheme provided by The Property Ombudsman. Last updated at 03/09/2019, 6:33 PM by Benjamin Willmore

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