When you decide to rent a home, you need to budget not just for the monthly rent and household bills, but also the initial costs. We at Hammonds will normally ask you to pay a deposit and an administration charge in addition to the first months’ rent. A full breakdown of our fees can be found further down this page.
All fees include VAT where applicable.
Holding deposit / Reservation
When you find a property that you like, we will ask you to pay a holding deposit or reservation fee in order to process your application. The amount of this payment will form part of the total deposit if your application is successful.
This payment may not be refunded to you if you decide not to progress with the tenancy application*, It will be returned to you in the event the landlord is unable to proceed.
When the tenancy starts, you will be asked to pay the balance of the deposit + 1st Months rent less any holding deposit or reservation paid already.
This payment must be in cleared funds to enable the tenancy to commence.
* Should you not proceed with the tenancy we reserve the right to retain your holding deposit or reservation to meet any reasonable costs or loss of rent whilst the property was withdrawn from the market. This may apply whether you withdraw from the tenancy or are unable to proceed due to adverse references.
A deposit is a sum of money taken to be held as security for the performance of the agreement and can be used against any costs or damages at the end of your tenancy as detailed in your agreement.
We will ask you to pay an administration charge to cover the costs of referencing and initial checks, and a contribution towards the preparation of the tenancy agreement.
* This is a non-refundable payment.
If you are a student, are unemployed or on a low income, you will need a guarantor. We will need to carry out reference checks on the guarantor and charge a fee for this and the administrative work we do.
The guarantor will be asked to read your tenancy agreement and sign a guarantor agreement before the tenancy starts.
* This is a non-refundable payment.
Tenancies are normally renewed every year. Each time you decide to renew the tenancy for a further fixed term, a charge will be made. This amount is payable in advance, and must be received prior to a new contract being signed.
Late Payment of Rent
We reserve the right to charge a fee for chasing any rents that are received more than three days late from the due date.
Early release from tenancy
If you want to leave the property before the end of the tenancy, the landlord may agree to this, but may ask you to continue to pay the rent and all household bills until the date a new tenant moves in or your tenancy comes to a natural end, whichever is the sooner. You may also be asked to pay reasonable costs in re-letting the property.
We may charge a fee for the Check Out appointment.
If we need to arrange for any work at the end of the tenancy because of damage to the property caused by you, we will charge you an arrangement fee of 10% of the cost of the work. This is subject to a minimum charge.
Credit card Fee
Please note at times we may accept payment for some of these fees by credit card. Should this be the case, there will be a charge added to reflect the amount that we will have to pay for the transaction. We will always tell you if we have to make any charges when accepting payments.
Our tenant fees are as follows:
|Administration Charge – Per Person||£200.00|
|Holding deposit / Reservation||£500.00|
|Late Payment of Rent||£25.00|
|Early Release from Tenancy||£500.00|
All our fees are shown exclusive of VAT where applicable.
If you are renting your property to us on the Guaranteed Rent Service, we will not charge you any fees at all.
Charges will apply for our other services, please see the table below for details of these.
Let only Charges
If you simply want us to find a tenant for your property, we will charge you a one off fee. This fee covers all the cost of advertising, finding a tenant, compiling the inventory and drawing up agreements etc.
Fully Managed and Rent Collection
We charge a monthly commission for the ongoing management of your property, which will depend on the level of service you require.
|Percentage of annual rent – Let Only||8%|
|Percentage of annual rent – Rent Collection||10%|
|Percentage of annual rent – Full Management||12%|
Any percentage fees shown are calculated based on the Annual rent