SETTING UP YOUR TENANCY - ASSURED SHORTHOLD TENANCY Holding deposit (per tenancy): Once you have chosen a Property a non-refundable reservation fee of One Weeks Rent is required which enables us to hold the property for you subject to contract and satisfactory references. The reservation fee will be deducted from your security deposit. Subject to Landlord's agreement, we will advise other applicants that the property is under offer. Placing a holding deposit does not in any way form a contract or obligation upon the Landlord or ourselves. Prior to any tenancy commencing and in order to successfully complete your application, we will require proof of residency (utility bill or bank statement less than 3 months old) and proof of identity (valid photographic ID) plus, where applicable, proof of home ownership and proof by way of a current visa or work permit, confirming eligibility to reside in the UK, for each applicant over the age of 18. Security Deposit Your security deposit is held by Prospect Holdings Ltd as stakeholder and is registered in a government approved Deposit Protection Scheme. The deposit is calculated based on 5 weeks rental. Check Out At the end of the tenancy, a check out will be completed. The deposit will not be released until both parties are in agreement and have confirmed in writing to us that they are happy to proceed with any proposed deductions. If deductions are agreed, these are subtracted from the initial security deposit and the remainder of the deposit is returned to the tenant. SETTING UP YOUR TENANCY - COMPANY LET TENANCY Reservation Fee - Equivalent to 1 Weeks Rent Company Let Tenancy Fee - 595 (inc.VAT). To include company referencing, right to rent checks, financial credit checks and any other relevant information to assess affordability and to arrange the tenancy and agreement. Check In Fee - Cost dependant on the size of the property. Attending the property to undertake an updated Schedule of Condition based on the original inventory and negotiating the repayment of the security deposit(s). A check out report is required on every property that is let through Prospect. The report provides a snapshot of the property's condition before and after the tenancy period. The charges associated with check in inspections are as follows: 1 Bedroom - 126 (inc. VAT) 2 Bedroom - 141 (inc. VAT) 3 Bedroom - 174 (inc. VAT) 4 Bedroom - 186 (inc. VAT) 5 Bedroom - 216 (inc. VAT) Saturday Check In / Out - 25 (inc.VAT) POTENTIAL COSTS DURING YOUR TENANCY: UNPAID RENT / RETURNED PAYMENTS Interest at 3% above Bank of England Base Rate from date due. AMENDMENT FEE - MID TENANCY - 50 (INC VAT) Should there be any change to an existing tenancy agreement at the request of the tenant, an amendment fee will be charged. BREAK EARLY FEES Should you be required to terminate your tenancy in advance of the agreed term, Break Early Fees are required to be agreed in advance, a full breakdown of these fees are available on request and consist of any reasonable costs incurred to your landlord due to your request to terminate the tenancy. You will also be required to pay a deposit of 300 (inc Vat) toward the cost of a Professional Clean of the property. This is calculated to cover the costs incurred to the landlord for the services listed below and is based on the size of the property, fees can be provided on your request - Set Up Fee - Inventory Fee - Check In Fee - Professional Clean You will be required to pay the rent at the prevailing rate until the day that a new tenancy commences along.