As part of the application process you will be required to pay a Holding Deposit equivalent to one weeks rent (monthly rent x 12 52) to reserve the property whilst reference checks take place. We can hold this money for up to 15 calendar days which is the Deadline for Agreement. From taking the Holding Deposit, the Tenancy Agreement must be entered into (signed and dated by all parties) before the Deadline of Agreement. The Agent and Tenant can agree in writing that a different day (e.g. an extension) is to be the Deadline of Agreement. All applications are subject to the receipt of satisfactory references and subject to contract. It is therefore fundamental that you provide accurate information from the outset. If we do not believe your application will be accepted, we will not take a Holding Deposit from you.
Following satisfactory referencing, before entering into the Tenancy Agreement, a Security Deposit is taken long with the initial rent instalment. This is protected by a government authorised Deposit Protection Scheme as a security during the period of the tenancy and is reserved for any damage or financial loss on the part of the Tenant. This is refunded at the end of the tenancy subject to a checkout inspection. This security deposit is equivalent to 5 weeks rent (monthly rent x 12 52 x 5) for rents under 50,000 per annum and 6 weeks for rents over 50,000 per annum.
Schedule of fees: Holding deposit - 1 weeks rent Security deposit - 5 weeks rent Rent default - 3% above Bank of England base rate in interest on the late payment if rent each day that the rent is outstanding. Tenancy surrender - 50 including VAT Replacement lock/lost keys - The cost of the lock and call out will be charged as per contractor invoices/receipts.
Peter Buswell Estate Agents are only able to accept BACs transfer payments.