Tenants Fee Guide
Portfolio Properties have a straightforward approach to charging tenants fees once you have found a property that you like through us and we take care to ensure all prospective tenants applying for one of our properties understand the referencing process and the fees that apply.
In addition, when you complete your application form you will be provided with a breakdown of these fees including a quotation of what you will need to pay (first month’s rent, deposit and checkout fee) prior to moving into your new property.
Referencing and Administration
When you have found a property through us we will discuss the application process and ask you to pay the Administration and Referencing fee. This reserves the property for you and takes it off the market whilst the application and referencing is carried out. The fee is per property, is non-refundable and between £175 – £325 plus VAT.
The referencing process includes:
A credit history check
Landlords reference (if you are currently renting)
Affordability & Income check– you will need to show a gross income per annum of 35 x the monthly rent. For example, if the monthly rental is £900 you will need to be earning £31,500. You will be asked to provide employer contact details so that your salary can be confirmed. If you are self-employed you will need to provide details of your accountant who will confirm your income. If you have been employed for one 1 year or less you will need to have a UK based guarantor or will be required to have a paid up in advance tenancy.
If you need a guarantor they will need to complete one of our application forms and go through the same referencing process as well as sign a document making them fully liable for the rent on your behalf. There is a fee of £50.00 plus VAT for the guarantor.
Signing the Tenancy Agreements
Once the references have been cleared we will contact you to confirm a move in and sign up date.
We ask that you come into our offices to sign up and collect keys so that we can go through the documents with you, explain the tenancy deposit scheme, give you all your paperwork including the inventory and answer any questions you may have. You need to allow around 30 minutes for the sign-up. Before you come in we will confirm the rent, deposit and check out fee (90 plus VAT) which will all need to be cleared funds into our account the day before sign up.
Renewing your tenancy agreement
All our agreements are the Assured Shorthold Tenancy which is usually 12 months. 2 months before your contract is due to expire one of our team will contact you and your landlord to discuss whether you wish to renew the contract. Subject to Landlord approval we draw up the new tenancy agreements for you and ask you to pay the renewal fee of £125 plus VAT.
Provided the landlord is happy to accept pets in the property we include a ‘pet clause’ in your tenancy agreement and take a higher deposit. The fee for a pet is £100 plus VAT.