What fees can I expect to pay if I rent a property with Property Factor?
When you have decided to apply for a property, Property Factor will explain the next stages of your application and the fees due before you sign your Tenancy Agreement.
We will also explain any fees which may become payable during the tenancy, and confirm the agreed rent and the security deposit. For your information Property Factor will protect your security deposit with the DPS.
If you have any questions about our fees please ask a member of our team. Below is a list of our current fee scales.
Please note that if your application fails or is withdrawn, the application fee is non refundable.
|Administration & Check In Fee||£75|
|Check Out Fee||£25|
|Tenancy Renewal Fee||£25|
What is the application fee?
The application fee includes the cost of referencing — which will cover checking your credit status, previous employer, current or past landlords, and taking into account any other information to help assess the affordability of your tenancy application. The fee also includes protecting your security deposit with the DPS.
When do I pay the application fee?
After a viewing and when you have decided to apply for the property.
Any additional fees that may be applicable to you, for example a guarantor fee, will also be collected on the day that you submit your application form. Your rental payment and security deposit payment will become due on the day you sign your tenancy agreement and move in to your new home.
What other fees may be payable before I can move into the property of my choice?
This covers the cost of processing the application and associated paperwork for any additional applicants.
Depending on the outcome of your application from the referencing company, your earnings or overall financial position may require you to provide a Guarantor. This is not uncommon, and means you have someone on your behalf that undergoes credit referencing – to ensure they have sufficient earnings to cover the overall rent commitments in the event that you, as the tenant, are unable to pay your rent. This fee is payable in respect of each Guarantor to cover credit referencing costs and providing a Deed of Guarantee as part of the Tenancy Agreement, which details their obligations as a Guarantor.
This covers the cost of preparing the Tenancy Agreement.
Tenancy Renewal fee
This is the cost of preparing a new Tenancy Agreement and negotiating with your landlord for a further fixed term tenancy. Renewing your tenancy, if agreed by your landlord, gives an assurance of staying in the property for a further fixed period, and avoids the uncertainty of a landlord serving notice at any given time.
Please note that a higher deposit may be required where it is agreed that pets can be included in the tenancy. The inclusion of any pets is subject to the landlord’s consent.