Tenancy fees

We dislike hidden charges as much as you. That’s why we’re transparent about our fees. Below is a full list of the fees you as a Tenant may encounter when renting a property through Mountgrange Heritage.

Once your offer is accepted we will take a one week holding deposit, which will contribute towards the full deposit once the tenancy is granted. If you decide to withdraw your offer, you fail a Right to Rent check, you provide false or misleading information, or the fifteen day deadline from payment of your holding deposit passes then we reserve the right to retain your one week holding deposit.

We will take a deposit, equivalent to five weeks’ rent, where the annual aggregate rent is less than £50,000, and six weeks’ rent where the annual aggregate rent is £50,000 or more. This Deposit will be held in our stakeholder account for the duration of the tenancy and protected with a government approved deposit protection scheme where applicable.

During the term of the tenancy if a variation of the tenancy, including change of sharers, is requested by you then we reserve the right to charge a fee of £50 (inc VAT) per variation.

The Tenant shall pay interest at the rate of 3% per annum above Bank of England base rate on any rent lawfully due that is paid more than fourteen days after the date on which it became due. The interest shall be payable from the date the rent should have been paid until the date the rent is actually paid.

Stamp Duty Land Tax (SDLT) is payable on any tenancy where the rent is in excess of £125,000 per annum, or where the annual rent is £125k or more. Details of this can be found on www.gov.uk/topic/business-tax/stamp-taxes.

You will be liable to pay the rent in either monthly, quarterly, six-monthly or by other mutually agreed instalments.*

*Monthly rent is calculated but multiplying the weekly rent by 52 and dividing by 12. (For example £300 per week x 52 = £15600 ÷ 12 = £1300 per calendar month).

Unless otherwise stipulated in your Tenancy Agreement, you will be responsible for payment of all utilities which may include council tax, gas, electricity, water, broadband, and TV licence.

We charge a default fee of £50 (inc VAT) per key or other security device replacement, or other reasonable cost if higher.

If an early surrender of the Tenancy is requested by you then a charge of £300 (inc VAT) applies to cover your Landlord’s re-letting cost. For the avoidance of doubt this charge is not applicable where the tenancy is terminated early in line with a break clause.

Client Money Protection Certificate as required by Section 4 of the Client Money Protection Schemes for Property Agents (Requirement to Belong to a Scheme etc.) Regulations 2019. Download here.

Propertymark Conduct and Membership Rules, (specifically the rules for handling Client Money), as required by Section 5 (2) (a)The Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018.