Tenants’ costs

Tenancy Application / References

When a suitable property to rent has been found, we will record the details of your offer and inform the Landlord, if your offer is accepted (subject to contract and satisfactory references) all persons over the age of eighteen will then complete a RENT4SURE referencing application form provide, photographic identification and proof of address. Passports, visas and work permits will be required for non-EU applicants.  An administration fee of £144.00 including VAT per person or £250.00 including VAT for a company is required to reserve the property and remove it from our available list.  This administration fee does not oblige the Landlord to let or create or constitute a Tenancy Agreement between the Tenant, Landlord or Landlord’s Agent.  The charge is levied towards costs for processing references and administration.  Please note this fee is non refundable should you wish to withdraw your offer or should we receive unsatisfactory references.  If a Guarantor is required a further administration fee of £60.00 including VAT will be payable for processing references and preparing the Guarantor Agreement.

Deposit Options

The equivalent of a month and half’s rent as deposit is required, before the start of the tenancy, payable to Waterfalls Sales & Lettings in cleared funds (bank transfer, debit or credit card). An additional half a month’s rent maybe charged as a pet deposit at the Landlords discretion. The deposit will normally be held by us as stakeholders, but please check the Tenancy Agreement before signing the same.  Should a dispute arise at the end of the tenancy, no monies can be released until both parties agreed or a decision is made by the Tenancy Dispute Service.  In most cases, however, where no dispute exists, the deposit will be returned (repaid by BACS) as soon as possible after the expiry of the tenancy.

Zero Deposit Guarantee Scheme

This option is subject to the landlords approval and is an alternative to a cash deposit. The Zero deposit option will cost a week’s rent. For further information please visit https://www.zerodeposit.com/.  This option must be in place 15 days prior to the commencement of the tenancy start date.  Waterfalls Lettings receive a commission on this product.

Rent

Payable monthly in advance unless separately negotiated by one Standing Order.  Rent is paid from your bank account 3 days prior to your rent due day to ensure funds reach us/your Landlords account on the rent due day.  The rent is not inclusive of any bills unless separately negotiated.

Tenancy Agreement

Before the tenancy begins you will sign a Tenancy Agreement setting out the Landlord and Tenants obligations.  A charge of £180.00 including VAT is made for the preparation of the Agreement.  Please note all tenants named on the Tenancy Agreement must sign the necessary documentation before commencement of the Tenancy and keys will not be released until this is the case.

Check In

The tenants are required to attend an inventory check in at the property where the keys will be released to you.  The Tenants are responsible for the inventory clerks ‘check in’ charges, which start from £66.00 including VAT depending on the size of the property and if it is unfurnished or furnished.

Renewal / Extension

If the term of the original agreement is extended there will be a charge of £120.00 including VAT to cover the cost of preparing documentation, for each and every extension or renewal.

Check Out

On expiry of the tenancy the inventory will be checked against the current state of the property to determine any damages.   The Tenant is responsible for the inventory clerks ‘check out’ charges, which start from £90.00 including VAT depending on the size of the property and if it is unfurnished or furnished.

Additional Charges

An administration charge of £25.00 including VAT will be applied for all late payment of rent.

If there is a change of tenant in a shared property only during the tenancy a fee of £300.00 including VAT will be charged.

Should the tenant require additional copies of their tenancy agreement, check in, inventory or check out a cost of £15.00 including VAT will be charged for each copy.

If a tenant requires Waterfalls to provide a reference for any future tenancy, there will be a charge of £25.00 including VAT.

GDPR 2018

Waterfalls Sales & Lettings may pass your name and address details onto relevant interested parties, e.g. utility companies, landlords etc.  By signing this form you give permission for us to do so. If you have any queries regarding this, please do contact us before completing this form.

Insurance

It is a requirement that tenants insure their contents prior to the commencement of the tenancy as the Landlord’s insurance policy will not cover any personal belongings or items of furniture or equipment belonging to the tenant.

Stamp Duty

It is your responsibility to pay any Stamp Duty Land Tax (SDLT) which may be due on the tenancy agreement.   We would suggest you contact your local Inland Revenue office or visit www.hmrc.gov.uk.

Cash

Please note Waterfalls will not accept any cash over the value of £500.00.

We will also not permit cash over £500.00 to be paid into our account, over the counter in a bank by an individual.

Monies must only be paid with a bank transfer or in the office on the Cardnet machine for any value over the £500.00 limit.

Please note monies can only be received from a named person on the tenancy agreement.

Redress Schemes

Waterfalls Sales & Lettings are a members of the Tenancy Deposit Scheme (TDS), The Property Ombudsman and Property Mark Client Money Protection Scheme (CMP).

Emergencies

Tenants, in an out-of-hours emergency, please click here: https://www.waterfalls.co.uk/emergencies/