COSTS AND FEES INVOLVED
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When you rent a property, there are a number of costs to consider; which may vary depending on the area and the type of let you are looking at.
These costs will include stand-alone and ongoing items:
- Rent – one month’s advance rent when you move in and ongoing monthly rent throughout the tenancy, unless a different frequency has been agreed
- Security deposit – for assured shorthold tenancies (ASTs) this will be equal to five weeks' rent if the rent is under £50,000 per annum or equal to six weeks' rent if the rent is over £50,000 per annum. For the non-Housing Act tenancies deposits are generally equal to six weeks’ rent
- Agent fees – reference checks, inventory check-in, tenancy agreement fees are applicable for non-Housing Act tenancies only. There is no charge to the tenant if the tenancy is to be an AST
- Moving costs – removal company or vehicle hire, storage costs
- Household bills – electricity, gas, water, council tax, telephone and internet, TV license, insurance for personal belongings
- Rent increases if this has been agreed and included within the tenancy agreement