“What Will I Pay?”
You will only have to pay three things before you move into a property with PL Properties.
A Holding Deposit (Around one weeks rent)
One Months Rent
The Tenancy Deposit (usually around five weeks rent)
Note: Because the calculations for weekly rent usually result in figures ending with a random amount of pounds and pence, we’ll generally round this down to something more sensible. A property advertised at £750pcm for example will result in a weekly rent of £173.07. The holding fee might therefore be £172.00, making the deposit £922.00.
The Holding Deposit
Once your application has been accepted, you’ll be asked to pay the Holding Deposit. We are legally required to pay this back to you within 7 days of the “Deadline for Agreement” (the agreed move-in date) unless an applicant fails to present Right to Rent documentation prior to the move-in, an applicant or guarantor provides false or misleading information that a landlord might reasonably be allowed to take into account when deciding to grant the tenancy, or one of the Tenants fail to enter into an agreement or fail to take all reasonable to do so prior to the Deadline for Agreement.
In simple terms, you must ensure that you present the right ID (we will help you understand what ID is required before you pay the Holding Deposit), you (and your guarantor if you have one) are honest and genuine on your application forms and in discussions with the office, that you do not delay your move-in after the agreed date, and you take all reasonable steps to make sure you are able to start the tenancy on the date agreed. If you do all of these things, your holding deposit should be given back to you on the day you start the Tenancy.
First Months Rent and Deposit
On the day you sign up, you will be asked to pay the first months rent and the deposit. The deposit will be registered with the Deposit Protection Service, who will keep hold of it until the end of the Tenancy. The rent is used to cover the first calendar month of your tenancy, and you will be expected to continue paying on the same date each month unless agreed otherwise.
That’s it! There are no additional fees or charges associated with the start of Tenancy with PL Properties.
See more about our process HERE
“What Might I Be Charged for Mid-Tenancy?”
There are some charges you might incur during the Tenancy. If you request a change to the Tenancy, there will be a charge of £50. If you lose a key or security device, you will be charged the actual cost of these items. If a locksmith is required, you will be charged the actual cost of the invoice this incurs. If you end your Tenancy early, you will incur a fee, however this will vary based on the circumstances. The maximum this can ever be is equal to the rent that would be owed for the duration of the fixed term. There are other Permitted Payments that agents are allowed to charge for, but generally we won’t bother. You may however still be liable for contractual damages.