When renting a property, there are various costs that you will need to take into consideration when making an offer.
Below, we have outlined the applicable charges payable when renting a home from Knights Property Services. We believe in being completely upfront regarding our fees – so you can manage the cost effectively and don’t have to worry about any hidden charges along the way.
As a tenant you will need to factor the following:
Reservation fee: £500 per property, which is then deducted from the balance of money payable (e.g. Rent) 72 hours prior to the tenancy commencing.
Security deposit: In most cases, this is equal to one and a half months rent.
Administration fee: Your administration fees can be easily calculated. The fee is the equivalent of 15 days rent of the property’s PCM rental value
Rent PCM x Days in the Month x 15
An example based on a property rental of £800pcm is as follows:
If rented in the month of May
£800 ÷ 31(days) = £25.80
£25.80 x 15(days) = £387.00
Sub Total non-optional fees = £387.00
[email protected] 20% = £77.40
Grand Total = £464.40
Room Administration fee: £250 plus VAT for sole occupancy.
Check out fee: The tenant is also responsible for the check-out fee when using Knights Property Services independent inventory supplier and the cost is based on the size of the property and whether it is furnished or unfurnished. These range from £75-£375 plus VAT. There may be occasions when this is not applicable but you will be made aware of this upfront.
Tenancy Renewal Fee – At the end of the agreed contract term, your tenancy agreement will need to be renewed. This renewal fee is charged at £99 plus VAT.