A guide for Assured Shorthold Tenancies

One Week Rent Holding Deposit

A holding deposit equivalent to 1 weeks rent is required to reserve the property for 7 days. If the application is going to take more than 7 days to negotiate and issue a tenancy agreement, then this time frame can be extended, but must be mutually agreed in writing with the landlord. If your tenancy application is successful, the holding deposit will go towards the initial rent and deposit (equivalent to 5 or 6 weeks rent) .

The holding deposit will be retained if the relevant person (including any guarantor(s)):

• You withdraw from the tenancy
• You fails the Right to Rent check
• You provides false or misleading information
• The tenant or guarantor prolong the process beyond the agreed move in date

Security Deposit Options

A deposit equivalent of 5 weeks rent, or 6 weeks where a rent is over £100,000 per year is required, before the start of the tenancy, payable to Foundations in cleared funds (bank transfer).

The deposit will normally be held by us as stakeholders, but please check the Tenancy Agreement before signing. 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 MyDepostis.

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.

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.

Security Deposit Options

Please note all Tenants named on the Tenancy Agreement and any Guarantor 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. If you are unable to attend the check in, you will be required to collect keys from our office.

Check Out

On expiry of the tenancy the inventory will be checked against the current state of the property to determine any damages. If you are unable to attend the check out, you will be required to return the keys to the office prior to the check out.

Permitted Payments

A Tenant can be charged for

• Rent arrears default fees – interest at 3% above the Bank of England base rate from rent due date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.
• The actual cost of replacement keys and security devices
• At the tenant’s request – reasonable costs for change of sharer £50 (Inc VAT) or any reasonable costs incurred if higher
• At the tenant’s request – reasonable costs for a variation of contract for example pets £50 (Inc VAT)
• At the tenant’s request – should you wish to terminate your contract early; you shall be liable to pay the landlords cost in re-letting the property as well as all rent due under the tenancy until the start dated of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.

GDPR 2018

Foundations may pass your name and address details onto relevant interested parties, e.g. utility companies, landlords etc. By Registering and Renting via Foundations, 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 recommended 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.

Cash

Foundations will not accept any cash over the value of £500.00 in the office or paid over the counter in a bank or building society. Monies must only be paid by bank transfer.