TENANCY SET UP FEE
Once you have chosen a suitable property it is necessary to reserve it. We ask you to pay an tenancy set up fee to us prior to reserving the property for you (or your group of people). We will then liaise with the Landlord on your behalf. You can only reserve a property up to a certain time frame which the consultant will advise you of upon request. (Up to a maximum of three weeks from the date of payment of the entire administration fee.)
The tenancy set up fee is £150 (inc 20% VAT) per tenant inclusive of any respective guarantor(s). If a tenant or guarantor fail referencing and subsequently a respective replacement is provided for referencing an additional £65 referencing fee per new person may be payable to cover aborted costs.
The tenancy set up fee of £150.00 per applicant covers costs associated with the following:
• Right to rent checks for the applicant and up to two Guarantors
• Credit checks for the applicant and up to two Guarantors
• Affordability checks for the applicant and up to two Guarantors
• Additional costs associated with the set up of the Tenancy
Once the entire fee is received from you (or your group of people) in cleared funds the property will be removed from our Lettings Register. The tenancy set up fee does not form any part of the Letting Agreement between yourself and the Landlord but is the fee we charge you for dealing with the referencing process and dealing with the preparation of required documentation up until the let proceeds. This does not constitute an agreement between the tenant and the agent once the Tenancy Agreement has been signed and the tenant has moved in. It is an agency fee for required work and associated costs (which may become abortive) prior to moving in.
If a block viewing has taken place and more than one party has shown interest at the same time then it is company policy to receive all offers accompanied by the tenancy setup fee within a 2 hour time frame of all relevant viewings. All offers will be put forward to the landlord in order for the landlord to decide which group to proceed with, any fees paid by unsuccessful tenants will be refunded in full.
This tenancy set up fee is not refundable in the event of your withdrawing from the transaction, if your references prove unsatisfactory to the Landlord for whatever reason or if you fail to return documentation in the required timeframe. If your references prove to be unsatisfactory, copies will be supplied to you for your information upon request. Any changes by the tenant to the agreed terms of the deal, (for example- move in dates, rental amounts etc) will result in loss of the tenancy set up fee paid.
The tenancy set up fee is refundable in the event of the Landlord withdrawing from the proposed letting for any reason other than where your references prove unacceptable. Any refunds will be made by bank transfer and you will be required to provide your bank account details to allow us to process refunds.
By agreeing to these Terms and Conditions you allow for KT Residential Ltd to show any references to the Landlord and permit for KT Residential Ltd to organize a credit check upon request of the Landlord.
Please Click Here for further information regarding Tenant Fees.