Tenancy Fees

What will it cost me to secure a property?

For all tenancies commencing 1st June 2019 onwards. The costs involved in renting a property with Morgan Associates are clearly laid out below, if you have any questions relating to our charges please contact the Lettings Department on 01242 514285 or by email to lettings@morgan-associates.co.uk

In order to secure a property we take a part-payment in advance which is non-refundable once paid should you decide not to proceed. The holding payment is the equivalent to one weeks rent.

First Months Rent (or part thereof, depending on the move in date / property) +
Security Deposit Equivalent to 5 Weeks Rent (refundable at the end of the tenancy, subject to the property being left in a suitable condition) -
Less the Holding Payment
= Amount to be paid in cleared funds on the move in date

(either by Cash, Debit Card or Bankers Draft. Sorry, we do not accept Credit Cards, Business Debit or Credit Cards and Personal Cheques)

Tenancy Fees that may be chargeable during the tenancy;

  • UNPAID RENT - Interest on unpaid rate at 3% above the Bank of England Base Rate from the Rent Due Date until paid in order to pursue non-payment of rent. Please Note - This will not be levieduntil the rent is more than 14 days in arrears.
  • LOST KEYS / OTHER DEVICES - Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).
  • VARIATION OF CONTRACT (Tenants Request) - £50 (inc. VAT) per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.
  • CHANGE OF SHARER (Tenants Request) - £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
  • EARLY TERMINATION (Tenants Request) - Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.

Morgan Associates are part of the National Federation of Property Professionals Client Money Protection Scheme through our membership of ARLA (The Association of Residential Letting Agents)