After viewing a property and you decide it is for you, a holding fee of £100 is chargeable per applicant so we can process your application. The status of the property will then be altered on our website to read “Let” subject to Conditions.
We will also ask you to verify your identity and current address requesting you provide two original identification documents (not photocopies faxes or internet printouts):
Whilst the fees below are an example, we will provide you with a breakdown specific to the property & your personal circumstances.
The fee covers referencing, affordability assessment of you, the applicant and a Tenancy Agreement to protect your legal rights and register your deposit with The Tenancy Deposit Scheme.
Once you are content that this is acceptable a non-refundable holding fee of £100 per applicant is payable which will cover checking your credit status, previous employer, current or past landlords as well as take into account any other information to help assess the affordability of your application. The referencing agent will contact you directly and some or all of the following documents may be required:
The referencing fee will be offset against the total amount payable on the day you sign the tenancy agreement and move into your new home.
Depending on the outcome from the referencing company for example your earnings or overall financial position may require you to provide a Guarantor. The guarantor will be required to undergo credit referencing – to ensure they have sufficient earnings to cover the overall rent commitments in the event that you, as the tenant, are unable to pay your rent.
A one off fee of £50 + vat will be payable in respect of each Guarantor to cover credit referencing costs and providing a Deed of Guarantee as part of the Tenancy Agreement, which details their obligations as a Guarantor.
To comply with the Money Laundering Regulations 2007, Bowes Mitchell reserve the right to use an on line anti money laundering service to verify the identity of a customer.
Electronic Verification does not require consent prior to a search taking place but does require notification. Electronic Verification leaves a non credit footprint of the search history on the customers credit file.
Please note: If you fail the referencing process or are not able to proceed with the tenancy, for whatever reason, you will lose any fee(s) paid to Bowes Mitchell. However, if the landlord decides not to proceed with the tenancy, for whatever reason, the fee(s) will be refunded back to you or if you would like to take another property through Bowes Mitchell the fee(s) can be transferred to the new tenancy.
This is payable prior to move in and is usually charged at 1 months’ rent. The deposit will be lodged with the TDS (Tenancy Deposit Scheme) or the DPS (Deposit Protection Service) and returned at the end of the tenancy pending the results of a check out report. Should any tenants smoke or have pets in the property, a larger deposit may be required and the final decision is at the Landlords discretion.
Rent is always considered due in advance and the first month payment will need to be made prior to moving into the property. Upon taking a holding fee Bowes Mitchell will provide you with a pre-tenancy account statement advising you of all monies that will be due prior to a let proceeding.
At Bowes Mitchell, unlike other agents, we do not charge:
