The Property Cloud are not permitted to take any fees from you or anyone acting on your behalf for the duration of your tenancy. Permitted payments are the only changes lawfully allowed and are listed below for your records:
- the rent;
- a refundable tenancy deposit capped at no more than five weeks’ rent where the annual rent is less than £50,000, or six weeks’ rent where the total annual rent is £50,000 or above;
- a refundable holding deposit (to reserve a property) capped at no more than one week’s rent;
- payments to change the tenancy when requested by the tenant, capped at £50, or reasonable costs incurred if higher;
- payments associated with early termination of the tenancy, when requested by the tenant;
- payments in respect of utilities, communication services, TV licence and council tax; and g) A default fee for late payment of rent and replacement of a lost key/security device, where required under a tenancy agreement.
Late Rent Payment Fee – A default fee will be charged for late payment of rent but only where the rent payment has been outstanding for 14 days or more (from the date set out in the tenancy agreement). Any fee charged will be no more than 3% above the Bank of England’s base rate for each day that the payment has been outstanding.
Changes to Existing Tenancy Agreement – Should any changes to an existing tenancy agreement be made at the request of the Tenant, a fee of £48 inc vat will be due.
Lost Keys or Security Devices – A default fee will be charged for a lost key or equivalent security device. The Property Cloud will provide evidence in writing to the Tenant liable for the payment to demonstrate that the costs they have incurred are reasonable and fair.
Tenant Find Only
The Property Cloud’s fee is the equivalent of 3 weeks rent subject to a minimum fee of £780 inc vat (£650 +vat), payable at the commencement of the tenancy.
Fully Managed Service
The management service is a separate service to the Tenant Find and can be taken by itself, in this instance a set up fee equivalent of 3 weeks rent applies at the start of the tenancy subject to a minimum fee of £780 inc vat (£650 +vat) with an ongoing management fee of 12% inc VAT (10% + vat). For example, If the monthly rent was £1000, you would pay £120 inc vat per month.