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Letting Agents London | Estate Agents London - Option Homes Ltd

Permitted Payments

The following are permitted payments which may be requested from you when to rent a property through Option Homes Ltd

a) The rent

b) A refundable tenancy deposit (reserved for any damages or defaults on the part of the tenant) of five weeks rent (How we calculate five weeks’ rent: 1 month’s rent x 12 / 52 = 1 week’s rent x 5) This covers damages or defaults on the part of the tenant during the tenancy.

c) A refundable holding deposit (to reserve a property) of one week’s rent (How we calculate one weeks’ rent: 1 month’s rent x 12 / 52 = 1 week’s rent). This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).

d) Payments to change the tenancy when requested by the tenant will be charged at a maximum of £50. An extra reasonable cost may be charged in the case of exceptional items or piece of work required. These will be agreed with the tenant in advance.

e) Payments associated with early termination of the tenancy, when requested by the tenant. Should the tenant wish to leave their contract early, they shall be liable to the loss suffered by the landlord as a result of the termination of the tenancy and for any outstanding rent due. The tenant will be liable for the reasonable costs of the letting agent in arranging the early termination and an invoice detailing the costs will be provided.

f) Payments in respect of utilities, communication services, TV licence and council tax.

g) Late payment of rent: Notification of late payment of rent is charged at a maximum 3% above bank lending rate.

h) Replacement of a lost key(s) or security device(s), where required under a tenancy agreement. 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 and other persons requiring keys will be charged to the tenant. An invoice detailing the costs will be provided.

How do Option Homes ensure our tenants are protected?

Option Homes Ltd as Agent for the Landlord employ the services of The Letting Partnership Limited (company registration number 04906228) trading as The Letting Partnership, who provide a client money protection scheme. They carry out all client accounting on our behalf to ensure your money is handled in the correct manner.

With the exception of rent payments and Tenant security deposits paid directly to the Landlord all client monies including rents and tenant deposits are collected, processed, paid out and protected by The Letting Partnership on behalf of Option Homes Ltd acting as Agent for the Landlord. Any money that The Letting Partnership holds on the Landlord’s behalf is held in a designated Client Bank Account.

At all times they, The Letting Partnership, have in place £5,000,000 of professional indemnity insurance cover and are also members of a reputable client money protection scheme thereby safeguarding client money handled by them against fraud, dishonesty, and misappropriation.

We are also members of The Property Ombudsman, which is a redress scheme for consumer complaints. You can find out more information on their website, https://www.tpos.co.uk

Please call us if you wish to discuss this further on 020 3368 6744.

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