Security Deposits



The Housing Act 2004

Any landlord or agent who takes a deposit from a tenant for an assured shorthold tenancy must register it with one of the approved tenancy deposit schemes. These schemes apply to assured shorthold tenancies that started on or after 6 April 2007 in England and Wales where the annual rent does not exceed £100,000 a year. When paying the deposit, the tenant should by law be given ‘prescribed information’. Which includes:

  • The deposit holder’s name
  • and confirmation of which tenancy deposit scheme will protect the deposit.

Tenancy Deposit Scheme

Alexander Lewis hold an Insured backed membership with a government recognised scheme known as the Deposit Protection Service. Your deposit will be protected by the Deposit Protection Service, and will be held in a separate client account held and managed by Alexander Lewis. The Deposit is known to be the tenant’s money until advised otherwise by either the tenant, the DPS (if used to resolve a dispute) or the Court.

Visit https://www.depositprotection.com/im-a-tenant/ for information.

Fees



Before move-in

Holding Fee: upon receipt of suitable references, a holding fee will be taken to secure the property. This will also stand as the Tenants first month’s rent. Should the Tenant(s) withdraw, this fee is non-refundable and will be paid to the Landlord however, in the event that the Landlord withdraws, the Tenant(s) will be entitled to have this paid back to them.

Tenant Setup Fee (referencing and contract arrangement): £150.00 per tenant

Guarantor Setup Fee: £75.00 per guarantor (if required)

Deposit: Equivalent to a month and a half rent

During tenancy

Tenancy Renewal Fee: £120.00

Amendment Fee: £60.00

Ending your tenancy

Early termination fee: £180.00

Inventory/check-out: Depending on size of property