Myrings Standard Fees and terms for Tenants

If you wish to apply to rent a property please observe the following -

Administration Fees

Myrings Estate Agents Ltd charges the following fees (including VAT) in respect of administration and references:
Single Applicant - £156. Two Applicants - £228. Each additional applicant - £78. Permitted Occupier fee (not a Tenant) - £156.

A tenancy will be offered to you subject to contract and more specifically, subject to the following conditions:

  • A fully completed application form has been submitted together with the appropriate fee.
  • Payment of £200 (minimum) Holding Fee to reserve the property.
  • You will be asked to pay this at the same time as the Application Fee.
  • The landlord has accepted the offer.
  • A satisfactory search has been carried out by an independent credit referencing agency.
  • Satisfactory references have been obtained.

If your application is rejected prior to acceptance and/or seeking references, all monies are refundable. If your application is accepted (subject to references) you will be required to pay a minimum of £200 as a Holding Fee, upon receipt of which the property will be reserved for you. In some instances in order to reserve a property you may be asked to pay a higher Holding Fee or occasionally the full Deposit. If you are successful then upon commencement of the tenancy the Holding Fee will be used as part of your first rent payment to the landlord.

Once you have been provisionally accepted by the landlord (subject to references and contract) the Application Fee and Holding Fee (and Deposit if taken) become non-returnable unless the landlord withdraws the property due to their own unforeseen circumstances. If you choose to withdraw after acceptance, or undeclared adverse information is uncovered during referencing, then you will forfeit all fees (plus a reasonable proportion of the Deposit, if taken, which reflects the landlord’s lost rent for the period between provisional acceptance and the date of rejection). Before moving in to a property payment of the first month’s rent and deposit must be made by bank transfer, debit or credit card. Funds must be cleared before keys can be released. Any rent or deposit payments made by card are subject to a 3% bank charge. If in any doubt as to what is included within the let (i.e. furniture, appliances etc.) you should seek further clarification prior to submitting your application. You may be asked to provide a guarantor in some cases. Please note a guarantor fee of £78 per guarantor would then be payable.

Pet Deposit – a returnable additional Security Deposit of £100 per pet.

The tenancy you are applying for is a fixed term. If after the expiry of a fixed term both parties wish to extend the tenancy, a fee of £60 will be payable for renewing or extending the tenancy agreement on each occasion, irrespective of the length of the extended period or the type of agreement.

During your tenancy – Amendment fee £30.

If, towards the end of your tenancy, you would like us to provide a written reference (for example to your new letting agent or landlord) a fee of £20 would be payable.

Details of our fees will be provided again within the application form which all applicants must complete and sign.

Should you wish to terminate your tenancy before the end of the term and the landlord agrees that you can terminate early, you will be responsible for the repayment of the pro-rata commission paid in advance by the landlord for the unexpired portion of the tenancy, unless you are exercising a break clause which is contained in your tenancy agreement.

It is your obligation to obtain written consent from the landlord for any change in the identity of the tenants. Upon receipt of this consent Myrings’ will draw up a tenancy agreement for signature by all parties.

An administration fee of £55 will be charged for each letter sent by Myrings regarding late or non-payment of rent or administration charges.

A reference may be requested by a tenant at any time. The administration fee for this service is £20 and is payable upon request.

If any charges remain outstanding at the end of the tenancy, Myrings will deduct the amount due from the deposit.

Renewal of Tenancy

Please contact us in advance if you wish to extend your tenancy. If the tenancy is renewed, we will make a charge of £60 to cover our administration.

Payment of Rent

The first instalment of rent must be paid in cleared funds when you sign the tenancy agreement. Thereafter, rent is payable by standing order (unless agreed otherwise)to arrive on the due date as stated in the tenancy agreement. This means that the standing order must be set up so that the funds leave your account three days before the rent is due. The full rent must be paid by a single standing order; we are unable to accept multiple standing orders. Unpaid rent / returned payments – interest at 8 % above Bank of England Base Rate from date due.

Deposit

A deposit equivalent to five weeks’ rent must be paid in cleared funds when you sign the tenancy agreement and is held by Myrings as Stakeholder for the duration of the tenancy in accordance with the terms of the tenancy agreement and where applicable Myrings will register the deposit monies with a deposit protection scheme on the landlord’s behalf. Myrings excludes liability in relation to loss caused by the insolvency of a financial institution which holds deposits in its contracts with landlords and tenants. All deposit deductions must be agreed in writing by both landlord and tenant upon the termination of the tenancy. The tenancy agreement entered into is between the landlord and the tenant and, therefore, the tenant cannot hold Myrings liable for any deductions made from the deposit which may fall into dispute. Any interest earned on the deposit shall be retained by Myrings.

References/Identification

We will take up references based on the details that you have supplied to us. These references may be passed to our client so that they can make a decision on granting a tenancy. You are responsible for any administration charges levied by your own bank in relation to obtaining a reference. Before the tenancy can proceed you need to provide us with a photo ID in the form of a passport or EU driving licence.

Check-in and Check-out

Myrings will be instructed by the landlord as to what arrangements are to be made for the inventory and check-in. Unless agreed otherwise, the landlord will be responsible for the cost of the inventory and check-in. We advise you to make yourself available for the check-in and check-out.

End of tenancy clean: cost is determined by the size of the property and its condition at the end of the tenancy – work is costed at £30 per hour which will be deducted from the Security Deposit.

Management of the Property

At the start of the tenancy we will advise you who is responsible for managing the property. Where we are not managing the property we cannot authorise any repairs or maintenance or guarantee the speed at which repairs will be carried out. Where we are managing the property, we may have to obtain the landlord’s consent before proceeding with a repair.

Where we manage a property and hold keys, we can usually provide access to Myrings contractors (with your permission). However, where we do not hold keys or the contractor is not willing to collect keys, it is your responsibility to provide access.

Insurance

It is your responsibility to insure your own belongings throughout the tenancy, we can provide you with information regarding tenants contents insurance. In addition we recommend that you consider tenants liability insurance to cover the fixtures and fittings inside the property should there be any accidental damage.

Lost Security items - £30 plus cost of replacement.

Utilities

You will be responsible for the payment of telephone, gas, water and electricity accounts at the property during your tenancy, as well as the council tax. It is your responsibility to notify the relevant companies and the local authority that you are moving into/out of the property. You are also responsible for ensuring that a valid television licence remains in place for the duration of the tenancy.

Utility companies will also always require the occupant to provide access for any visit.

Taxation

If you pay rent directly to your landlord’s bank account and your landlord is resident overseas, you will be responsible for applying the provisions of the HM Revenue and Customs Non-Resident Landlords scheme for taxing UK rental income and should ask us for advice on this. These provisions do not apply where you are paying your rent to Myrings.

Anti-Money Laundering Regulations

Myrings is subject to the Money Laundering Regulations 2007. As a result we will need to ask you for suitable identification, and will be unable to proceed with any work on your behalf if we are unable to obtain this from you.

VAT

All charges levied by Myrings include the addition of VAT at the prevailing rate.

Complaints Procedure

Should you have any problems with Myrings service you should write to Ms Gemma Myring.

This complaint will be acknowledged within three working days of receipt and an investigation undertaken. A formal written outcome of the investigation will be sent to you within 15 working days.

If you still remain dissatisfied, then a written statement expressing Myrings final view will be sent to you and will include any offer made. This letter will confirm that you are entitled to refer the matter to The Property Ombudsman (TPO) within six months for a review. For the avoidance of doubt, TPO will only review complaints made by consumers.

Amendments

Myrings reserves the right to change the schedule of fees and these terms of business upon providing reasonable notice in writing.

Call out Charges

Please note if you do not provide a minimum of 12 hours’ notice for cancellation of a scheduled maintenance appointment you will incur a charge of £30.