Renting a property

The rental process and fees for tenants explained


  • At Stadium Residential we may find you a property almost immediately so it is important you understand the rental process.
  • Once you have received the best advice we can offer on renting.Our team will help you every step of the way. We don’t just organise viewings, we help you at every stage of the rental process.
  • To protect both tenant and landlord rights you will have to complete a series of checks, credit referencing, provide proof of your identity and sign tenancy agreements.
  • There are times and circumstances where it may be necessary for a tenant or group of tenants to have a guarantor. This is because without a suitable income, track record of employment or reliable financial “Blueprint” it is unclear how a tenant might be able to meet the rental payments they contract to make.
  • A guarantor is a representative of a tenant, a relative or friend for example, who agrees to co-sign a tenancy agreement and becomes jointly and severally liable for any tenant obligations. This means that if a person who has a guarantor doesn’t pay their rent, the guarantor would be expected to do so.

To be a guarantor on behalf of a tenant a person must be:

  • A UK resident
  • A homeowner
  • In full-time employment
  • In a position whereby their income must be able to cover the costs associated with the rent for the entire tenancy period.
  • If the person you propose as a guarantor meets these criteria then we will regard them as an applicant guarantor and we will then check their financial referencing in the same way as would be the case if they were applying to be a tenant. We then ask the Guarantor to sign the Deed of Guarantee at which point they take on all the obligations assigned within the tenancy agreement. This means that the Guarantor would have to pay the full monthly rent should any of the named tenants fail to pay.
  • We then ask the Guarantor to sign the Deed of Guarantee at which point they take on all the obligations assigned within the tenancy agreement. This means that the Guarantor would have to pay the full monthly rent should any of the named tenants fail to pay.
  • The Guarantor will remain associated with the tenancy agreement for the full duration of the tenancy and for any renewed terms unless the tenants are re-referenced satisfactorily and an agreement is made that they can be removed from the tenancy and their obligations associated with it.
  • Usually, a guarantor is sought in the cases of shared student accommodation and sometimes where sharing professional tenants’ who don’t know each other, take a property together. The important thing to remember is that tenancy agreements of this type are jointly and severally liable which means you need to be confident about anyone with whom you plan to share. It is not possible to modify the terms of our tenancy agreement to alleviate this liability by limiting the liability of a guarantor to just one proposed tenant.
  • Costs of renting a home (Private tenancy)
  • There are two types of costs you need to budget for when renting a property. The first is the bills you have to pay on top of the rent. The second to budget for is the deposit you have to pay - usually the equivalent of 5 weeks rent.
  • Holding Deposit (per tenancy) -One Week's rent. This is to reserve a property. Please Note: 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 in their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing).
  • Security Deposit (per tenancy for rent below £50,000 per year) -Five weeks’ rent.
  • This covers damages or defaults on the part of the tenant during the tenancy.
  • Unpaid Rent -Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.
  • Lost Key(s) or other security device(s) -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 andreplacement keys for the tenant, landlord any other persons requiring keys willbe charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).
  • Variation of Contract (at Tenant's Request) -£50 (inc. VAT) per agreed variation.
  • To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.
  • Change of Sharer (at Tenant's Request) -£50 (inc.VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
  • Early Termination (at Tenant's Request) -Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.
  • Costs of renting a home (Company tenancy)
  • In addition to the above, if you are renting as a company, i.e. a corporate tenant or are paying over £100,000 per year in rent the tenancy would not be an Assured Short-Hold Tenancy therefore the following fees are applicable:
  • Reference checks per tenant (by independent specialist) £50 (inc VAT)
  • Reference checks for a guarantor (by independent specialist) £50 (inc VAT)
  • Security Deposit - equivalent to 6 weeks rent
  • Inventory check out (paid at end of tenancy by independent company. Landlord pays for your check-in. Dependent on size of property, usually a maximum of £245 including VAT and as little as £120 including VAT for a small studio apartment.
  • Cancellation or change to inventory appointment £60 (inc VAT)
  • Please ask a member of staff if you have any questions about our fees.
  • Stadium Residential are members if the Property Ombudsman scheme, affiliated and participating members of the leading regulatory body for the industry, ARLA Propertymark and subscribe to the National Federation of Property Professionals Client Money Protection Scheme

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