What is it?
This is known as the tenancy set up fee and it covers various aspects of the tenant’s assessment and referencing. It includes checking the following:
• Credit status
• Previous employers
• Current or past landlords
• Other relevant information to assess the affordability of your tenancy application
The fee also covers the provision of a tenancy agreement and offering protection for your security deposits. This fee covers the cost of one tenant and the landlord pays a share of this fee where applicable.
When are you required to pay this fee?
Once you’ve viewed the property and make up your mind to apply to rent it, we will offer you a Tenancy Fee Declaration form. It contains a list of the services we provide and the fees you’re required to pay. You will then be required to make the tenancy set up payment.
This payment will offset the total amount payable on the day you sign the tenancy agreement and relocate into the rented space. Any other fee that applies to you will be collected on the same day you sign the tenancy agreement. This includes your rental and security deposit.
You may be required to pay this fee if a change to the tenancy is required mid-term. Sometimes, this may be as a result of a change in personal circumstances or if a request to vacate the tenancy early is agreed upon before the end of the tenancy agreement (this is subject to the approval of the landlord).
Renewal Fee (tenant’s share)
This fee refers to the cost of preparing a new Tenancy Agreement and agreeing with your landlord for an additional fixed-term tenancy. If approved by your landlord, extending your tenancy is a guarantee to stay in the property for an additional fixed period and avoid the probability of a landlord serving notice at any period. The landlord is also required to pay a share of the tenancy renewal.
Check out fee (tenant’s share)
Based on the request of some landlords, Sole Properties can employ the services of a third-party inventory company to create an inventory of the property before rental. When this occurs, you will be required to pay a check-out fee when the inventory company inspects at the end of your tenancy.
Also, if applicable, the check-out report becomes a significant part of how the return of your security deposit is prepared. You’re free to ask any of our staff if this check-out fee applies to you. The landlord is also required to pay a share of the check-out fee.
As a result of differences in the condition of the property compared to inventory, deductions may be made. As such, a work arrangement fee of the invoice will be requested for putting the work together, processing the invoice, and paying the contractor accordingly.
How to find out how much fee you’re required to pay
There are no one-size-fits-all fees for all tenants. Rather, the amount you’ll end up paying varies from one property to the next. However, Sole Properties will provide you with details of the amount you’re required to pay for any property.