Understanding Renting Fees as a Tenant in 2021

Understanding Renting Fees as a Tenant in 2021

Understanding exactly what renting fees are and how they work as a tenant will bring a plethora of advantages, and possibly save you from making some of the common mistakes that many people seemingly make.

The majority of people don’t take the time to actually learn about renting fees as the common consensus is just that there is no need to. Although, this is just not true. 

In this article, we will be helping you gain a better understanding of the subject of renting fees, as well as mentioning a few of the consequences that may come to people who overlook educating themselves about how renting fees work.  

What Costs are Actually Covered Through Your Renting Fees? 

Depending on who the landlord or agency is who owns the said property, it’s vital to know what is and isn't covered within your renting fees.

  
For example, some landlords may have other costs bundled into the renting fee such as gas and electricity, while some may not.  

It's of the utmost importance that you find out exactly what's costs are covered by your renting fees in order to accidentally not pay for certain services. If you wrongly assume that the gas and electricity are covered in your renting fee and then forego paying for your amenities, then you can quickly find yourself in a dire situation where you are unknowingly piling on more and more debt.  

There isn't an end all be all answer to the question of what costs are covered through renting fees, and it varies between every landlord or agency. 

All of this extra headache can be avoided by simply inquiring into what's covered through your renting fees, and the positives of doing so far outweigh the extra time spent finding out.  

rental properties

How Often You Have to Pay, and The Consequences If You Don’t 

One of the most important aspects of understating how renting fees work is how often you have to pay said fees.  

Most of the time, the majority of landlords will require you to pay your renter's fee every 4-6 weeks, but this can vary.  

It's important to note that even if you miss your renting fee by one day, your landlord can give you a notice to end your tenancy. This notice states that if you do not pay the agreed-upon fee within 14 days, you will be evicted from the property.  

Furthermore, if you do happen to get evicted it is unlikely that said landlord will not try and claim the unpaid fees in one way or another. There are a plethora of ways this can be enforced, all of which you will want to avoid.  

Because of the aforementioned reasons, it is vital that you pay your renters fee within the given deadline that was agreed upon by both you and the landlord. 
However, In most cases, it is unlikely that a landlord will send you an eviction notice just one day after payment, especially if you were particular about the landlord you wanted to go with. But it's something that’s worth noting, and it can happen.  

 

Conclusion  

Renting fees are not too complicated to understand completely, and since you will more than likely have to deal with an extensive number of them throughout your life, it's best to get to grips with them.  

Learning about the things we discussed through the article can help stave off some crucial mistakes that people tend to make, that oftentimes become detrimental.

  
If you are looking into renting a property in the UK, feel free to take a look at our website. We have all of the latest listings up for grabs, and we can also offer you our expert advice to help you find the best property for you.  

If you have any questions about renter's fees or the real estate industry as a whole, feel free to get in contact with us, and we'd be more than happy to help.

Related Property Articles

5 Things About Moving Houses in London

5 Things to Know About Moving Houses in London

Moving homes in London can often feel like a troublesome venture. The task can be quite unsettling at first, but with the right know-how, you can quickly turn a seemingly challenging situation into a fun and exciting opportunity.

Pros and Cons of Buying New Builds

Pros and Cons of Buying New Builds

Newly built properties can offer people some unique benefits that aren't offered from other types of housing. Although, they also have some negatives that come with it too.

Average House Buying Prices in Paddington

Average House Buying Prices in Paddington

There are a plethora of answers as to why Paddington dominates London's housing market – a unique look, placed right in the centre of the capital of the UK, and being located in one of the biggest and fastest-growing cities in the world.

 

Valuation

The Real Property Experts are pleased to give you an authoritative appraisal of the value of your property and the appropriate asking price for sale using all our experience and understanding of London’s micro markets, history and buyers expectations. Should you require a formal valuation for legal or taxation purposes we can refer you to a RICS registered surveyor.

Area Guides

Please click on the links to guide you through London prime residential areas.

Experience

The Real Property Experts have been serving Marylebone and surrounding areas for over ten years and our staff have almost 50 years combined experience in sales and letting in Central London.

Results

The Real Property Experts always work hard to maintain our excellent levels of customer service - check out our positive reviews from vendors , landlords , buyers and tenants.

Featured Properties

Fees

Refundable Holding deposit

Capped at 1 weeks rent

Security Deposit

Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent

The agreed monthly rent

Changes to tenancy

Capped at £50 inc VAT

Early termination charge

Not exceeding the landlord’s financial losses

Late payment of rent

Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys

Reasonable costs or give the tenant the option to purchase themselves

Utilities, council tax, communication services, TV Licence etc

Tenants own responsibility unless otherwise stated in contract

Client Money Protection Scheme Membership details

The law requires your membership details

Property Redress Scheme Membership details

The law requires your membership details