Renting with Martyn Gerrard

Renting a property is a popular choice for so many people. It's ideal for those who are new to the area or who cannot afford, or simply dont want to buy.

Renting a property in North London also gives you flexibility that owning a property doesn't.

Tenants costs and fees

As well as the monthly rent, council tax and utility bills (as detailed in the tenancy agreement) the following costs and fees will also apply to each new tenancy:

Holding Deposit (Per tenancy)

One week’s rent. This is to reserve a property.

Please Note: This will be forfeited if any relevant person (including guarantors) withdraw from the tenancy once the offer has been accepted by the Landlord, fail a Right to Rent check, provide false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) or you breach the terms of the notes to tenants which you will be asked to read and sign before you pay a deposit.

Security Deposit per tenancy

Five weeks’ rent (where the rent is £50,000 or over per year - Six weeks’ rent).

This covers or goes towards damages or defaults caused by the tenant during the tenancy. The Landlord or their agent reserves the right to claim a further amount from the tenant/s should the security deposit not cover the costs of repair.

Some Landlords give tenants an option to enter into a Deposit Replacement Contract as an alternative to paying a security deposit. This is always optional and you are under no obligation to take up this alternative. Fees will vary depending on the scheme provider and rental amount.

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 where the rent is more than 14 days in arears.

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 and replacement keys for the tenant, landlord and any other persons requiring keys will be charged to the tenant.

Variation of Contract (Tenant’s Request)

£50 (inc. VAT) per agreed variation. To cover the administration costs associated with taking landlord’s instructions and preparation and execution of new legal documents. Please note the landlord is under no obligation to vary the contract once it has been signed.

Early Termination (Tenant’s Request)

If a tenant requests to leave before the end of their tenancy, the landlord may charge an early termination fee. This will not exceed the financial loss that a landlord has suffered as a result of this, or reasonable costs that have been incurred by the agent in arranging for, the tenant to leave early. In most cases this is the pro rata letting commission for the unexpired period of your tenancy term.