Below, you’ll find a detailed guide to the costs you may encounter when renting a property.

Please note that we fully comply with the Tenant Fees Act 2019, ensuring there are no hidden charges.

1. Rent

Tenants are required to pay the agreed rent, which is usually due monthly in advance. The amount will be clearly outlined in your tenancy agreement.

2. Tenancy Deposit

A refundable tenancy deposit is required to protect against damages or unpaid rent. The deposit amount is capped as follows:

• Five weeks’ rent for properties where the annual rent is less than £50,000.

• Six weeks’ rent for properties where the annual rent is £50,000 or more.

Your deposit will be securely held in a government-approved deposit protection scheme, giving you peace of mind throughout your tenancy.

3. Holding Deposit

To reserve a property, you may be asked to pay a holding deposit. This is capped at one week’s rent and will either:

• Be deducted from your first rent payment or deposit.

• Be refunded if the landlord decides not to proceed with the tenancy.

Please note: The holding deposit may be withheld if you provide false information or fail to proceed with the tenancy within an agreed timeframe.

4. Utility Bills and Council Tax

As a tenant, you will usually be responsible for paying:

• Electricity

• Gas

• Water

• Broadband/phone line

• Council Tax

The details of your responsibilities will be outlined in your tenancy agreement.

5. Permitted Fees During the Tenancy

In line with the Tenant Fees Act, only specific charges are allowed during your tenancy, such as:

• Late rent payment fees: Capped at 3% above the Bank of England base rate after 14 days of non-payment.

• Replacement of lost keys or security devices: Charged at the actual cost of replacement.

• Early termination fees: If you request to end the tenancy early, you may be charged the landlord’s reasonable costs for re-letting the property.

6. Additional Moving Costs

While not charged by Mags Property, you may also need to budget for external costs such as:

• Moving services or van hire.

• Furniture or appliances (if moving into an unfurnished property).

Your Rights as a Tenant

We’re committed to ensuring that you have a clear understanding of all fees and costs before entering into a tenancy agreement.

If you have any questions or need clarification, please don’t hesitate to contact us.