Standard Fees and Terms for Tenants
When placing an offer on a property, a holding deposit of £1000 is required by Morgan Randall as part of our process. This is usually paid in two parts, £400 when you place an offer followed by a further £600 if the offer is accepted. All holding deposits are non-refundable unless your offer is rejected. Once your offer is accepted, we ensure that no other applicant of Morgan Randall views the property. If for any reason you decide not to proceed with the tenancy, Morgan Randall will retain the holding deposit as an administration fee. If the tenancy proceeds, the holding deposit will be allocated to the total monies required in relation to your tenancy.
An administration fee of £257 Inc. VAT per applicant will be payable for each tenancy. This administration fee is to cover the following:
- Carrying out ID checks on each tenants and guarantor (where applicable).
- Processing referencing documents for each tenant (where applicable).
- Right To Rent checks on each tenant as required by law.
- Anti Money Laundering checks on each tenant and guarantor (where applicable) as required by law.
- Guarantor checks and execution of a deed of guarantee (where required).
- The provision, preparation and successful execution of a tenancy agreement contract.
- Collection and correct allocation of deposit funds as well as registration with government approved protected deposit scheme where appropriate.
- Full compliance work involved in processing the Application for tenancy.
- A personal handover of the property where possible.
- The provision of a full comprehensive tenant welcome pack.
An administration fee of £67 Inc. VAT will be charged for each action taken by Morgan Randal regarding late or non-payment of rent or administration charges.
Morgan Randall will not charge you any administration fee should you decide to renew the tenancy or extend it.
Morgan Randall will charge you an administration fee of £30 Inc. vat should we be contacted by a third party with your authorisation to provide a reference.
Cancelling the tenancy
If for any reason you want to terminate your tenancy before the end of the agreed term, this must be consented by the landlord first. You will also be liable to cover all reasonable costs incurred by Morgan Randall or the Landlord as a result of you breaking the terms of the agreed tenancy. These costs are, but not limited to, the repayment of the pro-rata commission paid or due to be paid by the landlord for the unexpired portion of the tenancy. You will also be liable for the rent up until the start of any new tenancy. Please note that these charges do not apply when exercising a break clause if it is contained in your tenancy agreement.
Change of tenant
You need to obtain written consent from the landlord before any changes can be made in the identity of the tenants or the occupants of the property. If a requested change is agreed by the landlord, Morgan Randall will draw up a tenancy agreement for signature by all parties. An administration fee of £385 inc VAT will be charged for this service.
Renewal of tenancy
If you would like to renew your tenancy, it is advisable that you contact us at least three months before your tenancy is due to end. Morgan Randall will not charge an administration fee for processing a tenancy renewal agreement.
Payment of rent
The first payment of rent must be paid in cleared funds before your tenancy starts. Thereafter, rent is payable by standing order (unless agreed otherwise). We ask that the standing order be set up a few days before the rent is due so that we can forward it to your landlord in good time. If there is more than one tenant, please note that we are only able to accept a single standing order for each tenancy.
A deposit equivalent to six weeks' rent must be paid in cleared funds when or before you sign the tenancy agreement. Depending on your
type of tenancy, this will be held by Morgan Randall as stakeholder or in a government approved scheme such as the DPS to which Morgan
Randall or your landlord is subscribed to. This will be held for the duration of the tenancy and in accordance with the terms of the
Any deposit deductions must be agreed in writing by both landlord and tenant when the tenancy ends. A tenancy agreement forms an agreement between you and the landlord and therefore Morgan Randall cannot be held liable for any deductions made from the deposit which may be disputed.
Morgan Randall reserves the right to deduct any charges that remain outstanding at the end of the tenancy from the deposit.
References and identification
All tenancies are subject to you passing a reference check processed via our referencing department. Please note that in the event
of you not passing a reference check, Morgan Randall will retain the holding deposit as an administration charge. It is strongly
advisable that you read our referencing requirements before placing an offer.
Any references that you provide may be passed to the landlord so that they can make a decision on granting a tenancy.
A photo ID in the form of a passport (along with confirmation of immigration status if applicable) or EU/UK driving licence is required before a tenancy can proceed.
Check-in and check-out
The landlord will instruct Morgan Randall with their requirements of carrying out a check-in and inventory. Unless agreed otherwise, the landlord will be responsible for the cost of the inventory and check-in and the tenant will be liable for the cost of the check-out at £187 inc VAT. It is advisable to be present during the check-in and check-out however, if you agree to be present and miss an appointment, there will be a charge of £50 inc VAT for each instance.
Managing the property
The landlord may not always use Morgan Randall to manage the tenancy. You will be advised who will be
responsible for the management at the start of the tenancy along with all their relevant contact information.
Where Morgan Randall is managing the tenancy, it is worth noting that we cannot guarantee the timeframe for
when repairs or maintenance issues can be resolved because we sometimes require the landlord's consent before proceeding.
The tenant is responsible for allowing and/or enabling access to the property for contractors to carry out any works.
Whilst it is the landlord's responsibility to ensure the building is insured, it is your responsibility to insure your own belongings throughout the term of the tenancy.
Unless otherwise agreed by the landlord in writing, you will be responsible for paying any telephone, TV license, gas, air-conditioning, water and electricity bills at the property during your tenancy, as well as the council tax. It is also your responsibility to notify the providers of these services the date that you are moving in and when you move out of the property. Please note that Morgan Randall nor the landlord is able to deal with any of these accounts on your behalf however, if any of these services are paid periodically as part of a building service charge, the correct proportion for the utilities you are responsible for paying will be calculated and recharged to you.
Anti-Money Laundering Regulations
Morgan Randall is subject to the Money Laundering Regulations 2007 and as such, we require sufficient proof of identification before proceeding with any tenancy.
If for any reason you are not entirely satisfied with any aspect of our service and are unable to resolve any problems with your negotiator or department manager please write to: The Complaints Officer, Morgan Randall, Unit 2, Discovery Dock East, Marsh Wall, South Quay Square, Canary Wharf, London, E14 9SH. Your complaint will be acknowledged within 3 working days of receipt and an investigation undertaken. A formal written outcome will be sent to you within 15 working days. If you are still unhappy with the Complaints Officer's final Statement, you may contact the Property Ombudsman to whom we are members.