Tenant fees update – as of Saturday 1st June 2019

On Saturday 1st June 2019 an industry wide ban on fees comes into force. To help all prospective tenants relevant letting fees and tenant protection information is detailed below.

As well as paying rent, you may also be required to make the following permitted payments:

Before the tenancy starts (payable to Exchange Residential ‘the Agent’) –

  • Holding Deposit: one weeks rent
  • Deposit: one month’s rent

During the tenancy (payable to the Agent) –

  • Payment of £50 if you want to change the tenancy agreement
  • Payment of interest for the late payment of rent at a rate of 3% plus the Bank of England base rate
  • Payment of £36 for the reasonably incurred costs for the loss of a key/security device
  • Payment of any unpaid rent or other reasonable costs associated with your early termination of the tenancy

During the tenancy (payable to the provider) if permitted and applicable –

  • Utilities – gas, electricity, water
  • Communications – telephone and broadband
  • Installation of cable/satellite
  • Subscription to cable/satellite supplier
  • Television licence
  • Council Tax

Tenant protection:

We would like to reassure you that Exchange Residential is a member of the Propertymark Client Money Protection (CMP) Scheme and also a member of The Property Ombudsman (TPO), which is a redress scheme. You can find out more details on the agent’s website or by contacting the agent directly.

For a full breakdown of the fees please click to visit our Tenant fees page or get in touch via 0191 269 9920 or