What you need to know

Fees & Terms

We are a member of Money-Shield, rules are found on this link:
https://cdn.ymaws.com/money-shield.co.uk/resource/resmgr/documents/money_shield_scheme_rules__a.pdf

Tenants pay no Agency fees (non-returnable charges for inventory, credit check etc) for their standard tenancy – Landlords pay for this.

Your first month’s rent and security deposit will be payable before you move into the property.
A holding deposit of 1 week’s rent is required to secure the property so it will not be offered to anybody else (figure calculated as: 1 month’s rent x 12 months ÷ 52 weeks).
The full amount of this deposit goes towards the first month’s rent of your new tenancy. The holding deposit ensures that you are serious about renting the chosen property and that we are not taking away the opportunity from other people who might wish to rent it, by taking it off the market for you.
Please be aware that we may retain your holding deposit if:

– You or your guarantor (if used) provide us with false or misleading information which we can reasonably consider when deciding to let a property (this includes failing reference checks due to providing false or misleading information)
– You fail a Right to Rent check
– You change your mind before your contract is signed
– You fail to take all reasonable steps to enter into a tenancy agreement by the deadline we agree with you, whilst Mckinley Residential and your Landlord take all reasonable steps to do so.

Landlords will only be able to hold the holding deposit for 15 days unless another ‘deadline’ date is agree in writing. After the deadline, the holding deposit will be repaid within 7 days according or go towards the first months rent
If your deposit is to be retained, we will notify you in writing.

Other Costs

Security Deposit: 5 weeks rent (returnable pending dilapidation rectification, see below)
Withdrawing from a tenancy: To a maximum of the holding deposit with reasonable costs.

Other Fees: Including- tenancy agreement, credit check, Inventory and check in, inventory and check out, right to rent rent check – free

Replacement of lost/missing keys: Cost of local key cutting – usually £6 – £9 per key inc vat, plus £10 inc vat per key for arrangement of replacement. If it is necessary for us to have the lock changed we will obtain a quote for you and you will be informed of the cost at the time.

Unpaid rent arrears: You will be charged fees for rent payments that are over 2 weeks late. The fees are 3% plus the Bank of England base interest rate at the time. Because this is an annual interest rate, we will calculate the amount of pro-rata interest accrued on the outstanding rent.

Dilapidation rectification: £0 – tbc – At the end of your tenancy, as per the terms of your tenancy agreement and inventory – price dependent on damage recorded, decorating or cleaning required.

Note: Incorrect refuse in bins or refuse left behind: If you vacate the property and leave incorrect refuse in bins we will arrange for the bin to be emptied and cleaned – £50 inc vat. If black refuse sacks are left then and not stored in the bin there will be a charge of £7.50 inc vat per bag for the removal.

Terminating a tenancy

Should you wish to terminate your tenancy before the end of the term and the landlord agrees that you can terminate early, you will be responsible for the repayment of the pro-rata commission paid in advance by the landlord for the unexpired portion of the tenancy, unless you are exercising a break clause which is contained in your tenancy agreement.

Renewal of tenancy

Please contact us in advance if you wish to extend your tenancy.

Payment of rent

The first instalment of rent must be paid in cleared funds when you sign the tenancy agreement. Thereafter, rent is payable by standing order (unless agreed otherwise) to arrive on the due date as stated in the tenancy agreement. This means that the standing order must be set up so that the funds leave your account three days before the rent is due. The full rent must be paid by a single standing order, we are unable to accept multiple standing orders.
Deposit

A deposit equivalent to five weeks’ rent must be paid in cleared funds when you sign the tenancy agreement and is held by Mckinley Residential as Stakeholder for the duration of the tenancy in accordance with the terms of the tenancy agreement and where applicable Mckinley Residential will register the deposit monies with a deposit protection scheme on the landlord’s behalf. Mckinley Residential excludes liability in relation to loss caused by the insolvency of a financial institution which holds deposits in its contracts with landlords and tenants.

All deposit deductions must be agreed in writing by both landlord and tenant upon the termination of the tenancy. The tenancy agreement entered into is between the landlord and the tenant and, therefore, the tenant cannot hold Mckinley Residential liable for any deductions made from the deposit which may fall into dispute. Any interest earned on the deposit shall be retained by Mckinley Residential.

References/identification

We will take up references based on the details that you have supplied to us. These references may be passed to our client so that they can make a decision on granting a tenancy.

You are responsible for any administration charges levied by your own bank in relation to obtaining a reference.
Before the tenancy can proceed you need to provide us with a photo ID or visa information if applicable in person.

Check-in and check-out

Mckinley Residential will be instructed by the landlord as to what arrangements are to be made for the inventory and check-in. Unless agreed otherwise, the landlord will be responsible for the cost of the inventory, check-in and check-out. We advise you to make yourself available for the check-in and check-out.

Management of the property

At the start of the tenancy we will advise you who is responsible for managing the property. This is not always Mckinley Residential. Where we are not managing the property we cannot authorise any repairs or maintenance or guarantee the speed at which repairs will be carried out. Where we are managing the property, we may have to obtain the landlord’s consent before proceeding with a repair.

Where we manage a property and hold keys, we can usually provide access to Mckinley Residential’ contractors (with your permission). However, where we do not hold keys or the contractor is not willing to collect keys, it is your responsibility to provide access.

Insurance

It is your responsibility to insure your own belongings throughout the tenancy.

Utilities

Unless otherwise stated on your tenancy agreement you will be responsible for the payment of telephone, gas, water and electricity accounts at the property during your tenancy, as well as the council tax. It is your responsibility to notify the relevant companies and the local authority that you are moving into/out of the property. You are also responsible for ensuring that a valid television licence remains in place for the duration of the tenancy. Utility companies will also always require the occupant to provide access for any visit.

Anti-Money Laundering Regulations

Mckinley Residential is subject to the Money Laundering Regulations 2007. As a result we will need to ask you for suitable identification, and will be unable to proceed with any work on your behalf if we are unable to obtain this from you.

VAT

All charges levied by Mckinley Residential are subject to VAT at the prevailing rate of 20%.

Mckinley Residential reserves the right to change the schedule of fees and these terms of business upon providing reasonable notice in writing.

Amendments

Mckinley Residential reserves the right to change the schedule of fees and these terms of business upon providing reasonable notice in writing.

Contact Us

If you have any questions or require any points to be clarified please do not hesitate to contact us.