A simple breakdown of all the costs throughout your tenancy
We make it simple for you to calculate costs associated with moving into a rental property through Prospect.
When find the right home for you and have been accepted by the landlord, you will be required to pay a reservation/holding fee, which is the equivalent to one weeks’ rent.
Calculating your costs*
Once your tenant checks and referencing has been completed and the contract has been signed, you will be required to pay a security deposit – equivalent to five weeks’ rent. The security deposit is held by Prospect Holdings Ltd as a stakeholder and is registered in a government approved Deposit Protection Scheme.
At the end of the tenancy, a checkout will be completed. The deposit will not be released until both parties are in agreement and have confirmed in writing to us that they are happy to proceed with any proposed deductions.
If deductions are agreed, these are subtracted from the initial security deposit and the remainder of the deposit is returned to the tenant. The deposit is calculated based on 5 weeks rental.
Below is a breakdown of costs that are required before, during, and after your tenancy, whether you are on an assured shorthold tenancy or you are company renting a property on your employee’s behalf.
Before you move in
Assured Shorthold tenancy
Reservation Fee
Equivalent to 1 Weeks Rent
Security Deposit
Equivalent to 5 Weeks Rent
Company Let Tenancies Only
£595 (inc.VAT)
To include company referencing, right to rent checks, financial credit checks and any other relevant information to assess affordability and to arrange the tenancy and agreement.
Check In Fee
1 Bedroom - £126 (inc. VAT)
2 Bedroom - £141 (inc. VAT)
3 Bedroom - £174 (inc. VAT)
4 Bedroom - £186 (inc. VAT)
5 Bedroom - £216 (inc. VAT)
Attending the property to undertake an updated Schedule of Condition based on the original inventory and negotiating the repayment of the security deposit(s). A check out report is required on every property that is let through Prospect.
These reports provide a detailed insight into the property's condition before and after the tenancy period.
During your tenancy
Assured Shorthold tenancy
Amendment Fee
£50.00 (inc. VAT)
Updating your tenancy agreement during your tenancy
Replacement Lost Keys
Fee dependant of type of key and cost of replacement
Company Let Tenancies Only
Amendment Fee
£50.00 (inc. VAT)
Updating your tenancy agreement during your tenancy
Change of Share
£275 (inc Vat)
Complete full referencing, transfer of the deposit and arranging a new tenancy agreement
Renewal Fee (Tenants’ Share)
£150.00 (inc. VAT)
Arranging a further tenancy and agreement
Replacement Lost Keys
Fee dependant of type of key and cost of replacement
Late payment fees
Assured Shorthold Tenancy and Company Let Tenancies
Interest at 3% above Bank of England Base Rate from date due if a chase letter is issued as a result of late payment.
Unpaid Rent / Returned Payments
Interest at 3% above Bank of England Base Rate from date due.
Other fees
Assured Shorthold Tenancy and Company Let Tenancies
Break Early Fees
Should you require to terminate your tenancy in advance of the agreed term, break Early Fees are required to be agreed in advance and a full breakdown of these fees are available on request.
Professional Cleaning
Only charged where professional cleaning is necessary to return the property to the same condition as at the start of the tenancy.
If you would like any assistance calculating the fees, or for more information on any of the above, please contact our Property Management Department on 0118 955 9747.
* Any new tenancy entered into after 1st June 2019 will be protected by The Tenant Fee Act 2019. This change in legislation means that an agent or landlord are prohibited from charging a tenant upfront fees for the arranging or renewal of a tenancy. The act applies to all assured shorthold tenancies and licence agreements; however it does not apply to company let tenancies. We have for the convenience of the tenant provided some additional 3rd party services which are completely optional to the tenant allowing freedom of choice upon been provided full disclosure of these products in order for a tenant to make an informed decision with complete transparency.
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'Prospect' has recently helped me with selling my flat although my property was not the easiest to sell. 'Prospect' is represented by a team of enthusiastic, hardworking, professional, hardworking people who don't easily give up. I definitely recommend 'Prospect'.
- Katarzyna.
I moved to Prospect from another Agency last year after a complete refurbishment of my flat ready to let and I am so glad I made the move! I am particularly impressed with Agnese and the way she is managing my property, very efficient, always cheerful and very helpful.
- Melanie.
Prospect Estate Agency is committed to conduct our operations in a fully compliant manner. We fully support and adhere to all regulations covering the industry including The Estate Agency Act 1979, Competition Act 1998, The Consumers, Estate Agents and Redress Act 2007, Consumer Protection Regulations 2008, Sanctions and Anti-Money Laundering Act 2018, GDPR Act 2018, UK Competition Law, The Property Ombudsman Code of Practice and ARLA & Propertymark Protection.
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