Charges

Tenant Fees

Our aim at Open Estates is to make your transition from applicant to the tenant as smooth as possible. We are always here to help in your accommodation application process and you should feel free to contact us with any questions you may have. On this page are a few frequently asked Q&A’s which we hope you will find useful.

We believe in being open and honest with our applicants about everything when taking a property. You won’t find any hidden charges with us and we make every effort to keep things easy to make your move as smooth as possible. Below you will find a list of our charges.

New Assured Shorthold Tenancies (ASTs) signed on or after 1 June 2019 complying with the Tenant Fees Act 2019.

Holding Deposit (per tenancy) — One week’s rent

This is to reserve a property. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and/or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing). Once the tenancy has been signed, the holding deposit will be offset against the first month's rent.

Security Deposit (per tenancy. Rent under £50,000 per year) — Five weeks’ rent

This covers damages or defaults on the part of the tenant during the tenancy.

Security Deposit (per tenancy. Rent of £50,000 or over per year) — Six weeks’ rent

This covers damages or defaults on the part of the tenant during the tenancy.

To work out the amount of one week's rent, for the purposes of Holding Deposit and Security Deposit, multiply the monthly rent by 12 and then divide by 52)

Early Termination of Tenancy Agreement

Should a tenant request to end a tenancy early (with the exception of where a break clause is enacted), as well as being liable for any rent until the end of the tenancy or until the property is re-let, the tenant will also be responsible to pay the agent or landlord reasonable costs. These will be based on the out of pocket expenses that arise.

Variation, assignment or novation of a tenancy

A charge of £50 will be levied on the tenant if, at their request, a variation, assignment or novation of the tenancy occurs.

Unpaid Rent

Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.

Lost Key(s) or other Security Device(s)

Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. Should the agent have to facilitate in acquiring a replacement key or locks/arrange locksmith/visit the property then a charge of £15.00 per hour (inc. VAT) will be levied on the tenant. This is to cover the agent's cost for the time taken replacing lost key(s) or other security device(s).

For further information on the Tenant Fees Act 2019, you can view the full Act via this link.

If you require any further information regarding our fees, or information on our rental procedures, then please do not hesitate to contact us.

Landlord Charges

Open Estates provides several different service levels. Our standard charges are as below. All are shown as a percentage of one year’s rent and are inclusive of VAT.

Let only 9.6%

Rent Collection 2.4%

Fully Managed 4.8%

Renewal 7.2%