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GIBBS GILLESPIE FEES AND TERMS FOR TENANTS

Standard fees and terms for tenants 

New Assured Shorthold Tenancies (ASTs) signed on or after 1 June 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).

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.

 
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. If extra costs are incurred there will be a charge of £15.00 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).

 

Existing Assured Shorthold Tenancies (ASTs) And All Assured Tenancies


During Your Tenancy

Renewal Fees (Tenant’s Share): £75.00 (inc. VAT) per tenancy

Contract negotiation, amending and updating terms and arranging for the signing of a further tenancy agreement.
 

Variation of Contract Fees: £240.00 (inc. VAT) per request.

To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents.

 

Change of Sharer Fee: £240.00 (inc. VAT) per replacement tenant.
To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.

 

Ending Your Tenancy

 

Early Termination: £240.00 (inc. VAT) per tenancy plus all rent due under the tenancy until the start date of the replacement tenancy. Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property. These costs will be no more than the maximum amount of rent outstanding on the tenancy.

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 Gibbs Gillespie. 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 Gibbs Gillespie’s 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. Gibbs Gillespie highly recommend that all tenants take out some form of contents insurance to protect their belongings - TVs and gadgets, food in the freezer and the clothes in your wardrobe. When applying for a Tenancy tenants will be contacted by one of our Insurance partners for a free, no obligation quote.

Utilities

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.

Taxation

If you pay rent directly to your landlord's bank account and your landlord is resident overseas, you will be responsible for applying the provisions of the HM Revenue and Customs Non-Resident Landlords scheme for taxing UK rental income and should ask us for advice on this. These provisions do not apply where you are paying your rent to Gibbs Gillespie.

Anti-Money Laundering Regulations

Gibbs Gillespie 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 Gibbs Gillespie are subject to VAT at the prevailing rate of 20%.

Complaints procedure

If you are dissatisfied with Gibbs Gillespie’s service or handling of a transaction, and you are unable to resolve this with the member of staff involved, please report the matter to the Partner/Manager of the Gibbs Gillespie office concerned. This complaint will be acknowledged within three working days of receipt and an investigation undertaken. A formal written response will be sent to you within 15 working days.

If you are not entirely satisfied with the resolution we ask that you contact our Customer Service Officer on +44 (0)20 8869 9863 so they can work with you to resolve the situation. Alternatively, you can email us on customerservice@gibbs-gillespie.co.uk or write to us with your concerns/comments at: Gibbs Gillespie Headquarters, Chapel Lane Chambers, 1 Chapel Lane, Pinner, Middlesex, HA5 1AA.

Following the Customer Service Officer’s investigation, a written statement expressing Gibbs Gillespie’s final view will be sent to you and will include any offer made.

This letter will confirm that you are entitled, if dissatisfied, to refer the matter to The Property Ombudsman (TPO) within six months for a review. For the avoidance of doubt, TPO will only review complaints made by consumers.

Amendments

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

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