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Things to consider when renting

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11. Agency fees

If you are going through a letting agent you are likely to have fees to pay. The letting agent should clearly breakdown these costs before you make any payments to them. There is no maximum amount they can charge so it’s important you ask for a breakdown of the costs so that you can budget for them.

There may be a fee for credit checks, administration fees and a general letting fee or charge for the tenancy agreement.

You should check if the credit checks are for all adults in your household or just the person who intends to be on the tenancy agreement. If you need a guarantor, there is likely to be a further credit check fee to pay in relation to your guarantor.

You should also check whether the letting agent charges fees when renewing a tenancy. Your tenancy is likely to be a 6 month tenancy so it is best to check if they intend to charge you again to give you another tenancy when this comes to an end, and what this cost to you would be.

You are likely to need to save towards these costs yourself because many of the schemes available to help you with initial costs will not make payments for agency fees.