Not all of River Oaks fees and charges are standard to each tenancy – an interested Applicant must ensure he/she makes full enquiries with River Oaks before arranging to ‘view’ a particular property.
However, in order to comply with current Advertising Standards guidelines, the following is a general overview of typical charges/costs the intending Tenant must consider before applying for a Tenancy via River Oaks. Whilst many of our customers have commented that River Oaks charges are “very competitive” against other local Agents, these are laid out hereunder to assist comparisons.
Subject to possible change/additions, generally an applicant Tenant will need to budget for the following initial costs:
One month’s rental in advance (collected via River Oaks, on the Landlord’s behalf).
Deposit: (normally equivalent to 6 weeks’s rent) – usually held by River Oaks, in a Government-approved Scheme.*
River Oaks fee (an expenses charge, payable by the Tenant/occupier in connection with the presentation of the Agreement documents and the Inventory, and in respect to River Oaks general associated disbursements): equivalent or upto to 30% [plus VAT] of one month’s rental (capped, for rentals over £1335pcm).
‘Credit check’ fee: payable per applicant, paid in advance and upon River Oaks acceptance of an Application.
Inventory ‘Check-in’ charge (dependent upon the size/content of the property and the independent Inventory Clerk’s prevailing fees).
The Landlord will normally pay for the ‘Check-out’ charge.
Note:* If the Deposit is held by River Oaks, a £25 plus VAT (total £30) charge is made for administering the Scheme’s Registration procedure.
All fees and charges are subject to the addition of VAT, at the prevailing rate.
You will be asked to complete an Application form (which includes a page entitled ‘Important Information for Applicant Tenants’). Please read the form thoroughly and carefully (you will be asked to sign that you understand its content). On the form you are asked for personal details, including: your current address and length of residency; (if you are currently renting) your Landlord’s (or Agent’s) name and address; employment details; your date of birth; and your National Insurance number. You will also need to provide photographic identification and proof of current residence (such as a utility bill) and formal confirmation, if you are a foreign National, that you have the correct status to allow you to reside in the UK. Attached to the Application form is a Bank Status Enquiry form which you complete and River Oaks will then send to your Bank. Your Bank should then respond to River Oaks and confirm whether it feels that you are financially able to support the proposed rental. We will also carry out a credit check. If you have any previous criminal convictions, or a poor financial record, you must disclose such information to us before completing an Application form. If one or more of your references is unsatisfactory you may be asked to provide a UK-based guarantor (who would be jointly responsible with you for the tenancy, and its costs, and will also need to provide references and sign the Tenancy Agreement jointly with you).
You should have read the Government’s ”How To Rent” leaflet [See GOV.UK online], before applying.
When you return the Application form you will be asked to pay a preliminary payment of £350, towards the costs detailed above. This is purely an advance payment to show your bona fide intent, but does not guarantee the property is solely available/reserved for you, until negotiations and documentation are completed. On Tenancy commencement, this amount will be deducted from the total amount payable. However, if you decide to withdraw from the application once the £350 has been paid, it is non-refundable. If the Landlord should decide not to proceed, the £350 can either be credited toward an alternative property through River Oaks, or returned to you (unless the Landlord’s decision had been made as a result of unsatisfactory references being received for you – in which case the £350 remains non-refundable in any event).
Referencing and administration normally take about one week to ten days; however, in some circumstances, this time can be reduced. Most Landlords are happy with an Application which proceeds to commencement within one month, If you do not intend to move within one to two months it may be that you are looking for something too early, Landlords will not normally ‘hold’ their properties for applicants longer than 15 to 21 days.
This will depend on who ‘manages’ your tenancy. When you move in, you will be given a “Welcome Letter”, which tells you whom to contact in the case of any arising maintenance matters. Generally this will be either us or your Landlord directly. If the Tenancy is “fully managed” by River Oaks, we have a 24 hour helpline for you to contact for advice and/or emergency situations.
You will meet with an independent Inventory Clerk, and/or your Landlord, on the last day of Tenancy, to check through the Inventory, read the meters, and release the keys. Before that meeting, River Oaks will provide you with guidance notes to help you through the procedure.
From the outset of Tenancy, your Deposit is safely held in a, Government approved, bonded account and Registered with ‘The Dispute Service’. When you move in, you will be given a Deposit Registration Certificate and details of what happens at the end of your Tenancy in this regard. Other than an Order by ‘The Dispute Service’, no one can deduct anything from your Deposit without formal notification and/or your agreement.