Funds required before the tenancy starts payable to Binks Estate Agents (‘the Agent’)
- Security Deposit - Five weeks’ rent per tenancy where annual rent is under £50,000 or six weeks’ rent where annual rent is over £50,000. This is a refundable deposit to cover damages or defaults on the part of the tenant during the tenancy. It will be transferred by Binks to the DPS (Deposit Protection Service).
- Rent - The first month’s rent in advance.
Additional funds that may be payable to The Agent during the tenancy
- Payment of up to £50 (Inc. VAT) if you want to change the tenancy agreement.
- Payment of interest on any late payment of rent at a rate of 3% above Bank of England Base Rate.
- Payment for actual costs reasonably incurred by the landlord for the loss of keys and security devices by the tenant.
- Payment of any unpaid rent and other reasonable costs associated with any early termination of the tenancy.
Binks Estate Agents is a member of Propertymark Client Protection Scheme (ref number C0003570). It is also a member of The Property Ombudsman (membership number D01094), which is a redress scheme.
Additional details are available by contacting Binks Estate Agents directly.
Protecting all parties
Binks Estate Agents is a fully licensed member of ARLA Propertymark (Association of Residential Letting Agents), the professional regulatory body whose members are required to follow high standards of professional conduct. As part of that membership, Binks Estate Agents provide the following benefits to both landlords and tenants:
- Backed by a Client Money Protection (CMP) scheme
- Experienced and trained professionals who are required to undertake regular training
- They are members of a Government approved independent redress scheme
- Kept up to date with complex legislative changes and best practice
- Submit independently audited financial accounts to Propertymark
- Adhere to a nationally recognised Code of Practice
- Hold professional indemnity insurance
Further information can be found here: ARLA
These high standards are also enforced by Binks Estate Agents membership of the Company’s redress scheme, The Property Ombudsman, supported by Chartered Trading Standards Institute (CTSI). Their code of practice can be reviewed here:
The Property Ombudsman Guidance