Contract Holder

Contract Holder

Why Rent with MGY

If you want to rent and are looking to upgrade, downsize, relocate or simply fancy a change of outlook, we’re here to take care of every aspect of your rental from helping you choose a property that’s right for you, to negotiating the term and taking care of the paperwork.

Renting through MGY means you’ll get:

  • Access to viewing properties newly listed with MGY.
  • Peace of mind knowing that MGY listed properties conform to stringent safety standards and regulations.
  • Experienced Support from property professionals who can guide you through the MGY rental process.
  • Ensure that your landlord and property is legally compliant.
  • Rest Easy knowing we are members of the SafeAgent campaign. Protecting your Money.
  • Dedicated 24 hour property management team who will assist you with any maintenance issues throughout your tenancy.
  • Communication is key to us and our personal service will help you through your renewal and check out procedures.

Contract Holder Fees

The following provides clarification of the fees that may be applicable during a tenancy with MGY. Please ensure you read through and fully understand these before you make any decision about renting a property.

Acceptance of any offer is subject to contract, referencing/credit checks, Immigration and `Right to Rent` checks. You will need to pay the Rent in advance and Deposit that is due under a Tenancy Deposit at the start of the tenancy.

Referencing and Right to Rent Checks

You will be asked to complete an application and provide an original photographic Identification (e.g. passport, National ID card, VISA, resident permit, driving licence) along with Proof of Residence (e.g. original utility bill, council tax bill or bank statement all of which must be less than 3 months old).

Please note that that the need for a guarantor may not become apparent until your referencing (including references for any joint Contract Holders) has been started. Where a guarantor is required they will need to complete an application form and provide photographic identification and proof of residence.

Referencing will cover a check against the credit file and public records of the individual, an Anti-Money Laundering check, confirmation of employment and salary details, confirmation of previous tenancy details and right to rent checks. These results will be reported to your prospective landlord to see if your application is acceptable.

Contract Holder deposit

A deposit equivalent to a month’s rent plus £100 will be required to be paid at the start of the tenancy. This is subject to referencing.

The Renting Homes (Fees etc.) (Wales) Act 2019 permits certain fees/ charges to be made where a Contract Holder has defaulted on or breached their obligations under their Tenancy Agreement

Fee Type Explanation
Default fee for late payment of rent  Chargeable from 14 days arrears calculated on the interest at 3% above Bank of England base rate on the late payment of rent for each day that the payment is outstanding.
Loss of keys or Other security Devices Landlords and letting agents can charge a Contract Holder a fee to cover the cost of replacing the lost key or security device (e.g. fob, electronic device for garage doors/security gates)
Payments on Termination of a Tenancy Landlords and letting agents can require a Contract Holder to make a payment for an early termination (surrender of the tenancy agreement) at the Contract Holder’s request.
Company Application fee £300 including VAT

If you are still unsure of any of the above please ask us to explain and we will be happy to answer any questions you might have.

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To see an overview of the services we provide to our Contract Holders, please click the image below to view our Contract Holder Handbook: