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Rent - Essential Living

Rent

Your rent is a calendar monthly charge for the property you live in, and reflects the size and type of property you have. (Y.3.1.)

Included in your rent is an allowance for domestic cold water, electricity, heat and hot water. These individual allowance sums are documented on the AST according to the size of the property.
This amount may alter during the term of your tenancy in line with our Fair Usage Policy or notified price increases, you will periodically be provided with a statement of consumption for Your information.

The calendar month rental payment is calculated in the following way:

Quoted weekly rent is £750.00. This figure is then multiplied by 52 and divided by 12.

For example: £750 x 52 = £39,000. Divided by 12 = £3,250 per calendar month.

Vantage Point Management Limited want to ensure that all rental payments (direct debits) are received on the 1st day of each month after the initial month so dependent on what date your tenancy commences the initial rental payment would be calculated in one of the following two ways.

 

Method 1

Arrival before the 15th day of the month (inclusive). For example, 11th September. This resident would pay from the 10-30th September (inclusive) = 20 days.

As the tenancy starts before the 16th of the month, the time required to setup the direct debit (takes 8-10 working days) is possible, so that the 2nd months’ rent is received on the 1st of the month.

So this would be calculated by: Annual rental £39,000 divided by 365 days = £106.85 times the number of rental days (11th September to the 30th September inclusive) 20 = £2137.00 less the booking fee (£1,000.00) = £1,137.00 rent payable plus the deposit amount.

 

Method 2

Arrival after the 16th of the month (inclusive). For example, 27th September. This resident would pay from the 27th September to the 31st October (inclusive) = 35 days.

So this would be calculated by: Annual rental £39,000 divided by 365 days = £106.85 times the number of rental days (27th September to the 30th September inclusive) 4 = £427.40 plus the full next calendar month’s rent of £3,250. Total rental payment = £427.40 + £3,250 = £3,677.40 less the booking fee = £2,677.40 rent payable plus deposit. Direct debit would then be ready for the future months.

 

Additional services included in the rent

As detailed on your Assured Shorthold Tenancy (AST), we have arranged several centrally contracted utility services; these have been arranged so we are able to negotiate supply contracts on behalf of all our residents removing some of the necessary administration that you would usually have to undertake personally.

These services are domestic cold water, electricity, heating and hot water, as Vantage Point is a new building we have no historic data so an estimated consumption calculation has been provided in conjunction with our metering company until consumption data is available, after this a periodic review would be carried out and if necessary the monthly sum amended accordingly.

We will periodically supply you with a statement of consumption for each service on the residents’ portal for you to be able to view.

Date last modified: Thursday, November 17, 2016

Rent - Essential Living