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How much money is required to reserve an accommodation unit?

A security and booking deposit of £400 must be paid to successfully reserve a room.

Can I get my reservation deposit back if I change my mind?

The £400 deposit is only refundable if the cancellation request is submitted within the 7-day cooling-off window following the booking. Outside of this timeframe, the deposit is locked and cannot be transferred to other occupants or applied to subsequent booking years.

When are the regular instalment payments due?

The definitive payment schedule detailing when rent instalments must be paid is not published on the public website.

Can I cancel my tenancy agreement once it has been accepted?

Cancellations are only permitted under highly specific circumstances. If the cancellation occurs within 7 calendar days of the initial booking date (the "Cooling-Off Period"), the agreement can be terminated with a full security deposit refund.

How long does it take to receive my deposit back after a cooling-off cancellation?

The refund processing can take several weeks. This timeline is determined by the administrative procedures of the independent tenancy deposit scheme handling the funds, meaning the accommodation provider cannot speed up the payout.

What happens if I want to cancel after the 7-day cooling-off period has passed?

The tenant remains legally and financially responsible for the rent across the entire duration of the lease. This liability only terminates if an acceptable replacement tenant is found and the room is successfully re-let.

Is the landlord responsible for finding someone to take over my lease?

No. Neither Palace Studios, Homes for Students, nor the landlord is obligated to search for a replacement tenant. Furthermore, management is not required to accept any replacement candidates suggested by the tenant or their agents.

What fees and rates apply if my room is successfully re-let?

• Room Rate: The room will be marketed and leased at the current market value, which may be higher or lower than the original rate.

• Subletting Fee: Selecting a subletter incurs a fee of £300.

• Contract Variation Fee: A £50 charge is deducted from the deposit to cover lease alterations.

• Banking Fees: A £20 transaction fee is deducted for wire transfers made to international (non-UK) banks.

Can I just transfer my deposit to a friend or roll it over to next year?

No. All paid deposits are strictly non-transferable. They cannot be reassigned to another person or applied to a future tenancy year.

At what exact point am I legally released from my rental liabilities?

Release from the contract only occurs after the new replacement tenant has completed their own 7-day cooling-off period, or after they have paid rent and physically moved into the room. If the new tenant cancels during their initial 7 days, full rental liability reverts back to the original tenant.

What changes if I decide to cancel after I have already moved in or collected my keys?

The core rental liabilities and re-letting rules remain identical to a post-cooling-off cancellation, but with three additional mandates:

• The room must be kept clean, presentable, and accessible for property viewings.

• If the property is vacated early, the deposit cannot be recovered until the original tenancy agreement's end date has passed.

• The tenant is liable for any council tax charges incurred while the lease is active, particularly if their student exemption status expires before the lease does.

Are there any exceptions where the £50 contract variation fee is waived?

Yes. If the tenancy is terminated via a legally recognised notice period dictated by current legislation, the £50 contract variation fee will not be applied to the deposit refund.

The above cancellation policy is a synopsis of the property’s cancellation policy. There could be a few changes incorporated from time to time. Hence, we recommend you review the full Accommodation Contract for a comprehensive understanding of their cancellation policies.