iQ Exchange,
Nottingham

Booking and Payments

• Advance Rental Payment: Where required, paying the advance rental payment secures the room and serves as a commitment to the booking. This amount is credited toward the first rent instalment.
• Completion Deadline: The Tenancy Agreement must be finalised within seven days of either paying the advance rental payment or accepting the booking terms (if no advance rental payment is required). This timeframe may only be extended by prior mutual agreement.
• Card Fees: No additional surcharges are applied to payments made via debit or credit card.
• Key Collection: Access to the property on the move-in date is contingent upon the completion of all tenancy and guarantor documents and the payment of any rent instalments due by that time.
• Guarantor: For instalment payments, a guarantor is mandatory. The guarantor must complete their agreement and submit documents within 7 days of the Booking Fee payment (or booking confirmation). Failure to do so requires full rent payment upfront.

Room and Tenancy Adjustments

• Downgrades: Residents may switch to a lower-priced room until July 31st preceding the start date, provided space is available. Downgrades are not permitted after this deadline.
• Upgrades and Swaps: Requests to upgrade or move to an equivalent room type are free of charge until the tenancy begins. Post-start date requests are subject to availability and review.
• Tenancy Length: Contract durations can be modified without penalty until July 31st. After this date, the term cannot be shortened, though extensions may be granted if rooms are available.

Can I cancel my booking?
Yes, subject to the cancellation rules. If a university lease or nomination agreement applies, the university’s cancellation policy takes priority.

Can I cancel before moving in?
Before 31 July:

• You may cancel if you have not collected your keys.

• The booking fee is non-refundable and cannot be transferred.

• You are released from tenancy obligations.

On or after 31 July:

• You remain liable for your tenancy unless you meet an eligible cancellation reason and provide evidence on time.

• If approved, your tenancy obligations end.

• If not approved, you remain liable for rent until a replacement tenant is found.

• The Booking Fee is retained.
  
  

What reasons allow cancellation?
Cancellation may be approved if:

• You do not achieve the required grades for your first-choice university and provide required evidence within 72 hours of results being published.

• Your UK visa is refused, and you provide official evidence within 72 hours.

• You cannot move in due to exceptional circumstances, which will be reviewed individually.
  
  

Can I cancel after moving in?
No, after collecting keys:

• You cannot cancel automatically.

• Your booking fee becomes your deposit.

• You remain responsible for rent unless a replacement resident is found and release is approved.

• A £150 administration fee may apply.
  
  

What happens if I do not collect my keys?
If keys are not collected within five weeks of the tenancy start date:

• The booking may be cancelled.

• Rent may be retained to cover losses.

• The deposit may be retained as a cancellation fee.
  
  

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.