Sovereign Newbank Verified

Cooling Off Period
If you wish to cancel your booking within 14 days of signing your tenancy agreement, you may do so with a full refund, provided you have not yet moved into the property. Cancellations must be submitted in writing to the property team, and you will receive confirmation of your cancellation request. Please note that the holding deposit will be retained by the property.

Replacement Tenant Found
If you wish to cancel your tenancy after the cooling-off period, you may do so by finding a suitable replacement tenant. The new tenant must meet all verification requirements and agree to the terms of the tenancy. The replacement tenant must sign a new tenancy agreement, pay any due sums, and be enrolled in full-time education in the area.
Once the replacement tenant has been verified, signed the agreement, and moved in, your tenancy will be canceled, and any pro-rata rent or security deposit will be refunded, minus a £50 administration fee for the tenancy variation.
If a replacement tenant is not found, you and your guarantor will remain liable for the full terms of the contract.

No Visa, No Pay
If your visa application to study in the UK is rejected, you can cancel your booking and receive a full refund of any rent paid and your damage deposit. You will need to submit proof of the visa rejection within 7 days of receiving the decision. This policy is only applicable for students who require a visa to study in the UK.

No Place, No Pay
If you do not receive an offer to study at your chosen university or higher education institution, you may cancel your booking and receive a full refund. To process this cancellation, you must provide proof of the rejection, such as a letter from the university or UCAS, within 7 days of receiving your results or notification.

Other Cancellation Policies
Cancellations Pre-Move-In: All cancellation requests must be submitted in writing to the property team. You will receive written confirmation once the cancellation is accepted. The holding deposit will be retained by the property.

Cancellations Post Move-In: If you wish to leave the property after moving in, you must first obtain permission from the landlord. This will typically be allowed if you find a replacement tenant who meets all the necessary criteria. Any refunds will only be processed once the new tenant has signed the agreement and paid all due amounts.

Failure to Check-In: If you fail to occupy the room on the tenancy start date without prior notice, the property reserves the right to re-market the room. You will remain liable for the rent and associated costs until a new tenant is found.

Health & Wellbeing: Cancellations based on health or wellbeing are not guaranteed and are subject to the discretion of the landlord and the property. Any such request must be submitted in writing for consideration. If you are unable to fulfill the terms of the agreement due to health reasons, please contact the accommodation team to discuss your situation.

Cancellations Post Move-In (Scotland)
For tenants in Scotland, a minimum notice period of 28 days is required if you wish to cancel your tenancy. This notice must be submitted in writing to the accommodation team or the property team. The notice will take effect from the date it is received.

The notice must clearly state the date on which the tenancy is to end. If a different notice period is agreed upon, you must obtain written consent from the landlord or agent.

If no notice is provided, you will remain liable for rent for 28 days after it is determined that you have vacated the property. For further information, please refer to your Private Residential Tenancy Agreement or seek advice.

This policy applies to tenants in Scotland and is governed by the terms of the Private Residential Tenancy.

Booking Deposit: 
To secure your room, a holding deposit of £130 is required. Before moving in, you will need to top up your deposit to £500, which will serve as your security deposit.
This deposit will be refunded at the end of the tenancy, provided the room is left in an acceptable condition.

Instalment Plan: Payment in termly or 4 instalments is only available if you can provide a UK-based guarantor.

Guarantor: 
1. Your UK-based guarantor required
2. If you choose to pay in full, you will not need to provide a UK-based guarantor.

Mode of Payment: 
Phone (card machine) and via bank transfer.
Please be aware that any bank may charge additional fees for bank transfers.