You have found a property to rent. So what happens next? This guide will provide you with all the information and advice you need to clinch the deal and become a tenant.
You have found a property to rent. So what happens next? This guide will provide you with all the information and advice you need to clinch the deal and become a tenant.
As soon as a suitable property has been found and you have put down a holding deposit we will initiate the referencing process. You will be required to complete online reference application forms. We utilise the services of a credit-referencing agency to take up these references, here is an example of just a few of the references sought:
A holding deposit of one week's rent will be required before we remove the property from the market and cease viewings. This holding deposit acts to reserve the property and remove it from our availability list. The holding deposit will be deducted from the total balance due upon move in and prior to signing the contract (i.e. Balance due=First months’ rent + Five week's security deposit+ Admin fess –Holding deposit). If annual rent is less than £50,000 the security deposit is capped at 5 week's rent but capped at 6 weeks’ rent if the income is over £50,000. Should the tenant withdraw from the proposed letting, through no fault of the landlord or the agent, all or a proportion of the 'Holding Deposit' will be retained in order to cover any reasonable costs (which will be outlined in full). None of the Holding Deposit will be retained should the Tenant's withdrawal be due to a breach of the proposed letting agreement by the landlord or managing agent.
The holding deposit shows good faith on the part of a prospective tenant enabling the landlord to take further action in the confident knowledge that the applicant is serious and fully committed to the property:
For example:
No fees are payable
Both the Landlord and tenant/s will be required to sign a tenancy agreement prior to the tenancy commencing, the agreement outlines both tenant and landlord obligations. On occasion the landlord will request that we, as the managing agent, sign on his or her behalf.
Generally, most tenancies run for a period of twelve months, we will contact you two months before the end of the tenancy to see whether you wish to renew your agreement for a further period and will liaise with the landlord to organise the documentation. It is important you note that the agreement is made between landlord and tenant; we act for the landlord only.
By legal requirement we will issue you with a sample template agreement which we ask you read very carefully, should any questions arise regarding this legal document we advise you to seek independent legal advice.
Once a moving date has been agreed and references have all been approved by the landlord, the tenancy agreement will need to be signed by all parties and the initial monies in full will become due less any holding deposit previously paid:
This is made up of the following:
The above monies need to be in a cleared form before the tenancy is able to commence, payment by means of either a banker’s draft, cash or paid directly into our client bank account and showing as cleared.
A well-prepared inventory and check-in report protects landlords and tenants alike, providing an accurate description of the condition and contents of a property at the start of a tenancy. The inventory firm we engage, along with the standard report and pictures, will augment the inventory with video recording to provide added peace of mind that the property is captured as accurately as possible.
The condition of the property and its contents at the end of the tenancy is then compared back to this report in the form of a check-out report. The inventory clerk will also provide an opinion on whether any damage that has arisen during the tenancy is attributable to the tenants, to ‘fair wear and tear’ or to the landlord as required maintenance.
It is in a landlord’s interest to ensure that inventories are prepared for properties that they own. In the worst case scenario, should you end up in court, the judge will tend to look more favourably on an impartial, unbiased inventory prepared by a third party unconnected to either the landlord or the tenants. Inventories prepared by landlords could be viewed as biased and one-sided. Similarly it is of benefit to the tenant to have an accurate check-in and check-out report to ensure there are no unfair claims against their deposit.