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As soon as a suitable property has been found, you will need to complete reference application forms. We utilise the services of a credit-referencing agency to take up the following references, here is an example of just a few of the references sought:
A holding deposit equivalent to 1 weeks rent will need to be paid prior to the start of the application process once the offer has been verbally agreed and will secure the property for you subject to satisfactory references being received on behalf of all applicable tenants.
This deposit is fully refundable in the event of the landlord withdrawing from the deal.
PLEASE NOTE THAT SHOULD YOUR REFERENCE APPLICATIONS BE UNSUCCESSFUL THEN THE HOLDING DEPOSIT IS NON REFUNDABLE.
It is imperative that you disclose all relevant facts that may adversely affect your reference outcome, prior to entering into the above. It may save you money. It is also important that you supply the information requested by the referencing company as the Holding Deposit can only be held for 14 working days.
The Holding Deposit will be deducted from the Security Deposit required for the tenancy, which is equivalent to 5 weeks rent and needs to be paid just
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.
Generally, most tenancies run for a period of twelve months, we will contact you at 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.
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 received in a cleared form before the tenancy is able to commence, payment by means of either cash or paid directly into our client bank account and showing as cleared.
Rental payments are always made by standing order from the tenants’ bank account to the landlord’s bank account, with the exception of managed properties whereby the rental payment is made to us.
To terminate your tenancy subject to term, you will normally be required to give us at least one month notice in writing of your intention to leave, unless otherwise specified in your specific tenancy agreement.
The responsibility for your belongings is down to you. You must ensure you have adequate contents insurance, the landlord accepts no responsibility and cannot be held responsible for any loss or damage to tenants possessions.
Click here for a quote for Tenant's Liability Insurance or Contents Insurance for your peace of mind.
A well-prepared inventory 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 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.
Normally an inventory of the property condition, furniture and fittings and effects will be prepared by the landlord, or an independent inventory clerk instructed by the landlord prior to the tenancy commencing. The tenancy is checked and agreed between the tenant and the landlord at the tenancy commencement.
When your tenancy ends, an inspection of the property will be carried out, either by the landlord or an independent inventory clerk instructed by the landlord.
A relatively new product to the market for tenants is a zero deposit or nil deposit option. Instead of paying up to 5 weeks rent as a security deposit, tenants pay a one off charge of around 30% of a months rent. This covers them for up to 2 months worth of rent as a security deposit should it be needed at the end of the tenancy. If there is a claim to be made at the end of the tenancy, the provider pays the landlord immediately, then pursues the tenant directly or manages a dispute through mydeposits.com.
The benefits to a landlord are that you have 2 months rent as a security deposit as opposed to the maximum 5 weeks chargeable from 1st June 2019, plus tenants must have Tenant Liability Insurance covering them for any damage to the property.
The benefits to a tenant are that they don’t have to save up for the first month rent in advance plus 5 weeks security deposit.
The responsibility for the property lies with the tenant during the period of tenancy, always ensure that the property is fully secured and that during the winter months steps are taken to prevent freezing of the water and heating system.
If we are instructed as managing agents for your property, we will carry out regular inspections to assess the condition of the property and that everything is being kept in a satisfactory condition. We will always arrange this with you at a mutually convenient time.
It is the tenant’s responsibility to inform the utility companies of their occupation of the property at the commencement of the tenancy, and to pay council tax to the local authority. Students, who may be exempt from the payment of council tax, are responsible for informing the Local Authority of this.
Wherever applicable VAT will be charged at the current VAT rate.
Click here to see the document
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