As soon as a suitable property has been found, you will ned 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 of one week rent (not subject to VAT) will be required at the same time you decide to make an offer on the property.
This is to reserve the property and remove it from our availability list. The holding deposit will be deducted from the total move in monies. 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 cost (which will be outlined in full). None of the Holding Deposit will be retained should the Tenant's withdraw will 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 prospecting tenant enabling the landlord to take further action in the confidence knowledge that the applicant is serious and fully committed to the property.
For example
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.
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:
Initial deposit which amounts in 1 week rent plus deposit in advance capped at 5 weeks rent where the annual rent is under £50,000, and 6 weeks rent where the annual rent is £50,000 or higher. Rent is worked out on a per calendar month basis. In case you're not aware to get the per calendar month figure, you will need the weekly rent multiplied by 52 weeks and divided by twelve months.
This will cover damages and defaults by the tenants detailed in the AST during the tenancy.
The above monies need to be in a cleared form before the tenancy can commence. Payment by means of either a banker's draft, ash or paid directly into our client's bank account and showing as cleared.
We do get instructed to fully manage some of our landlords' properties. If this is the case with your tenancy, we will inform you prior to your tenancy commencing. If we are managing a property, then any faults with appliances or problems within the property will need to be reported to us and we will deal with the situation as quickly and efficiently as possible. Failure to report an ongoing problem may turn the onus onto you; please report any problems you feel might need attention.
Rental payments are always made by standing order from the tenant's bank account to the landlord's bank account. This is except for 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 two months notice in writing of your intention to leave, unless otherwise specified in your tenancy agreement.
The responsibilities for your belongings are down to you. You must ensure you have adequate contents insurance. The landlord accepts no liability and cannot be held responsible for any loss or damage to tenant's possessions.
A well- prepared inventory and check- in report protects landlords and tenants alike, providing an accurate description of the condition and content of a property of 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 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 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. This will be either by the landlord or an independent inventory clerk instructed by the landlord.
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 quarterly 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 for this.
Wherever applicable VAT will be charged at the current VAT rate.
Before you move in:
Holding deposit capped at 1 week's rent
This deposit is paid by you to reserve a property. This will only be retained by us if any relevant person (including any guarantor/s) withdraw from the tenancy, fail a Right- to- rent check, provide materially significant false or misleading information or fail to sign their tenancy agreement (and/or Deed of Guarantee) within 15calendar days.
Deposit
Capped at 5 weeks rent where the annual rent is under £50,000 and 6 weeks rent where the annual rent is £50,00 or higher. This will cover damages and defaults by the tenant as detailed in the AST during the tenancy.
Late payment of rent
Interest will be charged at 3% above the Bank of England Base Rate from the Rent Due date until paid in full. This will not be levied until the rent is more than 14 days in arrears with the interest calculated back from the first day of the arrears.
Loss of keys or security devices
Tenants are liable to the actual cost of replacing any lost key If the loss results in locks needing to be changed, the actual cost of a locksmith, new lock and replacement keys for the tenant, landlord and any other person requiring keys will be charged to the tenant.
Variation or changes to an existing tenancy agreement
Fee per change is £50(inc. VAT)
This charge will cover the costs associated with taking landlord's instructions as well as the preparation and execution of new legal documents. This also covers costs in “change of sharer” situations and covers the landlord costs in securing a new sharing and associated legal requirement in processing that new sharers application.
Early termination as requested by tenant
Should you wish to leave the property before the end of your tenancy agreement, and should the landlord agree to this, then you will be liable to cover the landlord's costs of re-letting the property as well as any rent due under the terms of your tenancy agreement up until the point the replacement tenancy commences.
Utility payments
Tenants will remain responsible unless agreed otherwise, for all utility payments. E.g., Council tax, TV license etc . Please refer to your AST for full information.
