As soon a suitable property has been found a holding deposit equal to one week of rent will be required to start the referencing process. This holding deposit amount will be deducted from the total payable balance.Should the tenant withdraw from the proposed letting, through no fault of the landlord or the agent, all of the ‘Holding Deposit’ will be retained to compensate any inconvenience or rental lose caused. 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:
- Cancel any advertising for the letting
- Tell other applicants that the property is under offer
- Prepare a letting agreement
- Take up references
- Carry out credit checks
Once a moving date has been agreed and references have 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 paid initially.
This is made up of the following:
- Deposit normally equal to one month rent or five weeks rent.
- The first months rent in advance. (rent is worked out on a per calendar month basis), which is, if you are not aware; the weekly rent, multiplied by 52 weeks and divided by twelve months to give the per calendar month rental figure.
The above monies need to be in a cleared form before the tenancy is able to commence, payment by means of either a bankers 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 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 landlords interest to ensure that inventories are prepared for properties that they own. Normally an inventory of the property condition, furniture and fittings and effects will be prepared by the landlord/ managing agent, 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 /managing agent or an independent inventory clerk instructed by the landlord
Once the holding deposit is paid 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:
- Confirmation of employment, salary confirmation.
- Personal & Photographic identification (passport or driving licence).
- Previous Landlord references.
- Students (Guarantor or proof or funding).
- Self-Employed (Accountants references, trading details etc)
After references are completed both the Landlord/Managing Agent 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 two months before the end of tenancy to see whether you wish to renew your agreement for a further period and will liaise with the landlord too to confirm the same.
Fees During Tenancy
Contract variation, notation, amendment or change of occupant at the tenant’s request within an existing tenancy £50.
Late Rent Fee: Provided that if the Rent or any installment shall be in arrears up to 7 days £50.00 late rent fee will be applicable and after 7 days further charge of £25 per week will be charged.
Default fee for lost of keys or other respective security devices £150.
Notice to end a tenancy
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 specific tenancy agreement.
Deposit should be returned within fourteen days after the end of the tenancy and on receiving the possession of the property. Copies of all paid final bills will be required to be sent. If there is a dispute between the tenant and the landlord than it can take longer.
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 then any faults with appliances or problems within the property will need to be reported to us and we will deal with the problem as quickly and efficiently as possible. Failure to report an ongoing problem may turn the liability onto you. Please report any problem you feel need attention as soon possible.
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. Check the fire alarm regularly and replace the batteries as required. The responsibility for your belongings are down to you, you must consider having adequate contents insurance, the landlord accepts no responsibility and cannot be held responsible for any loss or damage to tenants possessions. Please check tenancy agreement for further responsibilities.
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.
Council Tax & Utilities
It is the tenants 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.