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Tenant Permitted Payments

Refundable Holding deposit - Capped at 1 weeks rent per tenancy

Security Deposit - Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent - The agreed monthly rent

Changes to tenancy - Capped at £50 inc VAT

Early termination charge - Not exceeding the landlord’s financial losses

Late payment of rent - Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys - Reasonable costs or give the tenant the option to purchase themselves

Utilities, council tax, communication services, TV Licence etc Tenants own responsibility unless otherwise stated in contract

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Property Redress Scheme Membership details The law requires your membership details

Property Search

Top Tips for Finding and Renting Your New Home

 

TOP TIPS FOR FINDING & RENTING YOUR NEW HOME 

 

Establish your budget… Know what you can comfortably afford; rent & bills/utilities & general costs of living. When you know what you can afford you can work out what money you need to proceed. Upfront monies to rent a property is now only the 1st months rent upfront and security deposit which is equivalent to 5 weeks rent. You do need to pay a holding deposit which is a weeks rent, but this is offset against your total of deposit and rent upfront. If any agent tells you that the holding deposit is additional; this is wrong! By law agents are not allowed to charge anything further fees.  

 

Have a think about what your wants and needs are… Here are some you may want to consider:

  • Do you want/need outside space?
  • Do you want/need to transport links?
  • How many bedrooms do you need?
  • Would you want/need parking? 
  • Do you want/need furnished or unfurnished 

 

Once you know what your necessities are and what is affordable you can start looking at areas that appeal to you see what you can get for your budget by looking on portals such as Zoopla, OnTheMarket and Rightmove to give you an idea. 

 

Once you start to familiarise yourself with what you find on the market you can then start to consider what your compromises will be:

  • Will you pay more on rent to be closer to work & save on travel/commuting costs? 
  • Will you pay extra for outside space or look for something lower in price & just make sure you’re close to some good outside space like a park or close to a river side 

 

Compromises do need to be taken into consideration because no 2 rental properties are the same. The reality of renting is that everyone has a vision of their dream home and with renting it can be you will never find that or you find something that exceeds your expectations and then some.

 

In my experience renters, especially first time renters most people have an idea of what they want and need but well and truly, no one knows what the want until they see it and think ok this could work…

 

If you see something you like book a viewing the sooner you start seeing properties the sooner you get a feel of what is for you and you’ll be one step closer to finding your home.  I think its important to see a few different places but do this as soon as you are ready. I don’t mean rush the process by any means, but the rental market moves at such a quick pace, especially in London and things are very quickly snapped up.

 

When you’re looking around at properties you chose to see that fit your criteria ask the agent relevant questions so if you choose to proceed you aren’t met with any surprises on move-in. Firstly when is the property available from? Does this timing work for you? If you’re looking at furnished properties what furniture is included? If it looks like any work needs to be done i.e paint work touched up scratches and marks on walls etc, will this be done before move-in? Will the property be cleaned? 

 

With any potential property find out what the exact security deposit and holding deposit is required so you have your funds ready to secure the property. 

 

When you find a property you want to proceed with let the agent/landlord know as soon as possible. I would always recommend sending an offer in writing so your communication is clear from the offset. When I have a potential tenant interested; this is what I ask for and I ask for an email which tells me a little bit more about them, their move-in date and if they have any requests. This way there is clear communication for both landlord and tenant.

 

When you’ve been told by the agent you’ve secure the rental property, your holding deposit has been paid; the next step is referencing. Agents give tenants a 2 week period to have the necessary references complete and tenancy terms agreed. Otherwise, if this part can exceed this time limit its likely you won’t get back your holding deposit. So don’t drag your feet at this part! Have all of your documentation for referencing ready, you’ll need proof of ID ideally passport and driving license ,proof of address such as utility bills and bank statements. And if you have any Visa’s, work permits or Right-to-remain documents have these prepared too. Complete any forms as soon as possible and do your best to move as close to the time frame as possible. 

 

Renting a property can seem daunting, but it doesn’t have to be. Be prepared and work out your wants/needs and you will be just fine!

 

Source Director