The first step is to register your requirements with the main property portals - use the homepage registration on Rightmove or Zoopla and make sure that you are clear about what you want, especially the number of bedrooms and your budget. Every property that is then marketed by agents on these portals, will be automatically emailed to you, once they’ve lived online! Desirable properties go quickly and it’s important that you’re in-it-to-win-it! If you have been served notice by your current landlord or you have served notice to leave, be sure to tell the agent and give them the latest date you need to move out.
Sit down with a pen and paper and describe your ideal property. Don’t overstretch yourself financially, make sure you take into account all other costs involved, including bills, council tax, moving costs, the property deposit, etc. Your take-home pay (of all tenants combined) should be at least 3x your proposed monthly rent, otherwise you may not pass referencing on your income level.
Once you’ve found a property you like you should put down a holding payment. This will secure the property and the agent will not arrange any more viewings. When your offer is accepted this money will form part of the initial rent or your deposit or perhaps be set against the agency charges. If you pull out, you lose the money but if the landlord cannot or will not let to you it will be returned.
Once you have placed your holding deposit, you will be required to undergo reference checks to confirm your identity, your place of work and your earnings, and to confirm that you do not have any adverse credit. You will also be verified as permitted to reside in the UK and are not subject to any immigration controls. You should declare if you have any unsatisfied CCJ or bankruptcies as this may jeopardise your application and result in your holding fee being forfeited (retained by the agent to cover the failed application reference costs). You will be asked to provide a photographic ID together with evidence of Right to Rent in the UK, your earnings and your current address.
If you are on a low income or want to live in an expensive house you may need a guarantor. A guarantor is someone who should have a clean credit history and be employment on a permanent contract, with take home earnings of a minimum of 4x monthly rent. Alternatively, if a guarantor has significant savings, these could be enough to allow for them to act as your guarantor. The guarantor should understand their obligations as they will be asked to sign a legally binding document agreeing to certain conditions which will include paying the rent if for any reason you are unable to meet your commitment.
The tenancy agreement will be the legal document that details your rights and obligations as tenants, and the obligations and expectations of your landlord, and the agreements made by all parties. It will set out the core terms and will include all the rules of the property. It will define the ‘fixed term’ of the agreement, which is the length of time that you agreeing to take on the rental obligation. There are no options to break this contract and exit its conditions early. It is a legally binding contract.
Before you move in, you will need to pay a security deposit along with your first months rent. Your security deposit is there to indemnify the landlord against loss of rent or to pay for any damage if you were found to be responsible for causing it. In general, the amount required is equivalent to 5 weeks rent. By law this must be protected in a Government approved deposit scheme within 30 days from the start of the tenancy The Landlord or his Agent is required by law to give you “Prescribed Information” with details of the relevant scheme.
The Inventory and/or Schedule of Condition processes is a formal way of noting the cosmetic condition and contents of a rented property. This descriptive information will be supported by good quality photographs.
The Inventory document is then given to all parties to sign at the beginning of the tenancy to confirm that it’s accurate. Check it carefully and question anything that you do not understand. At the end of the tenancy, the same document is then used compare the state of the property and on the findings of this comparison the deposit is then awarded appropriately.
There are strict timescales involved in ending a tenancy. This starts from the date notice is served which is usually one or two months, depending on what has been agreed.
Once notice is served the clock starts ticking. The date you leave will be agreed and the agent will put the wheels in motion. If the property is put back on the market, viewings may take place so it’s important to keep the property looking nice for them to show round prospective new tenants.
Once you have vacated and the property checked for damage/cleanliness/etc. the agent will be in touch with you within 10 days of that date to arrange the return of your deposit if there are no deductions. If, however the landlord wishes to make deductions from your deposit, there will be a set procedure for that to take place. Details of which can be found on the website for the deposit scheme that is being used.
