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Lettings Guide

What to do next if you would like to proceed with taking a property

 

Please telephone the office to make an appointment to complete the necessary paperwork.

You will be required to bring funds for the administration fees, this should be paid in cash. Personal cheques or card payment cannot be accepted.

Administration fee £225.00 inclusive of VAT for each person over the age of 18. Should a guarantor be required the administration fee is an additional £75 inclusive of VAT for each guarantor needed.

Deposit – this is usually equivalent to one calendar months rent. This must be paid within seven days of paying the administration fee.

What does the administration fee cover?

Referencing, the tenancy agreement, checking you into and out of the property, inventory charges, deposit protection administration and ancillary administration.

Are there any additional charges to be paid during or after the tenancy?

There is a charge of £75 inc. VAT for renewing the tenancy. There is a check in/invenotry/check out fee payable at the point of move out (Prices vary depending on the size of the property).

What is the tenancy term?

Six months initially.

Who pays the utility bills for the property?

It is the tenant’s responsibility to pay for all the bills including council tax, electric, gas, water, sewage, telephone, internet and TV licence.

Tenants are required to take out adequate contents insurance. The landlord is responsible for buildings insurance and any block maintenance.

 

Referencing criteria

 

Should I have been employed for a minimum time?

Yes. You need to have at least six months continuous employment in the UK. If you have had a change of jobs or break in employment then this must not have been any longer than two weeks.

If you are self employed you will need to provide your accountant’s details or relevant self assessment details for a minimum of three years.

Do I need to earn a certain amount to proceed?

Yes. The combined income needs to be equivalent to 2.5 times the annual rental commitment. e.g. if the rent is £750 per month, the combined earnings must be £22,500 gross per annum – excluding overtime or bonuses.

What if I cannot satisfy this criteria?

A guarantor will be required or you could opt to pay for six month’s rent in advance.

Guarantor criteria

 

What is a guarantor?

A guarantor is a third party, like a family member or friend that is referenced and signed into the tenancy. This person agrees to pay the rent or fulfill any obligation in the tenancy that is not carried out by the tenant.

What is the criteria for a guarantor?

The guarantor’s earnings must be 3 times the annual rental commitment - excluding overtime or bonuses. They are required to have been in continuous employment for at least six months or have been self employed for at least three years. They must also be a home owner and have a good credit history. Joint guarantors can be accepted if needed.

 

If you have any questions or would like to discuss this further please contact us on 01202 30 20 20.