Once you have found a suitable property to rent, you are now in the position to make an offer for the approval of the Landlord in order to apply for the tenancy.
On application, a reservation deposit will be required which secures the property for you subject to referencing and landlord consent. This is normally equivalent to half of the security deposit and payment must be made by cleared funds, for example cash or BACs.
Assuming the rental proceeds, the holding deposit will be set against the first month’s rent and the security deposit due, both of which are payable before you move in. If we or the Landlord decline your application it will be refunded. It will however not be refunded if you decide not to proceed for any reason, or if the tenancy fails to proceed due to incomplete or inaccurate information provided in the tenancy application. At this time any details or requirements can be provisionally agreed, such planned commencement data, duration of the letting, rental etc.
However, if the Tenancy Agreement is not signed by you (the Tenant) within 7 to 14 working days after receipt of your application, the Landlord reserves the right to re-offer the property. In these circumstances or, should your references prove unsatisfactory, the reservation/application fee would be non-refundable.
As soon as your offer has been accepted by the Landlord, we will apply for references and draw up the relevant documentation which will form the basis of the agreement between you and the Landlord.
The following documents and procedures must be provided and followed before your tenancy begins:
TENANT APPLICATION FORM:
The tenant application form will need to be fully completed before we can proceed. This will require you to provide all the information that we require in order for us to carry out credit checks and obtain any necessary reference. Normally these will include your employer, any former landlord and a character reference.
In addition a guarantor will be required if:
You haven't been living at the same address for more than 6 Months;
You haven't been working for the same company for the more than 12 Months;
If your are a Student;
If your affordability ratio is low.
IF APPLICABLE: GUARANTOR APPLICATION FORM
The guarantor application form will also need to be fully completed before we can proceed. The guarantor will be required to provide all the information that we require in order for us to carry out credit checks and obtain any necessary references.
Our requirements for a guarantor are as follows:
They must be a home-owner;
They must be in regular employment;
The guarantor must not fail a credit check.
Once the aforementioned has been completed we will require the guarantor to sign the guarantee agreement and have it witnessed by an independent witness (not family, relation or tenant). When the guarantor has entered into an agreement, this means that in the event of a tenant being unable to meet their obligations under the tenancy agreement, the Guarantor is legally bound to accept the liabilities on behalf of the tenant (and your partner if you are moving in to the property with some one else), for the entire occupancy of the property, not just for the period of the initial tenancy term.
Copy of Photographic ID (Passport or Driving Licence)
Copy of Utility Bill/Bank Statement (Dated within the last 3 Months)
Additionally for student applicants:
Copy of Student ID
Copy of Student Enrolment Letter and Visa Copy (If outside EU)
We will also contact your employer and your landlord (if you are in rented accommodation already). Your previous employer will also be contacted if you have recently changed jobs. If you are self employed we will need to contact your accountant. A credit check will also be conducted.
To assist us in collating the necessary references, it would be advantageous for you to notify the above individuals in advance that references are required so these can be return to us as quickly as possible.
Please note that the same criteria applies to the guarantor and, furthermore, the guarantor must earn the equivalent of 3 times the yearly sum of the rent, be in full time employment or be able to prove by bank statements that they have “independent means”. All tenants should be able to provide a guarantor and should the tenant be unable to provide one, we will decide that the tenant has withdrawn their application. The tenant will therefore forfeit their deposit.
TENANCY ADMINISTRATION FEE:
We charge an application fee equivalent to one weeks rent which is non-refundable, even if a tenancy is refused on the grounds of references or if the tenant withdraws from taking the property. Where there are more than two tenants an additional amount per tenant inclusive of will be charged. A fee of £25.00 plus VAT is charged to the tenant for renewal of all fixed term tenancies.
Our property administrators co-ordinate your move in by chasing references, arranging Gas and Electric Safety Inspections, EPC, Money Laundering checks, Inventory*, check in* and deposit registration*.
*Some landlords do not ask for an inventory or check in and may register the deposit themselves.
A deposit (or 'bond') is required prior to occupation. This is normally equal to one month's rent, but may be more. Where we are managing the property, we will protect the deposit under one of the two types of schemes (custodial or insurance-based) in accordance with the Tenancy Deposit Scheme, which came into force on the 6th April 2007. More information on these schemes can be found at www.direct.gov.uk/en/TenancyDeposit. Where we are not managing the property it will be passed over to the Landlord and the Landlord will be advised of his duties and obligations under the Tenancy Deposit Scheme.
The deposit is held to cover any breakages, damage, or other tenant liabilities. Where we are managing, at the end of the tenancy we will check the property in the presence of the Tenant and assess any damages and deductions due.
Please note that the deposit cannot be used by the Tenant to cover rent.
Following satisfactory replies to our reference enquires and credit checks will confirm our offer of a tenancy on the property, subject to contract. In addition, we will arrange a mutually convenient appointment, to sign the tenancy agreement, and to pay over the necessary deposit and advance rental.
Please note that if you wish the tenancy to commence within 14 days, the balance will need to be made in the form of cleared funds.