How to Rent Information

 

How to rent a property↓

  • All properties need to be viewed before a holding deposit can be accepted.
  • After viewing the property we will run through the rental criteria required by the landlord (see 'Will I be accepted as a tenant?' below).
  • If the requirements are met you will then be able to put down a holding deposit of 1 weeks rent. (Which if agreed will go towards your 5 week deposit on the day you move in.) A deadline of agreement will be agreed at this point (tenancy signing/move in date)
  • Once the holding deposit has been received, Goodlord will send an application form to yourself to begin a referencing check, Goodlord is an independent referencing company. The turnaround time for this is normally 2 days dependant on getting in contact with current employers/landlords. You will be required to supply several documents, including proof of income, passport and right to rent.
  • Once all references have been checked, you will be able to move into the property on an agreed move in date.
  • The property will be visited on the day or the evening before to carry out an inventory (see 'What is an inventory'?).
  • On or before the move in day, all the relevant occupants will be requiried sign the tenancy agreement online via Goodlord. You will also be required to pay the 1st months rent in advance along with your 5 weeks deposit. (If agreed beforehand the holding deposit will be deducted from your 1st month's rent).
  • Once the tenancy agreement is signed and the deposit and rent have been received you will be given the keys to move into your new home.

Will I be accepted as a tenant?↓

We welcome applications from Professionals, Employed, Self Employed, housing benefit and Students alike. In all cases both satisfactory references and a deposit are required. In some cases a Guarantor may also be required. All applicants are required to pass a credit check which is carried out by Goodlord. Reasons for failing include but are not limited to having a CCJ or a bad credit history.

Working Applicants

If you are a working applicant you will require a gross income of at least 2½ times the annual rent.If you are under a contracted term the term must run from the beginning of the tenancy till atleast the end of the 6 month period. Only the income which is left on the contract will be taken into account. This amount can be split between multiple occupants. Eg. If the rent is £600pcm/£7,200pa. The total amount you will need to earn is £1500pcm/£18,000pa.

Student Applicants

If you are a Student you will need a Guarantor.

Benefits

If you are a on some form of benefits and do not meet the critera for working appliants you will need a Guarantor.

+ Who can be a Guarantor

There are two types of Guarantors.

  • Financial Guarantors:

    • Must have a good credit history.
    • Income must come from a UK based source

    • Must earn 3 times the annual rent of a property. This can be split between multiple guarantors.

      Eg. If the rent is £600pcm/£7,200pa.

      The total amount they will need to earn is £1,800pcm/£21,600pa.

  • Property Owning Guarantors must:

    • Have a good credit history
    • Own their Property
    • Have value left within their property. (not have 100% mortgage)
    • Property must be based in the UK

What documents will I need to provide?↓

In order to complete your application we will require the following documents:

  • From all applicants we ask for:
    • Photographic identification (passport or photo driving license)
    • Landlord reference from most recent address
  • If you are employed, we will ask for:
    • 3 months' worth of payslips
    • Application form to be filled out.
    • If you are in newly employed we may also ask for a letter on headed paper from your employer stating you are working and your wage
  • If you are self-employed:
    • We will need the last two years of business accounts or request an accountants reference
    • Application form to be filled out.
    • If you do not have a two years' worth of accounts you will need a guarantor.
  • If you are a student:
    • We will need a letter from your college or university to confirm you are currently a student.
    • You will also need a guarantor.
  • From all Guarantors we ask for
    • Photographic identification (passport or photo driving license)
    • A current utility bill
    • Relevant proof of income
  • Financial Guarantors:
    • 3 months' worth of payslips
  • Property Owning Guarantors
    • If a - a mortgage statement or recent proof of ownership
    • If property is jointly owned both must sign guarantee

What is a Holding Deposit?↓

A landlord or agent can take a holding deposit from a tenant to reserve a property whilst reference checks and preparation for a tenancy agreement are undertaken.

The holding deposit amount will be 1 weeks rent, this is calculated by the following formula: ((monthly rent x 12)/52).

The holding deposit is to be returned to the tenant within 7 days of the following:

  • Entering into a tenancy agreement with the tenant. (unless previously agreed in writing the holding deposit is to be used towards the 1st months rent)
  • The landlord chooses to withdraw from the proposed agreement
  • The Deadline of Agreement passing without a tenancy having been entered and the tenant taking all reasonable actions to make this happen

A holding deposit can only be retained where a tenant:

  • Provides false or misleading information which you can reasonably consider when deciding to let a property, this can include a tenants behaviour in providing false or misleading information
  • Fails a right to rent check
  • Withdraws from a property (unless a landlord or agent imposed a requirement that breached the ban or acted in such a way to the tenant or relevant person that it would be unreasonable to expect a tenant to enter into a tenancy agreement with them)
  • Fails to take all reasonable steps to enter into a tenancy agreement and the landlord or agent takes all reasonable steps to do so (unless a landlord or agent imposes a requirement that breaches the ban or acts in such a way to the tenant or relevant person that it would be unreasonable to expect a tenant to enter into a tenancy agreement with them).

What references and checks do you carry out?↓

All referencing is carried out through the company Goodlord. www.goodlord.co

Goodlord carries out the following checks:

  • For any adverse credit history such as bankruptcy, CCJs and court decrees
  • If there are any previous names and addresses which haven't been disclosed by the applicant
  • Whether there is any undisclosed credit history which is linked to the applicant's current and most recent homes
  • That the banking details provided by the applicant are for a genuine bank account
  • Speak to their employer to check the tenant is being paid what they've told us and that there is no reason why their employment would be terminated any time in the near future
  • Tenants will be checked against Goodlord's own Default Database - this may indicate whether the tenant has not been able to pay their rent in the past.
  • A Financial Sanctions check, to make sure that your tenant isn't registered to any of the Government's Asset Freezing lists - because this could mean they're unable to pay their rent in the future
  • They also speak to the tenant's current Landlord or Managing Agent to ask them for a reference

Kingslet may also contact your previous landlord by telephone to request a reference.

It is important to note at this stage that should you not correctly inform us of any potential problems with your application you will be rejected by default. This will mean that your holding deposit will not be returned.

Can I have a pet?↓

We assess this on a case by case basis and whether pets are allowed is often dependant on the type of pet as well as the property in question. Please feel free to come and discuss this with us and we will try our best to accommodate you.

If the property accepts pets there may be an increase in rent to reflect the increased wear and tear to the property.

Whats happens on the moving in day?↓

An inventory will be taken just before you move into the property.

You will then need to come into the office. Once there we will run you through the tenancy agreement which you will be required to sign. After signing you we will then request that the remaining deposit and 1st month rent be paid (which should ideally be paid by debit card).

Once the tenancy agreement is signed and your deposit & rent are paid, you will be given a set of keys, one per tenant and will then be able to move into your new home.

Once in your new property we suggest you also take an inventory of the property.

What is an inventory?↓

Prior to moving in, we will arrange for an inventory, which is a detailed record of the condition of the property.

This helps to prevent any disputes between the landlord and the tenants over the condition that the property has been left in.

An inventory is made up a written report and photos of the property. For each room we take a minimum of 3 photos per corner. With further pictures taken of the state of oven, bath, sinks, basins etc. Normally we would expect to take approximately 120-200 photos of each property (dependent upon the size of the property).

How much is the Deposit?↓

Typically 5 weeks' rent is required. This is due be paid on the day you move in.

Is my Deposit protected and how do I get my deposit back at the end of my Tenancy?↓

We do not hold your deposit. It is transferred to The Deposit Protection Service (The DPS) after you move into the property. https://www.depositprotection.com

The DPS is the Government approved custodial tenancy deposit protection scheme. Tenancy Deposit Protection (TDP), as set out in the Housing Act 2004, requires that all agents/landlords protect their tenants' deposits under a statutory tenancy deposit scheme within 30 calendar days of receiving a deposit. The DPS will safeguard that deposit throughout the period of the tenancy and repay the funds to the appropriate parties in accordance with their instructions at the end of the tenancy period.

How does the DPS work?↓

The tenant pays the landlord or letting agent their deposit. The landlord/agent pays the deposit into The DPS within 14 days of receiving it.

Following receipt of the deposit, the DPS will provide confirmation and details of the protection scheme being used to both the landlord/agent and the tenant.

At the end of the tenancy, the landlord/agent and the tenant agree repayment of the deposit and inform the scheme administrators. The deposit repayment, divided accordingly and including any interest accrued, will be paid to each party within 10 days.

If there is a dispute, The DPS administrators return any undisputed amount to the relevant party, but hold the disputed portion until the ADR service or the courts decide what is fair.

List of all permitted fees↓

  • A holding deposit of 1 weeks rent:

    Refundable if the landlord decides to withdraw.

  • Late Payment of Rent:

    Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.

  • Variation of Contract (Tenant's Request): £50 (inc. VAT) per agreed variation.

    To cover the costs associated with taking landlord's instructions as well as the preparation and execution of new legal documents.

  • Change of Sharer (Tenant's Request): £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher.

    To cover the costs associated with taking landlord's instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.

  • Early Termination (Tenant's Request):

    Should the tenant wish to leave their contract early, they shall be liable to the landlord's costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy.

  • Reasonable costs of replacement keys and/or security devices. The tenant is responsible for ensuring that they look after the keys for the property throughout the tenancy. If they fail to do so, they will be responsible for covering the reasonable costs of replacement.