Sarah Faulkner Letting and Management

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Rent Guide

UNDERSTANDING THE RENTING PROCESS

rent

Basic steps to Renting a property.

Please find some handy tips/hints in looking for and finding a tenancy through to moving in then leaving and starting the process again

Finding a property to Rent

Firstly decide where you want to live, work out how much you can afford to spend, decide what facilities you require and within what distance then begin to look for a property in the areas you can afford and wish to live in. Make sure you do your homework on the areas you want to live.  Arrange a viewing with the landlord or Agent advertising the property.  Once you have viewed and are happy with the property you will be required to submit an application form along with the application fee each agent charges different fees so make sure you ask.  Be open and honest with your personal information as the landlord or agent are not trying to catch you out but to see if you are suitable to rent the property

References

References are carried out to establish whether a person is a suitable prospective tenant.  They will check your identity and your ability to pay the rent.  Use the guidelines below to work out affordability of your rent.  Remember that if you are unable to afford the rent it may be necessary to have a guarantor who can guarantee the rent should you need it.  Your credit check will contact your employer, previous landlord, check your bank details etc.
The agent will then carry out references to confirm that the information you have given them is correct.  Remember that by making an offer does not guarantee that the tenancy will go ahead.  The tenancy is subject to the landlords consent and suitable references etc. If you are really keen at this point you may wish to place a holding deposit on the property to ensure it is withdrawn from marketing whilst references are being sort.  If you are successful in your application this money will then be deducted from your first month’s rent.

Rent Affordability

Monthly Rent

Tenant Income

Guarantor Income

 

Monthly Rent

Tenant Income Guarantor Income

300

9,000

10,800

 

800

24,000 28,800

400

12,000

14,400

 

850

25,500 30,500

450

13,500

16,200

 

900

27,000 32,400

500

15,000

18,000

 

950

28,500 34,200

550

16,500

19,800

 

1000

30,000 36,000

600

18,000

21,600

 

1050

31,500 37,800

650

19,500

23,400

 

1100

33,000 39,600

700

21,000

25,200

 

1150

34,500 41,400

750

22,500

27,000

 

1200

36,000 43,200

The deposit and rental costs.

Assuming all references are satisfactory and the landlord accepts the application, a date will be set for signing the tenancy agreement.  Before the tenancy can be issued you will need to ensure that the following payments are made
One month’s rent in advance
Deposit will usually be equivalent to 6 weeks of rent.  This will be held in a certified scheme.
Application fee (This should already have been paid prior to this stage)
All the above costs must be paid in cleared funds before you are able to sign the agreement.

Tenancy Agreement

You will be issued with an Assured Shorthold Tenancy usually initially for 6 or 12 months.  It is important to note that a tenancy is a legally binding contract once it has been executed (signed and dated).  It is really important that you understand the agreement before signing.  The tenancy agreement sets out your obligations as a tenant and those of your landlord.  It will include any notice periods needed to terminate the tenancy.  The landlord may decide to extend your tenancy with your agreement this can be done in two ways either another 6 month fixed term or on a month by month basis.  This can only be brought to an end by either your landlord giving you two months’ notice to leave or by yourself giving the landlord one month’s notice to leave.  The notice must expire on the last day of the rental period.  Also remember that your tenancy cannot be brought to an end earlier than six months and you are responsible for paying the rent up until the end of your tenancy. Please speak to a member of staff for advice and guidance if you need further clarification.

Preparing to move in

At the point of signing your tenancy agreement you will complete a Standing Order Form.  Rent is always payable in advance.  Please note that all standing order payments must be made 2 days prior to your rent due date to allow for clearance.  We can assist you with this matter.  Where a number of tenants share occupation of a property each tenant is ‘jointly and severally’ responsible for the whole rent which means that they are equally liable for any non-payment of rent by one or more of their co-tenants. You are responsible for any contents insurance to cover your possessions. We can provide information should you need it.  You will be required to let the Council Tax Department, gas, electric and water companies know your new address as you will be responsible for the bills.

Check–In/Moving in

Once all the paperwork has been signed and you have a date to move into your new home an employee of Sarah Faulkner Lettings and Management will prepare an inventory and schedule of condition.  It is very important that you check the inventory with the member of staff and sign with your comments clearly written on the schedule of condition.  This will be used when you check out and it will depend on whether you get your full deposit back at the end of your tenancy.  We will meet you at the property to carry out a check in meeting.  We will go through the inventory and schedule of condition take down the meter readings and go through anything you are unsure about.  We will give you the keys and leave you to move into your new home.

Moving out/Check out

Once either you or your landlord has served notice you will need to leave the property in a good condition at the end of your tenancy.  A member of staff will meet you prior to the end of your tenancy to discuss your needs and the process of leaving the tenancy and getting your deposit back.  Remember to refer to your inventory and schedule of condition as this is what will determine how much deposit is returned. At this point you will need further advice from a member of staff who can talk you through the process if you have not heard anything within 5 working days of putting in your notice then you will need to call the office and make an appointment to see a member of staff.
The government has produced a guide to help you understand the process more clearly click here to read the How to Rent document.