Daniel Rose Residential Ltd

020 7359 4493

info@danielrose.net

Renting Process

1Register your interest

The first step is to contact local letting agents in your chosen area and register on their rental database. You could visit their office, but you could use their website registration or go via their properties on Rightmove or Zoopla. Make sure that you are clear about what you want especially the number of bedrooms and your budget. Then make sure you stay contactable because desirable rental properties go quickly. 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.

2Finding the right property

Sit down with a pen and paper and describe your ideal property. Most importantly, be strict with what you do and don’t want, and what you consider to be a deal breaker. Don’t compromise on those deal breakers or you’ll come to regret it. Budget should be a key factor in your property search. Don’t overstretch yourself financially, make sure you take into account all other costs involved, including bills, council tax, moving costs, agency fees etc. Your take home pay (of all contract holders combined) should be at least 2.5x your proposed monthly rent, otherwise you may not pass referencing on your income level.

3Is a short let right for you?

An assured shorthold tenancy agreement is issued for either 6 or 12 months. However, if you’re waiting for the purchase of a property to go through or you’re relocating for work for a short time, you may want to consider a short let. Periods available can be anything from a month to 5 months however the rent you’ll pay for these lets are significantly higher as a result.

4Holding payments

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.

5Referencing

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. 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.

6Guarantors

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, a homeowner and/or be in full time employment with take home earnings of a minimum of 3x monthly rent. 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.

7Making an offer

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8Your Tenancy Agreement

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.

You should make sure your agent or landlord gives you a copy of the draft tenancy agreement well ahead of the start date of the tenancy for you to read in the comfort of your own home and you should ensure you do this so you are clear as to what you are signing. If you are not sure of anything contained in the agreement, ask the agent for clarification, seek legal advice or get help from the Citizens Advice Bureau.

9The security deposit

Before you move in, you will need to pay a security deposit along with your first months rent. Your security deposit (also called damage 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 4 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.

11Register your interest

The first step is to contact local letting agents in your chosen area and register on their rental database. You could visit their office, but you could use their website registration or go via their properties on Rightmove or Zoopla. Make sure that you are clear about what you want especially the number of bedrooms and your budget. Then make sure you stay contactable because desirable rental properties go quickly. 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.

12Finding the right property

Sit down with a pen and paper and describe your ideal property. Most importantly, be strict with what you do and don’t want, and what you consider to be a deal breaker. Don’t compromise on those deal breakers or you’ll come to regret it. Budget should be a key factor in your property search. Don’t overstretch yourself financially, make sure you take into account all other costs involved, including bills, council tax, moving costs, agency fees etc. Your take home pay (of all contract holders combined) should be at least 2.5x your proposed monthly rent, otherwise you may not pass referencing on your income level.

13Is a short let right for you?

An assured shorthold tenancy agreement is issued for either 6 or 12 months. However, if you’re waiting for the purchase of a property to go through or you’re relocating for work for a short time, you may want to consider a short let. Periods available can be anything from a month to 5 months however the rent you’ll pay for these lets are significantly higher as a result.

14Holding payments

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.

15Referencing

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. 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.

16Guarantors

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, a homeowner and/or be in full time employment with take home earnings of a minimum of 3x monthly rent. 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.

17Making an offer

Lorem ipsum dolor sit amet, maiores ornare ac fermentum, imperdiet ut vivamus a, nam lectus at nunc. Quam euismod sem, semper ut potenti pellentesque quisque. In eget sapien sed, sit duis vestibulum ultricies, placerat morbi amet vel, nullam in in lorem vel. In molestie elit dui dictum, praesent nascetur pulvinar sed, in dolor pede in aliquam, risus nec error quis pharetra. Eros metus quam augue suspendisse, metus

18Your Tenancy Agreement

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.

You should make sure your agent or landlord gives you a copy of the draft tenancy agreement well ahead of the start date of the tenancy for you to read in the comfort of your own home and you should ensure you do this so you are clear as to what you are signing. If you are not sure of anything contained in the agreement, ask the agent for clarification, seek legal advice or get help from the Citizens Advice Bureau.

19The security deposit

Before you move in, you will need to pay a security deposit along with your first months rent. Your security deposit (also called damage 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 4 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.

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PERMITTED PAYMENTS FOR TENANTS OF ASSURD SHORTHOLD TENANCIES
1ST JUNE 2019


TENANTS PERMITTED PAYMENTS FOR ASSURED SHORTHOLD TENANCIES / LICENCES / GUARANTOR & RELEVANT PERSONS


Permitted Payments By Tenants
1. Rent
2. A refundable tenancy deposit of no more than six weeks rent for rents in excess of £50K per annum or a tenancy deposit of 5 weeks for rents up to £50K per annum.
3. A refundable holding deposit of no more than one week’s rent
4. A payment that is required in the event of a default by the tenant such as late payment or breach of the tenancy agreement by the tenant provided this is no more than the landlord’s or agent’s reasonable costs
5. Payments on assignment, variation or novation of a tenancy at the tenant’s request, capped at £50 inclusive of VAT or the reasonable incurred costs (net costs, any excess is considered a prohibited payment)
6. Payments in respect of early termination of a tenancy agreement at the tenant’s request capped at the landlord’s loss
7. Payment to a local authority in respect of council tax
8. Payments in respect of energy and other utilities
9. Payments to the BBC in respect of a television licence
10. Payments in respect of communication services.

CHARGES FOR COMPANY LETS & COMMON LAW TENANCIES

Bank Reference
Your bank may charge you for supplying a status enquiry. The cost varies according to the bank, but is usually between £8 and £25.
Credit Check
We normally ask the applicants to sign up with Equifax to obtain a credit report. Equifax will provide the report free of charge as a part of their 30-day free trial, after which a monthly fee of £14.95 will apply if not opted out.
Inventory Check-Out
The check-out fee is approximately £120 - £250 and varies according to the size of the property and the amount of furniture. We will advise you of the exact cost before a holding deposit is paid.
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Daniel Rose Residential Ltd are registered for Money Laundering Regulations and are members of:
• Client Money Protect (CMP)
• The Property Ombudsman (Property Redress Scheme) (https://www.tpos.co.uk/)