Tenants Guide to Lettings
All tenancies are subject to the following requirements and financial payments (please note all fees are charged inclusive of VAT charged at 20%):-
HOLDING DEPOSIT: Or reservation fee of £300.00 (three hundred pounds) will be required on application to show “your commitment to the property” and is non-refundable if you withdraw from the transaction. However, this forms part of the total MOVE-IN monies required at the start of the tenancy and is deductable from your first month’s rent and adjustment will be made accordingly. If you decide to withdraw your offer, for whatever reason, or do not pass referencing, the holding deposit will be forfeited (lost) to cover costs and administration expenses.
MOVE-IN MONIES: These are itemised as follows:
Referencing & Admin fees: This covers your employment verification; previous landlord’s testimonial; and a credit check. The cost is £358.80 for an individual; £420.00 for a married couple; and £180 for a partner and/or any additional person(s) required in order to meet the rent affordability criteria. This is currently 2.5 times the cost of the annual rent. Completion of the tenancy agreement is also included in this process.
Damage deposit: Six (6) weeks rent is required as a deposit against damages and as a contribution towards any losses the landlord(s) might suffer in respect of your tenancy. Tenants will NOT be permitted to utilise their damage deposit by way of rent. In other words, the damage deposit is expressly there as an “insurance bond” against any disrepair; damage or financial loss that the landlord(s) might suffer. One calendar’s month’s rent in advance
Check-out fee: Payable as part of the move-in monies. The current fee is £60.00.
The aforementioned monies are payable on or before move-in following the signing of the tenancy agreement. Under no circumstances will the occupation of the property be given until the contract has been signed and all pre-entry costs paid.
REFERENCING: Will be taken on each tenant via an INDEPENDENT referencing agency. Depending on whether the affordability threshold is reached. More than one individual may have to be reference. Allow 3-5 working days depending on our workload and your target move-in date.
NEW ARRIVALS & STUDENTS: All applicants falling under this heading will require a guarantor where they are unable to prove EMPLOYMENT income in the UK. This condition will apply even if a significant advance of rent is being made. This is because as well as the rent, provision has to be made for the property costs – i.e. – council tax, gas and electricity, etc. The guarantor MUST be a resident in the UK and earn three times the annual rent cost. He/she will be referenced as well as the applicant and fees will be payable.
RENTAL TERM: Tenancy agreements are for 12 months. However, a “break” (the early ending of the contract) can be exercised at eight (8) months – by the tenant, giving two (2) months notice – in writing – at any time during the sixth (6th) month of the contract.
RENT PAYMENT: Rent is payable per calendar month, in advanced without exception.
COUNCIL TAX & UTILITIES: The ingoing tenant is responsible for ALL utilities, specifically water; gas; electricity and council tax. The tenant is required to inform all establishments of their occupation of the property. ALL such liabilities MUST be cleared by the end of the tenancy.
INVENTORY & CHECK-IN: Most landlords will require a formal inventory of the property and its contents. This is prepared by an independent company. Belvoir will check you into the property at the landlords expense and the check-out will be at your expense (see item 2.iv above)
PROPERTY HANDBACK & CLEANLINESS: Outgoing tenant(s) are responsible for ensuring that all elements of the property, specifically its cleanliness, contents and keys are in a fit and proper condition to allow a new tenant to take immediate occupation, save for any agreed repairs. The property, including appliances, must be thoroughly and “professionally” Cleaned. Failure to fulfil these obligations could result in a charge being made against you and a deduction from your security deposit.
INSURANCE: The landlord is NOT responsible for insuring any part of the tenant’s property. Any personal goods or chattels, of value, should be insured at the tenants cost and stored at the property at their risk.
CONTRACT RENEWAL: In the event of you renewing your contract for another term, an administration fee of £72 will be payable.