Locus Estates
Locus Estates

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 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 tenants 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.

7Your 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.

8The security depositr

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.

9The Inventory

The Inventory and/or Schedule of Condition processes is a formal way of noting the cosmetic condition and contents of a rented property. This descriptive information will, ideally, be supported by good quality photographs.

The Inventory document is then given to all parties to sign at the beginning of the tenancy to confirm that it’s accurate. Check it carefully and question anything that you do not understand. At the end of the tenancy, the same document is then used compare the state of the property and on the findings of this comparison the deposit is then awarded appropriately.

10The end tenancy process

There are strict timescales involved in ending a tenancy. This starts from the date notice is served which is usually one or two months, depending on what has been agreed.

Once notice is served the clock starts ticking. The date you leave will be agreed and the agent will put the wheels in motion. If the property is put back on the market, viewings may take place so it’s important to keep the property looking nice for them to show round prospective new tenants.

If an inventory was compiled when you moved in, the inventory clerk will meet you at the property on your last day to conduct the check-out process and at that point you surrender the property back to the agency by handing over your keys. From that point on you will not be allowed to return to the property. The agent will then be in touch with you within 10 days of that date to arrange the return of your deposit if there are no deductions. If, however the landlord wishes to make deductions from your deposit, there will be a set procedure for that to take place. Details of which can be found on the website for the deposit scheme that is being used.

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INFORMATION FOR TENANTS 

When renting a property, there are various costs that you will need to take into consideration when making an offer. 

BEFORE YOU MOVE IN 

Advance rent: Rent is usually payable in advance for each tenancy. You will therefore need to pay, as a minimum, the first months’ rent prior to the commencement of your tenancy, although the amount payable may differ dependent on the terms of your tenancy. 

A refundable holding deposit. you will be required to pay one weeks rent and this will be either returned or offset against the refundable tenancy deposit within 7 days, or up to a maximum of 15 days. This is required in order to submit your offer to the landlord. If accepted this amount will be deducted from the total monies due. The payment is refundable if your offer is not accepted.

   

Deadline for agreement if a tenancy has not yet been entered into. Locus Estates will retain the holding deposit if the tenant provides false or deceptive information which affects Locus Estates decision to rent the property to the prospective tenant, if the prospective tenant fail a right to rent check, or if the prospective tenant withdraws from the agreement. 

A refundable tenancy deposit. Five weeks’ rent 

Changes to the tenancy agreement at the tenant’s request. In the event to make changes to a tenancy agreement A tenancy swap fee of £50 (inc. VAT) plus any reasonable costs incurred if higher, will be payable by the tenant. Please note that Tenancy Swaps are subject to the landlord’s consent and reference approval. 

Default Fee - early termination of tenancies. Early Termination of Contract at the tenant’s request: In the event that you wish to leave your contract early, you will be required to pay the landlord’s costs in re-letting the property as well as all rent, council tax and utilities due under the tenancy until the start date of the replacement tenancy. The costs will be no more than the maximum amount of rent outstanding on the tenancy. 

Default Fee - late payment of rent. Locus Estates may only charge tenants a default fee of interest on rent that is 14 days or more overdue. The fee will not exceed interest of 3% above Bank of England's base rate for each day that the payment is outstanding. 

Replacement of keys or other security devices in the event that any keys or other security devices are lost and need to be replaced, you will be required to pay the costs of replacing them. If the loss results in locks needing to be changed, you will be required to pay the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s). If tenants require copy of the keys outside working hrs they will need to pay the reasonable delivery cost for the keys to be delivered to the property address.

TENANT PROTECTION

LOCUS ESTATES  is a member of UKALA (The UK association of Letting Agents) membership number : 190813, which is a client money protection scheme, and also a member of The Property Ombudsman Scheme MEMBERSHIP NUMBER : D12308 which is a redress scheme.

 

Letting Fee Information

The asking rent does not include letting fees. Our standard administration fee (which covers general administration and preparation of paperwork) is £xxx (£xxx+VAT). A security deposit, usually equivalent to six weeks rent, is also payable.

Depending on your circumstances and the property you select, one or more of the following may also be charged to you upfront;

Fees may be charged on a per person or per property basis, please call us on 020 7249 2004