A Tenants Guide To Letting A Property With Living Residential
At Living Residential we let and manage a variety of quality furnished and unfurnished properties throughout North West, West and Central London for rent. As members of the Tenancy Deposit Scheme, all security deposits are held in a designated Clients Account and fully bonded.
Our site contains a constantly updated register of rental property. Click Here to see our latest list. In order to receive a regularly updated list of our available rental properties, please register and we will contact you with details of new properties to suit your specified requirements.
Please keep in mind that a range of rigorous checks on all prospective tenants will be carried out and we will require at least six weeks rent as a deposit and one month’s rent paid in advance. Should you be uncertain as to your suitability or have specific requirements, please contact us.
This guide is intended as a general overview to assist you when renting a property. We have set out below a few significant pointers to assist you.
YOUR OFFER – Once we have found you a suitable property, you will be in a position to make an offer to the Landlord for consideration. Please note that any offer you make would be subject to you fulfilling our reference criteria.
At this point, you will be requested to provide a HOLDING DEPOSIT (this is equivalent to 2 weeks rent) which holds the property for you. However, if the Tenancy Agreement is not signed by you on the agreed said date stated on the Holding Deposit form, the Landlord reserves the right to re-offer the property. In these circumstances or, should your references prove unsatisfactory, or you decide you no longer wish to rent the property the Holding Deposit would be non-refundable.
AGREEING THE LET- As soon as your offer has been accepted by the Landlord, we will apply for references and draw up the relevant documentation which will form the basis of the agreement between you and the Landlord.
You will be expected to provide:
IDENTIFICATION/PROOF OF RESIDENCY
All tenants must show proof of who they are. Only the following forms of identification are accepted:
Full driving licence
You will also be required to provide the following references:
Previous Landlord Reference (if applicable)
Three months payslips
Two to three months bank statements or bank reference
If you are self employed you will be required to attain the above plus and accountants reference and a solicitors reference (if applicable)
For all company lets, we will require a reference from the company and its accountant and solicitor.
Occasionally, a GUARANTOR will be required. For example, you are a student or if your income is not sufficient to cover the rent and your living costs.
Please note that the same criteria applies to the guarantor and, furthermore, the guarantor must earn the equivalent of 3 times the yearly sum of the rent, be in full time employment or be able to prove by bank statements that they have “independent means”.
The guarantor must be aware that they will stand as guarantor for you, (and your partner if you are moving in to the property with some one else), for the entire occupancy of the property, not just for the period of the initial tenancy term.
TENANCY AGREEMENT – Once your references have been approved we can email you a draft contract for your perusal. We will then arrange an appointment for you to visit our office to sign the Tenancy Agreement. The Landlord will also be asked to sign their copy of the document.
RENT AND DEPOSIT – You will be required to pay the full deposit, initial rent and any other costs in cleared funds before or on the date the Tenancy Agreement is signed. The payment can be made in the following ways:
Debit or Credit Card (not American Express)
Cash (but not to exceed £5000.00)
The deposit is required for the full tenancy against loss, damage or charges payable at the termination of the tenancy. Whilst this is usually the equivalent of 6 week’s rent, this may vary, therefore we suggest that the actual amount is verified when you sign the Holding Deposit/Run Down of monies form. The deposit will be held by either Living Residential in their designated clients’ account and is fully bonded by the TDS (this is only required for all properties rented up to £480pw) or by the Landlord (in the case of properties rented up to £480pw the landlord will be required to insure the deposit with one of the Tenancy Holding Deposit Schemes). It is returnable in full at the end of the tenancy subject to final inspection of the property and it should be noted that deductions will also be made for cleaning should the property (and garden areas) not have been left in a satisfactory condition plus all utility bills have been paid in full.
Rent is normally paid monthly in advance (but can also be agreed to be paid quarterly or every 6 months) commencing on the first day of the tenancy and then on the same day each month thereafter. The preferred method is by bank standing order.
Charges- You will also be charged a contract fee which will be confirmed on the holding deposit/run down of monies form. You will also be charged for an inventory.
CHECK IN AND CONDITION REPORT - If we have been instructed by the Landlord, a Condition Report will be prepared of your new home and a convenient appointment will be made with the Inventory Clerk to carry out a Check In report to coincide with your move in day.
All information is provided in good faith. It does not replace the advice of a qualified legal advisor. We will accept no responsibility for any inaccuracies.
OTHER POINTS OF INTEREST:
1. The Tenant will be responsible for insuring their own possessions
2. The Tenant will take over all utilities such as Gas, Electricity, Water/Sewage charges, Council Tax & Telephone (where applicable) upon moving into the property and will be responsible for contacting the relevant suppliers accordingly prior to commencement of the tenancy.
3. The Landlord is responsible for any repair/maintenance problems to appliances etc. but the Tenant is responsible for any breakages which should be reported immediately.
4. Decoration of the property must only be done with your Landlord’s permission
5. No pets are allowed unless the Landlord has given consent
6. Reasonable notice should be given in the event that the Letting Agent or Landlord wishes to inspect the property outside pre-agreed times. It is usual for the Agent to inspect the property at least twice during the term of your Tenancy and the Tenancy Agreement should cover this eventuality.
7. Most lets are for 12 months, although some Landlords may consider shorter terms of say 6 months.
8. Should you wish to quit your Tenancy earlier than the agreed term, you will be liable for all rent until the end of the agreed Tenancy. However, it may be worth considering negotiating a BREAK CLAUSE with the Landlord which, for example, could entitle you to give notice after 4 months.
In this case, you would only be liable for the rent for the notice period of 2 months, releasing you from the remaining 6 months of a 12 month Tenancy.
9. Letting agents generally encourage Landlords to employ a professional inventory agent to conduct the inspection and produce a report as to the condition of the interior at the beginning of the Tenancy and again at the end but this is not obligatory. In most cases, the deposit will be returned once any damages are ascertained by the Tenant/Landlord/Inventory Clerk and appropriate deductions agreed.
10. The most common type’s of Tenancy Agreements are the Assured Short Hold (for properties rented up to £480pw) or a Contractual Contract (for all properties rented above £480pw) used for 6-12 month lets and usually takes the form of a standard contract between both parties.
However, should any “extras” be agreed such as certain furnishings to be provided by the Landlord, you should ask that an extra clause be added to the agreement to this effect. It should be noted that the landlord is not obliged to carry out promises so it is important that your requests are documented.
11. The Letting Agents will deal with the property viewings, references, agreements and getting you moved in. If the agent has been instructed to manage the property then you will normally report any repairs or queries to them. If not, then you will deal directly with the Landlord.
12. The Letting Agent, whilst acting for the Landlord, operates within accepted guidelines in the industry to ensure that you are able to rely on a professional letting agent taking your concerns seriously and advising the Landlord if they are being unreasonable. In this regard, you should be assured that the property conforms to all safety regulations and is fairly priced.
13. You require a professional service and, as such, Living Residential is a member of a recognised body such as Ombudsman for Estates Agents and the TDS (tenancy deposit scheme). This ensures that professional standards are met, for example, the correct Tenancy Agreement is used; proper procedures are in place for reporting and dealing with repairs; safety checks are conducted and a bonding scheme is provide to protect your deposit.