Renting your home
Renting a home is a big decision and the professionals you choose to support you in the process are crucial.
Renting Your Home with Michael Rhodes
Summary of payments and requirements due at the start of a tenancy:
The renting process
Find out what you need to know about renting your next new home, including what information you need to provide, referencing checks and deposits.
Initial Tenancy Costs:
Summary of payments and requirements due at the start of a tenancy:
1. References References will be required from your current employer, previous landlord(s), and, in some cases, your bank. A credit check will also be conducted. Please note that a guarantor may be required in certain circumstances.
2. Holding Deposit A holding deposit equivalent to one week’s rent is required. This amount may be retained if:
- You fail the Right to Rent check;
- You provide false or misleading information that impacts the landlord’s decision to let the property;
- You withdraw from the application process or fail the referencing process.
- You fail to take reasonable steps to enter into a tenancy agreement.
3. Security Deposit A deposit equivalent to five weeks’ rent is payable before the tenancy begins. This deposit is refundable at the end of the tenancy, subject to any deductions for damage or rent arrears.
Default charges Unpaid Rent Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid.
Change of or vacating sharer. A charge of £50+VAT or any reasonable costs (if greater) if you request a replacement tenant or an existing tenant vacates. To contribute to the costs of obtaining the Landlords permission, referencing, Right-to-Rent checks, deposit registration, and preparing and executing the replacement agreement. Lost Keys. You will be liable for the actual cost of replacing any lost keys. If as a result of the loss, locks also needing to be replaced, the actual costs of carrying out the replacement, replacement lock and keys for the Tenant, Landlord and any other persons requiring keys will be charged to you.
Rent Payments Rent is payable in advance and must clear into our client account by the agreed rent due date. In the event of an overpayment, any excess amount will be refunded. If rent is paid late, interest may be charged in accordance with the terms outlined in your tenancy agreement.
General Conditions of Tenancy
1. Pets – Tenants may be prohibited from keeping pets at the property if good reason is given.
2. Smoking – Landlords may request that tenants refrain from smoking inside the property.
3. Utilities – Tenants are responsible for the payment of all utility bills including Council Tax, Water, Gas, Electricity, and TV Licence, where applicable.
4. Insurance – Tenants are encouraged to obtain contents insurance to protect both the landlord’s belongings (against accidental damage) and their own personal possessions.
Terminating Your Tenancy
The following outlines the process when ending your tenancy:
1. End of Tenancy Inspection – Upon vacating the property, a final inspection is typically carried out by an independent inventory clerk to confirm that the property has been returned in a clean and satisfactory condition, taking into account fair wear and tear.
2. Early Termination – If you wish to terminate your tenancy before the end of the fixed term and the landlord agrees, you will be responsible for:
- The landlord’s reasonable re-letting costs.
- Paying rent and utilities until a new tenancy commences or until the end of your current agreement, whichever comes first.
- Ensuring the property is kept safe, secure and in good condition as per the terms of your tenancy agreement until a new tenancy commences or until the end of your current agreement, whichever comes first.