STAGE 1: THE APPLICATION
Each person moving into the property over 18 years old must complete an application form, even if they are not going to be responsible for paying rent. These checks will be processed by an independent referencing agency.
The cost of an application is:
£90.00 + VAT (£108.00 including VAT) per applicant/guarantor for the first two applications/guarantors, and then £50 plus VAT(£60) for each applicant/guarantor after that.
Company lets are £100 plus VAT (£120).
*All application fees must be paid at the time of submitting the application forms and is non-refundable*
*The submission of a referencing application is not a guarantee of tenancy*
Fees can be paid by cash, bank transfer, cheque or card. Please note there is a 3% charge for credit card payments.
With your application we will require two proofs of identification not older than three months old. One photographic (e.g. passport/driving licence) and one proof of address (e.g. Utility Bill, Council Tax, or Credit card statement)
To pass the affordability aspect of the credit check you will need to be able to show a yearly income of 30 times the monthly rent. For example, for a rent of £500 the income would have to be £15,000. This may include some types of benefits, if the landlord agrees. All proof of benefits must be submitted with application forms.
Once we have received the application forms and fees will take the property off the rental market until we have the results back. In certain circumstances a Holding Fee may be requested. This is non-refundable fee which will remove the property from marketing for specific length of time. If the move-in takes place, this fee can be transferred for use towards the rent. If the move in does not take place through no fault of the Landlord, then the fee will be paid to the Landlord as compensation for loss of marketing time.
Once the results of the credit checks have been returned to us we shall inform you and the landlord of the results. If the results show that you need a guarantor you will need to have someone who is willing to act as a guarantor. They will need to fill in a form and they will need to pass a credit check. They will have to be able to prove an employed yearly income of 36 times the monthly rent. For example, for a rent of £500 the guarantor would have to earn £18,000. Please note: benefits cannot be included for this income. A final decision as to whether or not a tenancy can proceed will depend upon the responses received and a consultation with the landlord.
STAGE 3: PAYING THE DEPOSIT AND FIRST MONTHS RENT:
A deposit and first months rent is required for all tenancies and must be received by us as cleared funds prior to the move in date. The keys will not be given to you if the funds have not cleared.
Bank transfers are our preferred method, but please allow 3 days for it to clear. Cash can also be brought to the office on the day you are checking in. Other methods include card payments and cheques. For these methods please allow at least 7 days for these payments to clear. Timescales may vary between banks so please check with your own bank for details.
The deposit is usually £100 more than the rental value, but this may vary. If the landlord wants us to hold the deposits they will be registered with The Dispute Service (TDS). Full details are available on request and are included in the Tenancy Agreement. For Landlords that have their own scheme we will give you the details of the scheme on request and details on how to pay.
Inventory Fee: For properties managed by us, there is an additional one-off fee of £55 +VAT (£66) for an inventory. This will help with any disputes that may arise between the tenant and landlord at the end of a tenancy. It is a comprehensive document and an example can be shown to you on request. This one-off payment is due prior to the move-in date.
STAGE 4: MOVE IN
On the day you move in, we will meet either at the office or at the property to go through the paperwork. The documents you sign are legally binding so time should be taken to read and understand them. Examples of the tenancy agreements can be given to you prior to the start of the tenancy; however, this does not guarantee you a tenancy. After all documents are signed and the money has been received, you are given the keys and the tenancy will begin.
If you have any questions about any of the above stages please do not hesitate to contact us.