Guide to renting
From your offer being accepted it generally takes around seven working days before move-in. Potentially all can be speeded up, but the clearance of funds is out of our control. Property tends to move quickly in the rental market and it is worthwhile making an offer as soon as you find a property that you like.
Choosing a property
See our available properties to give you a guideline as to the price of properties that are available. If you wish to view any of these properties contact our office to arrange an appointment. If we currently do not have a property that meets your requirements, please register your details and we will actively look for a suitable property through our large network of lettings agents.
There is certain administration costs that you will need to cover such as references, credit checks etc.
Once you have decided on a property and your offer has been accepted (all offers are Subject to Contract) a holding deposit equivalent to two full weeks rent will be required. If for any reason you decide not to go ahead by an agreed date or if your references are not satisfactory the agent or landlord will retain the holding deposit against any administrative costs. If the landlord decides not to proceed, then the holding deposit will be returned to you minus and direct administration cost. Paying a holding deposit in no way obliges either party to enter into the tenancy.
At least three references per person will be required. A UK bank or building society, employer, previous landlord or letting agent. If you cannot provide a UK bank reference, a UK resident can become a guarantor on you behalf OR a referencing agency may be used.
The Tenancy Agreement should be read carefully. It is a legally binding document between you and the Landlord, applicable only to you and the property you are renting. It will state the rent, the length of tenancy, your rights and what you are responsible for during the tenancy.
Security deposit (Bond)
The security deposit is generally equivalent to six weeks rent. Held against unpaid bills and dilapidations. If you have a pet, this security deposit may be increased to eight weeks. At no time can the security deposit be off set against rent. All deposits are insured under the Tenancy Deposit Scheme (TDS), 50% of the cost of insurance is charged to the tenant and 50% to the landlord.
You will be required to pay the security deposit and the first month rent in advance before you can move in. Payment must be in cleared funds i.e. Bankers-draft, Bank transfer.
Most tenancies are for a fixed term of 12 months; some tenancies do have a break clause, only if agreeable by the landlord. A typical Break Clause might allow a tenant to terminate the tenancy on sixty days notice after six months of the tenancy has being completed.
A key to each entrance will be provided by the landlord.
Rental payments will be paid by standing order. In most cases any rent that is overdue by seven days or more will be subject to an interest charge at a significant premium to the prevailing base rate and is chargeable from the due date. Any legal or administrative costs incurred in collecting late rent will also be charged to the tenant.
At the start of your tenancy your will be informed of who is managing your property for the duration of your tenancy. This is generally the landlord or agent. You will be given the appropriate number to call in the event maintenance is needed in the property.
A request for a renewal of tenancy will have to be put in writing 2 months (60 days) prior to the expiry of the tenancy agreement.
Ensure that you fulfil your obligations in accordance with your tenancy Agreement. You will need to arrange with a contractor to do a thorough professional clean of the whole property This will include all curtains, carpets, windows and linen.
End of tenancy checkout
At the end of the tenancy the inventory and condition report is checked against the signed inventory and condition report completed at the start of the tenancy. The cost of the checkout is borne by the tenant and will therefore be deducted from the deposit.
After an inventory checkout, provided there are no missing items or damage and all final bills are paid, your deposit will be returned shortly after you leave the property. You should note that most tenancy agreements provide that the property is professionally cleaned at the termination. You should not use the deposit against the last rent payment due as this will result in debt collection action, the cost of which will be payable by you in addition to any dilapidations.
This guide is for information only Hampstead Residential does not accept any liability for any losses arising as a result of relying on anything in this guide.