Thinking of renting a property?
Our 6 step property renting guide is designed to help lead you through the property rental process.
1. Register with letting agents
It is very important to register with local agents because not every property starts the marketing journey on websites, and those tenants already registered with agents will have the advantage.
Knowing exactly what you’re looking for, how much you are able to spend and being flexible, will help you in your search. Our local property experts will be able to advise you on everything you need to consider early on in the process.
Our tip: Focus on the essential needs and be clear on your maximum price.
2. Viewing properties
In today’s active and fast paced rental market, it’s important to work closely with agents, be flexible and available to view properties at very short notice. Use the time on a viewing to fully understand the property and its suitability, asking important questions to help you accept or dismiss it as a possibility. We recommend you take a moment to stand outside the property and even walk down the street.
Whether you like a property or not, give the agent as much feedback as possible as this will help them understand more about your needs and desires. Having seen a suitable property, it is important to make a quick decision.
Our tip: Don’t delay your viewing arrangements.
3. Making an offer
When you have seen a property that you like, it’s important to have done your research before making an offer. This includes knowing the local area, details about the property and the costs of renting and moving.
Once you are happy with all the information, contact the agent detailing your offer, including any required timescales and special requests you may have. The more information you can provide the agent, the quicker and easier it is for them to fully inform the landlord about your offer. A holding deposit will be required as a sign of your commitment to the landlord.
On occasion, due to high demand, multiple offers do occur, often through numerous agents. Should this happen, it is important to confirm all facts surrounding your offer, as the offer amount may not always be the overriding factor, especially if identical/near offers are received.
Our tip: Be prepared to increase your offer.
4. Offer accepted – progressing your tenancy
Acceptance of your offer will be put in writing by the agent once your holding deposit has been paid. It is important to check that all the information detailed is correct and as agreed as this will form the basis of your tenancy agreement.
Having had your offer accepted, the pre-completion process will now commence, including referencing and preparing the contract.
Our tip: Check the accuracy of all details noted on paperwork thoroughly.
5. The referencing process
Any specialist letting agency will tend to use a third party referencing agency who will carry out all aspects of the background checks required.
At Townends, we use a secure and independent specialist referencing agency, who will complete a detailed application assessment. The process will include an employer’s reference to confirm your income to rent ratio for affordability, a credit history check, confirmation of residency and a previous landlord’s reference (if applicable).
Once all checks are concluded a reference report is provided and this process is complete.
Our tip: If there is anything in your history to concern you, reveal it at the outset, as there is often a solution.
6. Signing your tenancy agreement
Having a thorough tenancy agreement that clearly outlines both the landlord and tenant obligations along with any other conditions that have been agreed is vital in order to protect all parties.
At Townends, we ensure that our tenancy agreements are always kept up to date and include the latest regulatory and legislative changes. As signing your agreement quickly is important, we help ensure this process is smooth and speedy by using a digital signing platform to allow the formal execution of the agreement to take place at the earliest opportunity.
Our tip: Read your tenancy agreement thoroughly, know what you’re signing.
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Preliminary Payment (Holding Deposit)
Once you have found a property and your offer has been accepted by the landlord, we will require a Preliminary Payment (Holding Deposit)
Between £500.00-£1,000.00 (depending on the value of the property), deducted from your final completion monies.
We handle all the paperwork and provide a tenancy agreement for you and your landlord to sign. The fee is based on the size of property, number of tenants and rental value:
Up to £1,500.00 pcm: £600.00 per tenancy
Up to £2,00.000 pcm: £660.00 per tenancy
Over £2,000.00 pcm: £POA per tenancy
Includes an employer’s reference to confirm your income to rent ratio for affordability, a credit history check, confirmation of residency and a previous landlord’s reference (if applicable).
£60.00 per person
Initial Move in Monies
All the initial move in monies and will need to be paid in cleared funds to us 3 days prior to move in.
The deposit will be protected as part of the tenancy deposit regulations; we use the industry renowned my|deposits. 6 weeks rent prior to moving into the property, this will be refunded to you at the end of the tenancy minus any deductions, if applicable.
Inventory Check In procedure
A convenient time will be arranged for you to meet with the inventory clerk to formally check you into the property. Prices vary according to size of property.
1 Bedroom: £145.00
2 Bedrooms: £155.00
3 Bedrooms: £175.00
4 Bedrooms: £190.00
5 Bedrooms: £210.00
Other fees that may apply
Within 5 working days or less
In the event that an appointment has been booked with you and you fail to be present at the agreed times without prior notification to us.
Renewing a tenancy
£100.00 administration fee per tenancy
Credit check at renewal
In some circumstances it may be a pre agreed requirement for a new credit check to be obtained at the point of renewal.
£60.00 per person
If you decide to move on and require for us to provide you with a reference for your new agent or landlord.
Tenancy Swap Fees
Administration: Covering contract negotiation, amending terms, updating the tenancy agreement during the tenancy and immigration and visa confirmation.
£300.00 per tenancy
Referencing: Referencing the new occupant, including identity, financial credit checks, obtaining references from current or previous employers / landlords and any other relevant information to assess affordability
£60 per tenancy
Note: All prices quoted are inclusive of VAT at 20%.
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