It can be a daunting task thinking about renting a property. How much will I have to pay? How long will the process last? How quickly can I move?
These are just some of the questions we get asked on a regular basis so we’ve created the step by step guide to understand the process.
Requesting a viewing
So, you’ve been online, you’ve found a perfect property, how do you go about securing a viewing for it? If you have found the property on one of the larger property search engine sites, they will have an option to ‘Enquire about’ simply fill in your details here and the agent should get back to you at their earliest convenience. If the property is ‘just added’ and you enquire during the evening it is worth following up your request with a phone call in the morning. Most agents will respond to email requests asap with a few simple questions to gauge if you are suitable for this property but if lots of other people have applied you might get lost in the mix. It is sometimes easier and quicker to just talk to someone, give your details over the phone and book a viewing there and then to get to the top of the queue.
The property market is so busy now, many agents are having to suspend viewings on some properties as interest is high, so time is definitely of the essence!
The viewing
Viewings are useful for both potential tenants and agents alike. It makes sense to write a list of any questions you would like to ask to ensure the property is for you. Take time to imagine your furniture in the property and how you would like to use the space, if you have a super king size bed but the master bedroom is small you are possibly going to need to compromise somewhere!!
Some agents will do online viewings but not all. Lots of agents like to meet potential tenants in person to get a feel for the person looking to rent and if they would suit the property.
If you are relocating to Newbury or the surrounding area it might be worth taking a week off work to come and stay in the area, get a feel of the place and line up some viewings while you are here.
It’s a yes from me!
The viewing has gone well, the property is everything you want it to be, the current advice is don’t hang around! If you are a couple, there is nothing wrong with asking the agents for a moment to discuss the property or to go and have another quick look around without the agent so you can discuss the pros and cons with each other. If it is a yes from both of you then express your interest with the agent there and then and ask what next steps should be taken to secure the property. Some agents will have an application form to fill in, others will simply contact the landlord on your behalf to discuss moving forward. It should be noted that often there is more than one party interested in a property and the decision on who gets it is made by the landlord so until you hear back from the agent to advise you that you have been successful, you are not quite out of the woods!
Congratulations!
The landlord has chosen you! To secure the property and get it taken off the market, you will now need to pay the holding deposit. Don’t hang around paying this, until it is paid, the property is still classed as available, and you could still lose out. The holding deposit is 1 weeks rent, your agent should advise you of how much this is but if you want to check you can afford it before proceeding with any viewings, it will be: Rent PCM x 12 divided by 52 = Holding deposit.
The referencing process
Most agencies use a separate referencing company to process your application. The referencing process itself is free, however, if you fail the referencing in most cases, you will not get your holding deposit back therefore it makes sense to ensure that you can pass the affordability requirement for the property before applying which is: Rent PCM x 30 should equal less than your annual wage or if you are only paying half the rent you only need to work it out using half the rent PCM.
If you are self employed, you will need to provide proof of earns either through bank statements of accountants’ books. If you have not been trading for long, you might be asked for a guarantor who will also need to be referenced and provide proof of income. You might also be asked for a Guarantor if you have bad credit history. If this is the case, it is not the end of the road by any means, and we can help you navigate this situation.
The referencing process will also ask for references from both your employer and your current landlord if you have one, as well as asking for your photo id (passport or Driving licence) to be uploaded. If you are from outside the UK, they will request your visa/right to rent details as well.
You’ve passed!
Once the referencing is complete and the landlord has looked through and accepted it, it is time for the agent to draw up the Tenancy agreement. Once complete a copy is sent to the landlord to approve. Once approved, it is then sent onto the tenant to read through and highlight any queries before coming into the agencies office to show your ID and sign the documents. This can be done before your tenancy start date if you wish to save time on that day but, it should be noted that keys for the property will not be released until the official tenancy start date. It is important to understand that the Tenancy Agreement is a legally binding document. If you have any queries, you should highlight these for more clarification before signing. You must also be aware that if you breach any part of the agreement during your tenancy, your landlord could serve you notice before the tenancy end date.
The final payment
Before the agent releases the keys, the outstanding funds will need to be paid in full and cleared. This will be the remaining part of your security deposit which will be another 4 weeks to be added to your holding deposit rent PLUS your first month’s rent in advance. If the property is left in the correct condition at the end of your tenancy, you will receive the Security deposit (5 weeks rent) back. You can pay these funds a few days in advance if you wish to ensure no hiccups and so that the agent can get your deposit registered with the DPS for you and your certificates printed out. You will not lose any money by doing this and your rent due date will still be the same date as when your tenancy started monthly.
It's finally here!
Move in day! You will need to go to your agent’s office to collect the keys for your new property at which point you will also receive a welcome pack with your tenancy agreement, DPS (Deposit Protection Service) certificates and any certificates for the property including the EPC (Energy performance Certificate), the EICR (Electrical Installation Condition Report) and a copy of the Gas Safety Report if applicable. Keep these safe as you may need to refer to them at some point.
And lastly – The Inventory check in
This would have been done a few days before your tenancy start date. It can take a week or so for the inventory clerk to write it up during busy times but once it is complete, we will send you a copy. You have 7 days from receipt of this document to highlight anything you feel has been missed and needs adding so it is worth spending just a bit of time having a check through as if defects are found during the check out at the end of tenancy you could be liable!
And that’s it! You’re in and it’s time to settle down and enjoy your new home!