Moving home whether you are renting or buying can be a minefield, within this article there is some advice which will help you understand the process involved and anything to look out for before you sign the tenancy agreement. The process involved in finding a rental property is very similar to searching for a sales property, one exception being the properties tend to have a fast turn around time, especially the good properties in good areas.
This article doesn’t focus on the property search and therefore assumes you have done the ground work for looking for a property using the internet and property portals such as
www.rentright.co.uk who advertise rental property throughout the UK. Once you have found a property there are a few key areas you need to be aware of, and should be prepared for in order to ensure a smooth flow and continuity with the completion phase.
Holding Deposit Often, but not always, you can be asked by the letting agent to provide a holding deposit to secure the property and in effect this shows you are serious about moving in, this process holds the tenancy and takes the property off the market. When you hand over the money to the letting agent ensure you get a receipt to prove you have supplied the funds in case of dispute. The holding deposit is usually non refundable should there be a problem with the moving process, so you need to be sure you can meet all the necessary requirements.
During this holding period the agent/landlord will carry out a series o checks against your references, credit checks and preparing the tenancy agreement. If there are no problems and the tenancy agreement is signed and the moving process goes through without problem the holding deposit paid will form part of the security deposit.
Personal References
It is common when applying for a rental property to need character references and to supply details of the previous address you were living. If you are moving from a rental property to another one then the letting agent or landlord will need details of the previous landlord or letting agent to check against you in terms of whether the rent was paid on time, how you looked after the property and if there were any complaints or problems. It always pays to treat a rental property as you would if it was your own home to ensure you do not get any future problems with renting again.
Security Deposit When you move into a rental property it is standard policy for the tenant to provide a security deposit or bond and this is used to cover any issues on move out relating to the condition of the property that may have arisen during you tenancy period. It is now a legal requirement for the letting agents to hold the security deposit in a separate bank account in what is known as a Tenancy Deposit Scheme. Usually the security deposit for the property will be equivalent to one or one and half months rent, this can vary depending on where you want to live and the type of property. The
letting agents will make you aware of the deposit size either before you move in or within the initial advertising of the property. It is important to gather information on which of the tenancy deposit schemes the letting agents use as this is a legal requirement, and if they do not use on then you are best to find another property with another agent.
Supplying Rent on Move In It is usual for the rent payments on a property to be made one month in advance and on the day you move in to the property you will need to supply the security deposit and the one months rent, so before you start your search for a property to rent make sure you have the funds available. If you are moving into a furnished property the landlord or letting agent will create a checklist or inventory which needs to be carefully checked through by yourself before you complete the move in process. If there are any problems with the inventory flag them before you sign the tenancy agreement, one you have signed and you find an issue it may be hard to resolve.