When you decide to look for a property to rent, you should bear in mind the following:
1. The monthly rental payment would not normally include any utility bills or council tax, these can soon mount up so work out your monthly costs carefully.
2. An agent would expect each proposed tenant to complete a credit reference form. A charge would be made for this. Generally you would need to show an income of 30 times the monthly rental, ie: monthly rental is £500 so annual income would need to be £15,000.
3. An agent would take an administration fee or sometimes known as holding fee to secure the property you have chosen to apply for. This fee would not be refundable should you fail your credit references, so it’s best to be up front with them if you think your credit history may be poor.
4. The agent will ask for ID (including a photograph) for each proposed tenant.
5. An Assured Shorthold Tenancy Agreement is normally fixed for the first six months, and each tenant is ‘joint and severally liable" with the other tenants named on the agreement.
6. The first month’s rent is always paid in advance, and is due calendar monthly
7. A security deposit is taken against the property at the start of the tenancy and is either held by the agent and logged into a protected Tenants Deposit Scheme, or is processed to the landlord who will also need to log into a Tenants Deposit scheme. This security deposit will be held for the duration of the tenancy against any property dilapidations. It cannot be used as a rental payment during your tenancy.
8. A landlord is required to serve you two months notice on or before a rent due date, should he/she wish you to vacate the property.
9. A tenant is only required to give one months notice on or before a rent due date, when he/she wishes to vacate the property.
10. We would recommend that you take out contents insurance which would also cover accidental damage to any of the landlord’s items.
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