Are You Ready to Rent?
If you're looking to rent, it can save time and possibly even money, if you're familiar with the process and have everything prepared up front. So what should you expect to have to provide if you're looking to rent through Brittons Lettings so that everything is as smooth and as efficient as possible?
1) Tenant Details
If you're interested in a property, the first thing we need to know is who'd be living in there. We don't want to waste your time or money progressing an application for a property that isn't right for you. In some cases it may be to make sure that the property wouldn't be overcrowded. In other cases we need to ensure that letting to sharers wouldn't make the property subject to HMO requirements.
2) ID and Proof of Right to Rent
This is required by law.
The exact requirements will depend on whether you're a British or Irish citizen or a foreign national. We need to see photo ID, provided in person and evidence of your current address. If you are not a British or Irish citizen we would also need your share code or evidence of your immigration status. More information can be found here: https://www.gov.uk/prove-right-to-rent.
3) Proof of Affordability
Referencing is important to ensure that you can manage the rent and proving your affordability if central to this. Referencing providers look for a proveable annual income that's 2.5 times the annual rent. Income can come from employment, self-employment, pensions, investments or some benefits.
To make the process as efficient as possible, it's beneficial to alert your employer that you will need a reference from them or to have proof of your income from your business if you're self-employed.
It's also worth working out how much you would be comfortable paying when you're conducting your property search.
4) Anything That Could Come Up on a Credit Check
If you have any issues with your credit history, especially if you have any unspent CCJs, it's best to disclose them up front. They will come up with the credit check and if you've failed to disclose any information that results in the landlord withdrawing from the tenancy, you will lose your holiding deposit.
5) A Guarantor (Maybe)
If you do have issues with your affordability or credit score, we may ask for a guarantor. They will need to be able to prove that they have a stable income of the equivalent to at least 3 times the annual rent, have a clear credit history and can afford to cover your rent should you default on payment. It is essential that they understand the responsibilty of this, so it's best to have a conversation in advance or any specific request.
6) A Previous Landlord Reference
If you've rented before your previous landlord or letting agent will be contacted for a reference. Again, it's best to be prepared with details and to give the referee advance notice to make the application process as smooth as possible.
7) A Holding Deposit
This is the equivalent of 1 week's rent and secures the property whilst the referencing is carried out and the tenancy agreement is drawn up. As a letting agent we cannot accept multiple holding depsits simultaneously on the same property, which gives you peace of mind, but it also means that we would expect you to process your application as quickly as possible. Delaying an application may result in your application being terminated and your holding deposit retained.
This payment is returned to you (or more often, allocated towards your first rent and security deposit) once the application process has been successfully completed and your tenancy is ready to start.
8) A Security Deposit
This is usually the equivalent of 5 weeks' rent and cannot be a penny more. This needs to be protected in a Government-approved scheme (we use the TDS Custodial Scheme for our fully-managed tenancies) so we request payment to be received in cleared funds prior to the start of your tenancy.
You will receive a deposit protection certificate and prescribed information so that you can claim this back at the end of your tenancy.
9) You Initial Rent Payment
Rent should be paid by bank transfer and we request that tenants set up a standing order for repeating payments. As with the security deposit, we ask for your inital payment to be received in cleared funds before you collect the keys to your new home.
Having funds in place to pay for your holding deposit, security deposit and rent can help your move run smoothly and avoid any delays.
If you've got any questions about applying for a property or renting more generally, get in touch. It can be confusing, but we're here to help.
