If you are considering renting a property, our team at Mark Hart Real Estate are trained professionals and we are here to guide you through every step of the process.
Below is our guide to successfully renting:
Work out your realistic budget
Arranging your finances is the most important factor to consider before you look to rent a property.
Below are a few important factors we suggest you look into:
- Security deposit: Properties with an annual rent under £50,000 can request up to 5 weeks rent, properties worth over £50,000 6 weeks
- Rental costs: How much can you afford to pay alongside bills and other expenditures while still having money left over?
- Household bills: This includes council tax, telephone, gas and electric to name a few.
Register your interest
Please get in contact to register your details and property requirements with us!
We will spend time getting to know you and understanding your requirements so we can match suitable properties to you. We will also check that you meet our six-point-criteria:
Adequate income (30 x monthly rental amount as annual household income) or savings, good credit history; positive previous landlord references (if applicable); positive character references; right to legally reside in the UK; and availability to move in within a suitable time frame.
Finding the right property and conducting viewings
Our website and social media pages are updated with properties to rent before the property portals and our staff often have advanced knowledge of future listings before they reach our site so don’t be surprised if we call you to let you know about an ideal property before we have even taken pictures.
Viewing properties can be an exciting experience, and will help you to make a list of features you absolutely need so that you can base your decision on what you know is important.
Holding deposit
Once you have found that perfect property and your offer is accepted, you will be required to pay a holding deposit equivalent to one week's rent. The deposit will secure the property for you, and we will stop further viewings on the property. The holding deposit is refundable or acts as a down payment towards the dilapidations deposit or the one month’s rent in advance upon entering an Assured Shorthold Tenancy.
Your holding deposit payment will be forfeited should you fail to comply with the terms set out within your holding deposit document.
Referencing
Once you have placed your holding deposit, reference checks to establish your identity, place of work and earnings will commence. We will confirm your right to reside in the UK and to avoid any delays in your application process, you should declare whether you have any unsatisfied CCJs or bankruptcies.
We will provide you with a full list of documents that we will require from you to complete these checks.
Your Tenancy Agreement
Once satisfactory references and checks have been completed, we will arrange for the tenancy agreement to be signed. This is typically completed through a secure electronic signature platform for your convenience.
The tenancy agreement is a legally binding document that outlines the rights and responsibilities of both the tenant and landlord throughout the tenancy.
The Tenancy Deposit
Before the tenancy agreement is executed, you will be required to pay a tenancy deposit.
Please note: The tenancy deposit may be collected prior to the tenancy agreement being executed. The first month’s rent will only be collected once the tenancy agreement has been fully executed by all parties and the tenancy has been formally entered into.
The tenancy deposit protects the landlord against unpaid rent, damage beyond fair wear and tear, or breaches of the tenancy agreement for which the tenant is responsible.
For properties with an annual rent below £50,000, the tenancy deposit is capped at five weeks’ rent. For properties with an annual rent of £50,000 or above, the tenancy deposit is capped at six weeks’ rent.
The deposit will be protected within a Government approved tenancy deposit protection scheme, such as the DPS (Deposit Protection Service) or the TDS (Tenancy Deposit Scheme), in accordance with current legislation.
This, combined with a detailed inventory and check-in/check-out process, helps ensure that any proposed deductions are fair, reasonable, and supported by evidence at the end of the tenancy.