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Guide to renting

PRE-TENANCY

 

1. MAKING AN OFFER

Once you have found a property that you would like to rent, we will liaise with the landlord to

negotiate rent and terms. The minimum term for tenancies is 6 months and rent is usually

payable per calendar month in advance.

 

2. SECURING YOUR DEAL

Reservation Fee: £500.00 (also known as a holding deposit, meaning the property is taken off

the market and all viewings are stopped. Also this fee is offset against initial rent in advance)

Administration: Equivalent to 1 weeks rent (Preparation of the necessary paperwork prior to

the tenancy, such as Tenancy Agreement Preparation and references for all prospective

tenants)

 

3. REFERENCES

References will be taken on all tenants. We will use a credit reference agency and will need

you to complete a reference form within 24 hours of receipt and employment details will be

required as well. The tenant will be responsible for the cost of referencing as detailed below

in schedule of charges. In certain cases, e.g. students or new arrivals in the UK, we may

require a guarantor or 6 months’ rent in advance. References will also be taken on the

guarantor at an additional cost.

 

4. TENANCY AGREEMENT

When satisfactory references have been obtained, we will prepare a Tenancy Agreement

between the Landlord and Tenant. This must be signed by both parties prior to the

commencement of the tenancy. There will be a charge payable by the Tenant to cover the

administration costs involved and this is detailed below in schedule of charges. An example

Tenancy Agreement template will be available upon request.

 

5. BEFORE YOU MOVIN IN

Before you can move into a property, you must pay one calendar month’s rent in advance and

a security deposit of equivalent to six weeks rent. The deposit will be held us as a

Stakeholder or by the Landlord against any damage to the property (details will appear in the

Tenancy Agreement). The deposit will be returned after completion of the Check-out at the

end of the Tenancy, subject to the condition of the property and payment of all utility

accounts.

 

6. MOVING IN

There will usually be a Check-in inspection of the property with an inventory clerk before you

move in, to record the condition and contents of the property at commencement of the term.

The Landlord will usually pay for this. As a Tenant, you will be responsible for paying all

utilities, i.e. Gas, Electricity, Water, Council Tax, Telephone and TV Licence charges.

Therefore, you must register with the relevant companies unless the property is managed

then it will all be done for you.

 

DURING THE TENANCY

 

7. RENTAL PAYMENTS

We will arrange a standing order mandate for your rental payments, however it is the tenants

responsibility to check that payments have been set up correctly as the bank will not discuss

your account with a third party. Please note that where late rental payments will incur a

charge as detailed below in schedule to cover additional costs involved in rectifying the

situation.

If your rent payment is delayed by 7 days you will be send a reminder by post and immediate

payment will be required. Arrears Processing fee – £42.50 (per letter)

Tenants Guide to Renting

 

8. MOVING OUT

There will be a check-out inspection of the property with an inventory clerk when you move

out to record the condition and contents of the property at the end of the term. This will

determine the amount of the deposit to be returned after vacation. The charges for the check-

out are payable by the Tenant.

For any reason you wish to terminate your tenancy earlier than the term, you may be release

from it earlier only if the Landlord agrees and a replacement tenant has been found. Early

Termination & Change of Occupier fee – £850.00

 

9. RENEWALS

If you wish to stay on in your rental property after the end of your initial tenancy, we will

arrange a renewal for you, subject to the Landlord’s agreement. We will prepare a new

Tenancy Agreement for you and the cost of this will be discounted as detailed below in

schedule of charges.

 

10. COMPANY LETS

For a tenancy where the rent is paid by a company, please note this will not be an Assured

Shorthold Tenancy Agreement. As a result the Tenancy Agreement will need to be signed by

an authorised company signatory (usually a Director).

SCHEDULE OF CHARGES

 

HOLDING DEPOSIT – £500.00

When the terms have been agreed with the landlord for a rental property, the Tenant will be required to

make a holding deposit equivalent to two week’s rent to secure the deal. This amount will be deducted

from the first month’s rental payment. If you withdraw from the deal after this point, or references do not

meet our criteria, this sum will not be refundable and will be used to cover the administration costs

involved.

 

ADMINISTRATION COST

This cost will cover all tenant references (excluding guarantors), administration costs involved in

preparing the tenancy agreement. A discounted rate will be payable on any renewal or extension of

£100. Note that there will be an extra charge of £100 per guarantor.

 

DAMAGE DEPOSIT – 6 WEEKS RENT

A security deposit of six weeks rent will be required for all tenancies, payable in advance. Students will

be required to pay 8 weeks deposit.

 

LATE RENT PAYMENTS – £42.50

Where Maxwell Property Ltd. are responsible for collection of rental payments and/or management of

the property, late rental payments will incur a fee as above to cover the costs of recovering payment.

This charge is in addition to any interest or costs payable to the Landlord under the terms of the tenancy

agreement.

 

CHECK OUT FEE – from £100.00

The tenant will be responsible for paying for the Check-out fee for checking the inventory at the end of

the Tenancy. In other cases the fee will usually be deducted from the security deposit and the costs may

differ to those above. The cost will vary according to the size of property.

 

Early Termination & Change of Occupier fee – £850.00

  

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