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Guide to renting

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

payable per calendar month in advance.

2. SECURING YOUR PROPERTY

Reservation Fee: Equivalent to one weeks rent (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)

3. REFERENCES

References will be conducted for all prospective tenants. We will use a credit reference agency and will need

you to complete a reference form within 24 hours of receipt. Employment detail, proof of ID and address will be

required to commence references. 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.

Click here to see referencing guidance information.

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.

5. BEFORE YOU MOVIN IN

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

a security deposit of equivalent to five weeks rent. The deposit will be registered in the tenancy deposit scheme or held by us as a

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

Tenancy Agreement).

6. MOVING IN

Usually there is 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.

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 us 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 sent a reminder by post and immediate

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

8. MOVING OUT

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

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.

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

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

Termination fee – £850.00

9. RENEWALS

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

Negotiate and arrange a renewal for you, subject to the Landlord’s agreement.

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 – Equivalent to One Weeks Rent

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 one week’s rent to take the property of the market. 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.

DAMAGE DEPOSIT – 5 WEEKS RENT

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

LATE RENT PAYMENTS – £42.50 + VAT

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.

Early Termination & Change of Occupier fee – £850.00

Subject to landlord’s approval, successfully finding a replacement tenant and paying of the above we you may be able to terminate your tenancy earlier.

  

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