As soon as a suitable property has been found, you will need to complete reference application forms. We utilise the services of a credit-referencing agency to take up the following references, here is an example of just a few of the references sought:
A holding deposit of £750 (not subject to VAT) will be required at the same time as the administration fee (below).
This is in order to reserve the property and remove it from our availability list. The holding deposit will be deducted from the first months rent due.
*The Agency fee is payable per tenancy and covers the cost of reference checks, agency administration costs, tenancy agreement and pre-tenancy documents.
1. The holding deposit is taken to reserve the property for 7 days and is subject to satisfactory reference checks. By reserving the property, London Homes Residential Ltd agrees not to show the property to any other interested party. We cannot however guarantee that other agents who may be advertising the property will not carry out viewings.
2. It is a non-refundable deposit and therefore will not be returned should you decide to withdraw from the proposed tenancy for any reason whatsoever.
3. This is a non-refundable deposit, in the unlikely event that false information is provided by prospective tenants.
4. This is a non-refundable deposit if the applicants are unable to comply with the Immigration Act 2014 by providing relevant documentation.
5. The deposit is non-refundable if the Landlord is forced to withdraw as a result of you failing to meet the required criteria to pass referencing by our chosen referencing agency.
6. If the Landlord decides to withdraw from the proposed tenancy for any reason other than those mentioned in points 2, 3, 4 and 5 above, the deposit will be refunded, less reference costs £50 + VAT per person.
The holding deposit shows good faith on the part of a prospective tenant enabling the landlord to take further action in the confident knowledge that the applicant is serious and fully committed to the property:
All administration/reference fees are due at the start of the application process once the offer has been verbally agreed and will secure the property for you subject to satisfactory references being received on behalf of all applicable tenants .
The administration fee covering preparation of the tenancy documentation and any other contract/administrative paperwork is £250.00 plus VAT per tenancy, £375.00 plus VAT in respect of a Company Let, and £50.00 + VAT per applicant per reference application.
Should a guarantor be required then a further £50.00 + VAT payment per guarantor will be required.
PLEASE NOTE THAT SHOULD YOUR REFERENCE APPLICATIONS BE UNSUCCESSFUL THEN THE REFERENCE FEE/S IS NON REFUNDABLE.
It is imperative that you disclose all relevant facts that may adversely affect your reference outcome, prior to entering into the above. It may save you money.
Both the Landlord and tenant/s will be required to sign a tenancy agreement prior to the tenancy commencing, the agreement outlines both tenant and landlord obligations.
Generally, most tenancies run for a period of twelve months, we will contact you at the end of the tenancy to see whether you wish to renew your agreement for a further period and will liaise with the landlord to organise the documentation. It is important you note that the agreement is made between landlord and tenant, we act for the landlord only.
By legal requirement we will issue you with a sample template agreement which we ask you read very carefully, should any questions arise regarding this legal document we advise you to seek independent legal advice.
Once a moving date has been agreed and references have all been approved by the landlord, the tenancy agreement will need to be signed by all parties and the initial monies in full will become due less any holding deposit previously paid:
This is made up of the following:
The above monies need to be in a cleared form before the tenancy is able to commence, payment by means of either a bankers draft, cash or paid directly into our client bank account and showing as cleared.
We do get instructed to fully manage some of our landlordís properties, if this is the case, with your tenancy we will inform you prior to your tenancy commencing. If we are managing then any faults with appliances or problems within the property will need to be reported to us and we will deal with the problem as quickly and efficiently as possible. Failure to report an ongoing problem may turn the onus onto you; please report any problems you feel need attention.
Rental payments are always made by standing order from the tenantsí bank account to the landlordís bank account, with the exception of managed properties whereby the rental payment is made to us.
To terminate your tenancy subject to term, you will normally be required to give us at least two-month notice to end tenancy subject to contract, unless otherwise specified in your specific tenancy agreement.
The responsibility for your belongings are down to you, you must ensure you have adequate contents insurance, the landlord accepts no responsibility and cannot be held responsible for any loss or damage to tenants possessions.
A well-prepared inventory and check-in report protects landlords and tenants alike, providing an accurate description of the condition and contents of a property at the start of a tenancy.
The condition of the property and its contents at the end of the tenancy is then compared back to this report in the form of a check-out report. The inventory clerk will also provide an opinion on whether any damage that has arisen during the tenancy is attributable to the tenants, to Ďfair wear and tearí or to the landlord as required maintenance.
It is in a landlordís interest to ensure that inventories are prepared for properties that they own. In the worst case scenario, should you end up in court, the judge will tend to look more favourably on an impartial, unbiased inventory prepared by a third party unconnected to either the landlord or the tenants. Inventories prepared by landlords could be viewed as biased and one-sided.
Normally an inventory of the property condition, furniture and fittings and effects will be prepared by the landlord, or an independent inventory clerk instructed by the landlord prior to the tenancy commencing. The tenancy is checked and agreed between the tenant and the landlord at the tenancy commencement.
When your tenancy ends, an inspection of the property will be carried out, either by the landlord or an independent inventory clerk instructed by the landlord.
The responsibility for the property lies with the tenant during the period of tenancy, always ensure that the property is fully secured and that during the winter months steps are taken to prevent freezing of the water and heating system.
If we are instructed as managing agents for your property, we will carry out quarterly inspections to assess the condition of the property and that everything is being kept in a satisfactory condition. We will always arrange this with you at a mutually convenient time.
It is the tenantís responsibility to inform the utility companies of their occupation of the property at the commencement of the tenancy, and to pay council tax to the local authority. Students, who may be exempt from the payment of council tax, are responsible for informing the Local Authority of this.
Wherever applicable VAT will be charged at the current VAT rate.