HOW IT WORKS IN DETAIL
Whilst most new tenancies are straight forward to set up, usually taking around a week, there are processes that we have to follow, some of which are legal.
Here's how it all works in detail and some information you should be aware of.
STEP 1 RESERVING A ROOM
To reserve a room, we require a holding deposit.
In accordance with the Tenant Fees Act 2019, we are not allowed to charge a holding deposit of more than 1 week's rent, therefore depending on the rent, the holding deposit usually equates to around £100.
Once we have received your holding deposit, we will take the room off the market and cancel any other viewings.
Rooms are reserved on a first come first served basis.
If your referencing (Step 2) is successful, your holding deposit will be credited against your upfront rent (Step 3).
STEP 2 - REFERENCING
This is usually the longest part of the process taking around 3-5 working days, but it can take less time as it ultimately depends on how quickly you provide the information required.
You must meet certain tenant referencing criteria to be accepted for a tenancy. The basic criteria is:
Prove an income of at least 30x the monthly rent
Have no active CCJ’s or IVA’s
Provide a positive employers and landlord reference (where applicable)
Provide appropriate ID to prove your right to rent in the UK
If you do not meet the above criteria, we may ask for a guarantor (if we have not asked for one already) who must meet certain guarantor referencing criteria.
You can view further details and FAQ’s here.
STEP 3 - TENANCY AGREEMENT & RENT
Upon your referencing being successful, we will send you a tenancy agreement (and your guarantor a guarantor agreement where applicable) for your review and signature.
We would have by now discussed with you the amount of rent required upfront and this will be stated in your tenancy agreement. Your upfront rent must be received in full before your tenancy start date.
Ongoing monthly rent is required to be paid by direct debit on the first day of each month.
STEP 4 - TENANCY DEPOSIT
Tenancy deposits are required so that the landlord is protected against any rent arrears or damages throughout your tenancy. However, there are now deposit replacement schemes available making it more affordable for you to move whilst offering the landlord the same protection. The deposit replacement scheme we use is called Ome.
We provide two deposit options:
A refundable 5 week cash deposit that will be legally protected by Tenancy Deposit Scheme
A deposit replacement using Ome costing just £5 per month (we will set up your account for you)
STEP 5 - MOVE IN
On your tenancy start date, will meet you at the property to conduct an Inventory and Schedule of Condition Report for the room and hand you the keys!
YOU CAN START ENJOYING YOUR NEW HOME!