The Renting Process

Research your market

Get to know the in’s and out’s of the property market

  • Specialist property websites: There are a large number of sites available via internet search engines.
  • Estate agents: Many of these contain much useful information.
  • Land registry websites: There are a number of sites that will give access to real sale prices within an area as reported with the land registry.
  • Specialist residential development sites: A number of developments and blocks have their own web sites specifically dealing with issues relating to the development.
  • Local and general information: Such as that produced by the local authority and general sites dealing with individual areas and roads

Costs

  • Unless you choose to use a specialist home search or relocation company to find a property on your behalf you are unlikely to be charged a search fee.
  • Most rents are quoted weekly and paid monthly in advance: Figures are based on a calendar month. For example the way to calculate the monthly rent on a property at £350 per week is £350pw X 52 weeks in a year = £18,200 per annum divide by 12 months to get the monthly rent of £1,516.67.
  • Rents quoted do not include utilities or council tax.
  • Tenants are responsible for payment of Gas, Electricity, Water Rates and Council Tax.
  • Tenants are responsible for the costs of any telephone line rental and television license.

Insurance
The tenant is responsible for insuring their own possessions.

Upon finding a property

Once you have found a suitable property to rent, each tenant will asked to complete an on-line application form and pay a holding deposit of £300 for the property, in form of a Bank Transfer or Cash.

References

Tenants will be subject to reference checks carried out by a credit referencing agency undertaking detailed checks including employment and income information, current and previous landlord references along with credit searches. You will need to provide current and previous addresses for the past three years, current employment and employers details, current landlord details along with a personal reference.

In some cases, for example if you are a student, you may be required to provide a guarantor. The guarantor will have to be a UK based home owner and will be subject to the same referencing process.

Holding Fee

This is a deposit of £300.00 which can be paid by cash or direct bank transfer. This shows a commitment to the property and once received generally means that the property is not offered to other applicants. This amount is then deducted from the total monies due prior to moving in. in the event that the landlord is unable or unwilling to let the property to the tenant, the holding deposit would be refunded.

Monies Payable

  • Administration fee: ‘£120 per person inc VAT payable to Lynwood Letts to cover the credit referencing and the administration cost.
  • Deposit: This is an amount equal to six weeks rent. The deposit will be held for the duration of the tenancy.
  • Rent: One month’s rent in advance is required. Rents are payable monthly in advance.
  • Payment of moving in monies: Our bank details will be provided to the tenant to organise an electronic bank transfer. We do not accept cash or bankers drafts therefore tenants need to ensure they allow at least three working days for funds to be cleared in our account before moving in. Cheques can be accepted but must be received at least 10 days prior to moving in.

Inventory Check-In and Out

It is the Landlords responsibility to meet the cost of the Inventory & Check-In appointment. It is the tenant’s responsibility to meet the cost of the Inventory Check-Out at the end of the tenancy. The cost of which depends on the number of bedrooms the property has. Typical cost for a one bedroom apartment is £75.00 inclusive VAT.

The Process

Terms, alterations or conditions

If any specific requests have been made, for example a break clause or alterations to the property or furnishings prior to moving in, we will confirm these to both tenant and landlord in writing.

Complete reference form and pay holding fee

  • References are carried out.
  • Reference reports are usually completed within three days.
  • In some circumstances, for example during holiday periods where referees are away, this may take longer.

Tenancy Agreement

The tenancy agreement will be signed by all tenants along with a standing order mandate for future rental payments.

Inventory

We will arrange for an inventory of contents and schedule of conditions to be carried out on the property by an independent, professional inventory clerk.

Prior to moving in

All moving in monies must be cleared into our account.

Moving in day

An appointment is made and all tenants come in the office to sign the tenancy agreement and keys handed out, inventories handed over, utility reading etc.

After move in

The Inventory report will be sent to the tenant and should be kept in a safe place to refer to at the end of the tenancy. We will inform the utility companies and the local authority of the new occupant details and provide them, wherever possible, with meter readings taken on the Check-In appointment. Most utility companies do request that tenants contact them personally to confirm details.