Renting Process


1Register your interest

The first step is to contact local letting agents in your chosen area and register on their rental database. You could visit their office, but you could use their website registration or go via their properties on Rightmove, Zoopla or OnTheMarket. Make sure that you are clear about what you want especially when you want to move in, the number of bedrooms and your budget. Then make sure you stay contactable because desirable properties go quickly. If you have been served notice by your current landlord or you have served notice to leave, be sure to tell the agent and give them the latest date you need to move out.

2Finding the right property

Sit down with a pen and paper and describe your ideal property. Most importantly, be strict with what you do and don’t want, and what you consider to be a deal breaker. Don’t compromise on those deal breakers or you’ll come to regret it. Budget should be a key factor in your property search. Don’t overstretch yourself financially, make sure you take into account all other costs involved, including bills, council tax, moving costs, agency fees etc. Your take home pay (of all tenants combined) should be at least 2.5x your proposed monthly rent, otherwise you may not pass referencing on your income level.

3Is a short let right for you?

An assured shorthold tenancy agreement is issued for minimum 12 months with minimum acceptable break clause 6 month. However, if you’re waiting for the purchase of a property to go through or you’re relocating for work for a short time, you may want to consider a short let. Periods available can be anything from a month to 5 months however the rent you’ll pay for these lets are significantly higher as a result.

4Holding payments

Once you’ve found a property you like you should put down a holding payment. This will secure the property and the agent will not arrange any more viewings. When your offer is accepted this money will form part of the initial rent or your deposit or perhaps be set against the agency charges. If you pull out, you lose the money but if the landlord cannot or will not let to you it will be returned.

5Fees

By law, letting agents now need to display their fees prominently in each office, on their website, in marketing materials and on their property adverts on portals. Fees should be clearly expressed and agents are not allowed to use unspecified generic terms such as “Agreement Fee” without specifying what is included. Always ask your chosen agent for their fee structure so you don’t get any nasty surprises.

6Referencing

Once you have placed your holding deposit, you will be required to undergo reference checks to confirm your identity, your place of work and your earnings, and to confirm that you do not have any adverse credit. You will also be verified as permitted to reside in the UK and are not subject to any immigration controls. You should declare if you have any unsatisfied CCJ or bankruptcies as this may jeopardise your application. You will be asked to provide a photographic ID together with evidence of Right to Rent in the UK, your earnings and your current address.

7Guarantors

If you are on a low income or want to live in an expensive house you may need a guarantor. A guarantor is someone who should have a clean credit history, a homeowner and/or be in full time employment with take home earnings of a minimum of 3x monthly rent. The guarantor should understand their obligations as they will be asked to sign a legally binding document agreeing to certain conditions which will include paying the rent if for any reason you are unable to meet your commitment.

8Your Tenancy Agreement

The tenancy agreement will be the legal document that details your rights and obligations as tenants, and the obligations and expectations of your landlord, and the agreements made by all parties. It will set out the core terms and will include all the rules of the property.

You should make sure your agent or landlord gives you a copy of the draft tenancy agreement well ahead of the start date of the tenancy for you to read in the comfort of your own home and you should ensure you do this so you are clear as to what you are signing. If you are not sure of anything contained in the agreement, ask the agent for clarification, seek legal advice or get help from the Citizens Advice Bureau.

9The security deposit

Before you move in, you will need to pay a security deposit along with your first months rent. Your security deposit (also called damage deposit) is there to indemnify the landlord against loss of rent or to pay for any damage if you were found to be responsible for causing it. In general, the amount required is equivalent to 4 weeks rent. By law this must be protected in a Government approved deposit scheme within 30 days from the start of the tenancy The Landlord or his Agent is required by law to give you “Prescribed Information” with details of the relevant scheme.

10The Inventory

The Inventory and/or Schedule of Condition processes is a formal way of noting the cosmetic condition and contents of a rented property. This descriptive information will, ideally, be supported by good quality photographs. The Inventory document is then given to all parties to sign at the beginning of the tenancy to confirm that it’s accurate. Check it carefully and question anything that you do not understand. At the end of the tenancy, the same document is then used compare the state of the property and on the findings of this comparison the deposit is then awarded appropriately.

11The end tenancy process

There are strict timescales involved in ending a tenancy. This starts from the date notice is served which is usually one or two months, depending on what has been agreed.

Once notice is served the clock starts ticking. The date you leave will be agreed and the agent will put the wheels in motion. If the property is put back on the market, viewings may take place so it’s important to keep the property looking nice for them to show round prospective new tenants.

If an inventory was compiled when you moved in, the inventory clerk will meet you at the property on your last day to conduct the check-out process and at that point you surrender the property back to the agency by handing over your keys. From that point on you will not be allowed to return to the property. The agent will then be in touch with you within 10 days of that date to arrange the return of your deposit if there are no deductions. If, however the landlord wishes to make deductions from your deposit, there will be a set procedure for that to take place. Details of which can be found on the website for the deposit scheme that is being used.

Property Valuations

Latymers are a talented and experienced team of property professionals that consistently challenge the traditional concept of an ‘estate agent’. We have an intimate knowledge of the local area, market trends and current sales values and can give a solid and accurate advice on what might be a realistic asking price across our client’s properties.

In addition, our targeted level of media and online exposure on the UK’s most successful online property portals and professional suite of sales materials improves the marketability of your home with exposure to the widest possible audience. As a result, we are able to help you achieve the maximum selling price possible for your home.

Property Management

As the London rental market continues to boom so too has the demand from tenants for a professional property management service. Our service is focused on providing the best letting experience for tenants as well as landlords. Our tenant management is so successful that many insist on renting another Latymers property when moving on from their current home.

We thoroughly vet all our tenants before accepting them as residents, choosing high calibre corporate and private individuals to ensure that properties in our care receive the respect they deserve.

Happy tenants = happy landlords

Quality Marketing

We utilise all available routes to market for our clients’ properties and leave no stone unturned at every stage of a sales or lettings transaction. We assure our clients that their properties will receive the highest levels of marketability and that they will be viewed by the widest possible audience through exposure in the UK’s most successful online property portals, high social media penetration and a professional suite of physical and digital sales materials. As a result, we are confident that we can find the right buyer or tenant and deliver the maximum selling or rental price for our clients’ properties.

Featured Properties

Fees

When renting a property, you will need to take into consideration the lettings cost and charges when you make an offer.

Holding Deposit: You will be required to pay a holding deposit equivalent to one week’s rent in order to take the property off the market. The week’s deposit will be taken as part of the full 5 week’s deposit required before the start of the tenancy.

Security Deposit: This is usually the equivalent of 5 weeks’ rent, payable prior to the commencement of your tenancy to cover the added risk of property damage that is beyond fair wear and tear. This deposit will be protected in a Government-authorised scheme and may be returned at the end of the tenancy. All deposits are held in our Clients Account and protected by Clients Money Protection Scheme.

Advance Rent: Rent is usually payable in advance for each tenancy. You will therefore need to pay the first month’s rent prior to the commencement of your tenancy.

Professional Cleaning: Tenants will usually be responsible for paying for a professional clean at the end of the tenancy. Costs can vary depending on the size of the property and your requirements, payable to the cleaning company.

Lastly, the Tenant/s will pay all utility bills, telephone and Council Tax where applicable.

Should you have any question, please do not hesitate to contact our lettings team on: 0208 741 2233 or email at: info@latymers.co.uk