1. Finding your property
It’s a good idea to view as many properties as you can. There are various property portal websites such as Zoopla, Rightmove and Primelocation to help you find somewhere, so prepare a ‘hit list’.
Think carefully about your needs and consider how long you think you may want the tenancy for.
If you are moving in with a partner, make sure that you can both attend the viewings together as property lets are currently in huge demand and can be taken off the market as quickly as they go on.
2. Tenant Fees / Make your offer
When renting a property there are various fees to take into account.
A month's rent will be payable in advance as well as a damages deposit equivalent to a month and a half rent.
Additional fees include an administration fee of £270 incl. VAT; referencing fee of £51 incl. VAT for each tenant and guarantor (if required); plus an inventory check in fee typically £85-£150 depending on the size and type of property.
Once you've found a property you like you need to make an offer, in some cases the agent may require an initial deposit (usually a nominal amount) to take the property off the market. You have to consider that they could have several more viewings lined up for that day, so act fast to secure it and express your intention.
Inform the agent of any conditions or requests that you may have in order to move in and also if you are seeking a reduction in the monthly rent.
The agent will then negotiate with the landlord on your behalf and once the terms, rental price and moving in date have been agreed, the tenancy process can begin.
3. Applying for a tenancy
Assuming you haven’t already paid one to take the property off the market, some form of deposit will be required. The letting agent will then need to run a credit check and seek employment and previous landlord’s references. In some cases the agent may ask to see recent bank statements.
4. Exchanging contracts
Once the references have been approved by the landlord, the letting agent will ask you to sign a tenancy agreement. These are typically ‘12 month Assured Shorthold Agreements’ unless otherwise agreed, and you’ll also be handed any other documentation that is relevant to the property. It’s also at this point payment for the first month’s rent, balance of deposit and agency fees should be paid.
5. Moving in
You will meet the inventory clerk at the property and together you will read the meters, check for defects, damage and cleanliness and this will all be noted on the inventory. You’ll then be handed the keys and that’s it. You’re all ready to move in.
Ellisons deal exclusively in the Wimbledon, Morden, Raynes Park, West Wimbledon, Motspur Park, Colliers Wood and Merton Park areas.
For valuation, viewing, and general advice on property call or email us today