Renting a property

Finding the right rental property, in the right place at the right time can be deflating and time consuming, especially if you have restrictions like pets, catchment areas etc. That’s why, at Bowyer Estates we regularly contact our clients to ensure they are updated when new properties come to the market and as we conduct viewings seven days a week, you can be sure that we will do our utmost to try and get you the property you want.

Before you start conducting any viewings, you should consider the information provided below, as it could help speed the process up and also stop you missing out or being disappointed in the long run.

How much can you afford?

Determine how much you can afford – in order to do this you need to divide your annual salary by 2.5 and then divide by 12 and this will give you a monthly rental amount that you should be able to afford – this calculation is used by most credit referencing firms to determine affordability, so it’s a good way to ensure you’re not looking above your budget and being disappointed in the long run. (I.e. £20,000pcm divide 2.5 divide 12 = £666.66pcm)

Once you have found that property, the process is simple and can be concluded as quickly as possible to suit. The process is;

  • Pay your holding fee and complete your online application form.

  • Once your references are complete, agree a move in date to suit all parties and pay your deposit and the remainder of your first month’s rent.

  • Finally, we will meet with you at your new property on the agreed move in day, where we will sign all the paperwork and you will be left with the keys and can start moving in immediately.

  • Once all the above is completed, we will register your deposit with the DPS (Deposit Protection Service), inform the gas, electric, water and council tax of your occupancy and confirm everything to you in writing.

Rental Deposit

A deposit, or bond as it is commonly known totals four to six weeks rent dependent on the Landlords specifications. This can amount to a considerable sum of money, so always ensure that you have these funds available before you commit.

Bowyer Estates will register the deposit with the DPS (Deposit Protection Service) and once the tenancy expires your deposit will be returned to you, subject to a full check out being conducted and confirmation of no damage.

It would also be responsible to ensure that an inventory is provided at the start of your tenancy agreement, highlighting the condition and items provided when you moved in. If one is not, then make a note of any defects that you believe may be detrimental to your deposit and inform your Landlord or agent of such, thus protecting your money and helping to ensure a speedier and hassle free deposit release at the end of your tenancy.

Agency Fees

Always ask the agent marketing the property you like of their fees before committing. You should be asking some of the following:

  • What are their referencing charges?

  • What is their administration Fee?

  • Do they charge for the drawing up of contracts at renewals?

  • Is there a check out fee due?

Tenancy Agreement

Whether you are a single or joint tenant, all parties named on the tenancy agreement are all jointly and severally liable….so should one party fail to pay, the other(s) will become liable to cover the missing rent.

As a single tenant, you alone will be responsible for the rent and all bills relating to the property as outlined in your tenancy agreement. If the tenancy is on a joint basis, then all parties are liable for the utilities, however should one party leave then the other(s) will have to pick up and cover the said costs.

Insurance

As a tenant you have an obligation to your Landlord and therefore should obtain ‘tenants insurance’. This will cover both your own personal contents as well as provide cover for the landlord’s furnishings in the property and in turn reduce the risk of accidental damages being deducted from your deposit.

Legal Obligations

In order to protect your deposit, ensure you read your tenancy agreement in full before signing, as it will highlight your legal obligations and any restrictions.

I.e. ensure the carpets are professionally cleaned, maintain the gardens, no decorating…..etc

Guarantors

Circumstances do occur when a guarantor is required, for example should you be studying, on a low income or renting for the first time, if so the Landlord/agent may deem you a high risk candidate and in such cases a guarantor may be required (normally a parent). They will be legally obligated to ensure the rent is paid. Should you fail to, in a property where there is more than one tenant, this role should be strongly reviewed as the guarantor may then also be responsible for the failure of rent payments of other tenants.

If you are required to provide a guarantor in order to proceed with your application, there is certain criteria that a guarantor must meet in order to be acceptable.

They need to have an income substantial enough to cover the rent and the best way to determine whether they would be a suitable candidate is times the annual rent by 3 (a calculation most credit referencing firms use) i.e. a rent of £600pcm x 12months x 3 = £21,600 which is the annual income your guarantor would need to earn.

In addition, they need to have a good great score, so no CCJ’s or bankruptcy otherwise they will fail and not be deemed suitable.

Tariff of Charges for Rentals - Tenant

Before VAT

Including VAT

Description

Application Fee (including administration and referencing) for Single Applicant

£104.17

£125.00

Application Fee (including administration and referencing) for Two Applicants

£166.67

£200.00

Each Individual Applicant thereafter (including a guarantor

£62.50

£75.00

Pet Clause Fee (Plus extra £100 per pet on deposit)

£29.17

£35.00

Credit Card Charge 3.5% (of total amount)                                                       

Letters for any breach of tenancy (if not included in package)

£20.83

£25.00

Failure to attend an appointment at Property for Inspection or contractor

£29.17

£35.00

Credit Control - Telephone Call

£4.17

£5.00

Credit Control - Letter and default payments (e.g. returned standing orders)

£20.83

£25.00

Refund of Overpayment that is a tenants fault

£16.67

£20.00

Arrangement of any Remedial work noted at check-out - 15% of total value of works.

Min £20