We know that moving into a new property can be a stressful time, therefore we aim to make the moving process as easy for you as possible. One of our highly trained and professional Negotiators will be your point of contact every step of the way.
Below we have listed a number of points that may be of interest to you and will give you a good overview of what is required of you to enable you to rent through Richmonds.
What type of agreement do you use?
Assured Shorthold Tenancy, which is a fixed term tenancy agreement.
When should I start looking for a property?
We would usually advise starting your search 3-6 weeks prior to your moving in date, although registering with us as early as possible is always the best idea as we may already know of a suitable property that will be coming on to the market at that time.
What will I need?
To rent a property through Richmonds, you will need the meet the following criteria:
1. To be employed and to earn at least 2.5 x the monthly rent of the property you wish to rent. This can be split between youself and a partner/friends, but the total income of the house must be at least 2.5 x the rent to ensure that you will pass referencing.
2. Have good credit history
3. Proof of ID
We use a company called Rent4Sure who carry out our reference checks. They will check the following:
1. Credit Check - this is to check you have a good credit history. It is advised that you should disclose whether you have a bad credit history including any CCJ's or Bankrupcies/IVA's before a reference is carried out. If the reference fails because your credit check fails, you may be asked to provide a Guarantor to guarantee your rent, who must earn at least 3 X the yearly rent. Please note, if you do not disclose anything that you think may affect your ability to rent or to pass the credit check, you may lose your holding deposit.
2. Employment Check - this is to check that you are employed and confirmation will be required from your employer how many hours you work, how long you have been employed at that company and how much you earn. If you are self-employed, Rent4Sure will contact your accountant to check your income. Whether you are employed or self-employed, you will need to earn 2.5 X yearly rent to pass referencing. This is worked out on the total income of anyone wishing to rent the property, so if there are 2 tenants, they must earn a combined income of 2.5 X the yearly rent, which can be split any way.
3. Previous Landlord Check - your previous landlord will be contacted to provide a reference, which will ask them to confirm that there were no rent arrears and that you left the previous property in good order.
4. Right to Rent Check - Right to Rent Checks are now mandatory across England for tenancies starting on or after February 1st 2016, in line with the Immigration Act 2014.
We require the following documents (originals) to be bought into our office so we can take copies:
1. Current Photo ID (Passport or Driving Licence)
2. A Recent (no more than 3 months old) bank statement or utility bill showing your current address.
To rent through Richmonds, the following fees apply:
Once you have seen a property you would like to rent and you wish to proceed with referencing, the upfront fees, also known as the Reservation Deposit, are:
Admintration Fee of £216.00 inc VAT for the 1st Tenant
and £96.00 inc VAT for each additional Tenant
Reference Fee of £60.00 inc VAT for each Tenant
(If a guarantor is required the cost is £78.00 inc VAT, payable with the Reservation Deposit)
Once we have received the above fees (Reservation Deposit), we will start the referencing process.
*Please note that you will complete the reference forms online via a link that will be emailed to you. If you do not complete and submit your reference online within 3 DAYS, the property will be put back on the market to let.
*Please also note that If the application fails the credit check or the Tenant withdraws their application, the Reservation Deposit will not be refunded. If the application passes the credit check and the landlord declines to proceed, the reservation Deposit minus the Reservation Deposit minus referencing costs of £60.00 inc VAT per person will be refunded.
I've passed Referencing - What now?
We will receive a report from Rent4Sure which outlines whether you have been accepted or declined. If you have been accepted, and we have confirmation from the landlord that they are happy to proceed, we will contact you to arrange a date for you to move into the property. We will then draw up the Assured Shorthold Tenancy Agreement and arrange a date and time for you to come into our office to sign.
Prior to moving into the property the following is payable in cleared funds at least 48 hours before your tenancy start date:
1. The 1st Months rent (also payable a month in advance)
2. The Deposit (6 weeks rent) to be held until the end of the Tenancy
*Please note the above MUST be in our bank account in cleared funds prior to the start date of your tenancy. If it is not, we will not be able to move you in until these are received and cleared in our account.
The day that you move into your new property, there will be a Check-In inventory carried out. This is a full and comprehensive report of the condition at the start of the tenancy. You will be in attendance and keys will then be handed to you after the checks have been completed. The report will be sent to you for your records and you are then invited to add anything that may have been missed within 10 workings days of receiving the report. The Landlord covers the cost of the check-in and you (the tenant) cover the cost of the check-out at the end of the tenancy (usually automatically deducted from your deposit).
I have NOT passed Referencing - What now?
If your reference is declined, it will be down to the landlords discretion as to whether they will accept you as tenants. Please note that in many cases a landlords insurance is invalid if the let to any persons that have not passed reference checks.
The landlord may request that you provide a gurantor, who is a person who will guarantee you rent should you fail to pay. This means that they will enter into a legally binding contract and will be jointly and severably liable for the financial obligations under the tenancy agreement. To be a guarantor, it is expected that they should earn 3 X the yearly rent and be a UK home owner. The fee to reference a guarantor is £78.00 inc VAT.
The deposit you pay at the start of the Tenancy (6 weeks rent) is held by us and registered and protected with the Tenancy Deposit Scheme (TDS). This means that should there be any dispute at the end of the tenancy as to the distribution of the deposit, it can be sent to the TDS for an impartial adjudicator to make a decision. No monies will be released until full consent from both tenant and landlord has been received in writing.
Please there may be an additional deposit due of £250.00 if the landlord accepts that you may keep pets at the property or where there are more than 3 Tenants.
Why should I use Richmonds?
Richmonds has been an established Lettings Agents since the early 1990's and we are highly experienced in dealing with tenancies.
We understand your needs and understand how daunting it can be to find a suitable rental property, so we are here to guide you through the process from start to finish. We will also always be available to give you impartial advice throughout the course of your tenancy and we are always only a phone call away!