Having found a suitable house or flat to rent, what happens next?
Sometimes it is possible to put down a holding deposit as confirmation of your intention to rent the property. The letting agent or landlord will then begin the administrative process of requesting references to make sure that you are a suitable tenant and that you are able to pay your rent. You are likely to be asked for the administration fee, along with your permission to conduct the relevant searches. You may not get your administrative fee back if you fail the check.
Some, or all of the following documents may be requested by the letting agent/landlord:
References from previous landlords – you may be asked to give the details of where you have lived within the last 3 years.
A credit check – this will allow them to see if you have a good history of paying your bills.
Your bank details – including bank name, account number and sort code.
Details of your employment – your employer, job title, payroll number, salary, previous employer, etc.
In the event that the information highlights any potential risk to the landlord, you may need a guarantor. A guarantor will be contractually liable, both financially and legally, should you fail to pay the rent during your tenancy or in the event of damage to the property.
To finally secure the property a deposit will be required. This is usually between one and two months’ rent and is kept for the duration of the tenancy.
The inventory is one of the most important documents in the renting process. This is a list detailing every item in the property and it's condition on the day you move in. You should go round the property with the landlord or agent and agree the state of each item before signing anything.
The tenancy agreement is the contract between you and the landlord, stating both your rights and responsibilities such as the term you are living there for and that you pay the landlord the rent for that time. The most important aspect of this agreement is that the landlord has the right to repossess the property at the end of the agreed term. This type of agreement is called an Assured Shorthold Tenancy (AST)agreement.
At the end of the agreement there are two options, to either extend or move out. If you are intending to stay, you must notify the landlord two months in advance, in writing. As long as this is acceptable with the landlord then the tenancy will continue. If you decide to move out, then ensure the property is in as good condition as possible to enhance the chance of getting the full deposit back.
You’ll have the opportunity to run through the inventory checklist on the day of departure. It is important that this is done before you leave the property to avoid you being accountable for any damage that occurs after you’ve left.
If you and the landlord are happy the property has been left in an acceptable state and you have made your final rental payment, there should be no problem getting your deposit back.
