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Tenant Guide

Tenant Guide

We rent properties exclusively in North and Central London Knowing what people are really looking for is key to the rental market. We understand the North, West and City area, and are well-positioned to understand what properties suit which people. For tenants looking to rent, this means we will only show you suitable properties, so at the end of the process you will be happy in your property for all the right reasons.

Referencing Procedure

As soon as a suitable property has been found, you will need to complete reference application forms. We utilise the services of a credit-referencing agency to take up the following references, here is an example of just a few of the references sought:

  • Confirmation of employment, salary confirmation.
  • Personal & Photographic identification (passport or driving licence).
  • Previous Landlord references.
  • Students (Guarantor or proof or funding).
  • Self-Employed (Accountants references, trading details etc)

Holding Deposit

A holding deposit of £500.00 (not subject to VAT) will be required at the same time as the administration fee(below).
This is in order to reserve the property and remove it from our availability list. The holding deposit will be deducted from the first months rent due, should the tenant withdraw from the proposed letting, through no fault of the landlord or the agent, all or a proportion of the 'Holding Deposit' will be retained in order to cover any reasonable costs (which will be outlined in full). None of the Holding Deposit will be retained should the Tenant's withdrawal be due to a breach of the proposed letting agreement by the landlord or managing agent.

The holding deposit shows good faith on the part of a prospective tenant enabling the landlord to take further action in the confident knowledge that the applicant is serious and fully committed to the property:

For example:

  • Cancel any advertising for the letting
  • Tell other applicants that the tenancy has been taken subject to satisfactory references
  • Prepare a letting agreement
  • Take up references
  • Carry out credit checks (some landlords make a charge for this - administration fee)

Administration/ Reference Applications

All administration/reference fees are due at the start of the application process once the offer has been verbally agreed and will secure the property for you subject to satisfactory references being received on behalf of all applicable tenants .

The administration fee covering preparation of the tenancy documentation and any other contract/administrative paperwork is £150.00 plus VAT per tenancy, £200.00 plus VAT in respect of a Company Let, and £40.00 + VAT per applicant per reference application.

Should a guarantor be required then a further £40.00 + VAT payment per guarantor will be required. These fees are fully refundable in the event of the landlord withdrawing from the deal.

PLEASE NOTE THAT SHOULD YOUR REFERENCE APPLICATIONS BE UNSUCCESSFUL THEN THE REFERENCE FEE/S IS NON REFUNDABLE.

It is imperative that you disclose all relevant facts that may adversely affect your reference outcome, prior to entering into the above. It may save you money.

Tenancy Agreement

Both the Landlord and tenant/s will be required to sign a tenancy agreement prior to the tenancy commencing, the agreement outlines both tenant and landlord obligations.

Generally, most tenancies run for a period of twelve months, we will contact you at the end of the tenancy to see whether you wish to renew your agreement for a further period and will liaise with the landlord to organise the documentation. It is important you note that the agreement is made between landlord and tenant, we act for the landlord only.

By legal requirement we will issue you with a sample template agreement which we ask you read very carefully, should any questions arise regarding this legal document we advise you to seek independent legal advice.

Payment

Once a moving date has been agreed and references have all been approved by the landlord, the tenancy agreement will need to be signed by all parties and the initial monies in full will become due less any holding deposit previously paid:

This is made up of the following:

  • Deposit normally equal to six weeks rent.
  • The first months rent in advance. (rent is worked out on a per calendar month basis), which is, if you are not aware; the weekly rent, multiplied by 52 weeks and divided by twelve months to give the per calendar month rental figure.

The above monies need to be in a cleared form before the tenancy is able to commence, payment by means of either a bankers draft, cash or paid directly into our client bank account and showing as cleared.

Rental Payment

We do get instructed to fully manage some of our landlordís properties, if this is the case, with your tenancy we will inform you prior to your tenancy commencing. If we are managing then any faults with appliances or problems within the property will need to be reported to us and we will deal with the problem as quickly and efficiently as possible. Failure to report an ongoing problem may turn the onus onto you; please report any problems you feel need attention.

Notice to end a tenancy

To terminate your tenancy subject to term, you will normally be required to give us at least one month notice in writing of your intention to leave, unless otherwise specified in your specific tenancy agreement.Insurance

The responsibility for your belongings are down to you, you must ensure you have adequate contents insurance, the landlord accepts no responsibility and cannot be held responsible for any loss or damage to tenants possessions.

Inventory

A well-prepared inventory and check-in report protects landlords and tenants alike, providing an accurate description of the condition and contents of a property at the start of a tenancy.

The condition of the property and its contents at the end of the tenancy is then compared back to this report in the form of a check-out report. The inventory clerk will also provide an opinion on whether any damage that has arisen during the tenancy is attributable to the tenants, to Ďfair wear and tearí or to the landlord as required maintenance.

It is in a landlordís interest to ensure that inventories are prepared for properties that they own. In the worst case scenario, should you end up in court, the judge will tend to look more favourably on an impartial, unbiased inventory prepared by a third party unconnected to either the landlord or the tenants. Inventories prepared by landlords could be viewed as biased and one-sided.

Normally an inventory of the property condition, furniture and fittings and effects will be prepared by the landlord, or an independent inventory clerk instructed by the landlord prior to the tenancy commencing. The tenancy is checked and agreed between the tenant and the landlord at the tenancy commencement.

Deposit Returns

When your tenancy ends, an inspection of the property will be carried out, either by the landlord or an independent inventory clerk instructed by the landlord.

Tenantsí obligations

The responsibility for the property lies with the tenant during the period of tenancy, always ensure that the property is fully secured and that during the winter months steps are taken to prevent freezing of the water and heating system.

Property Inspection

If we are instructed as managing agents for your property, we will carry out quarterly inspections to assess the condition of the property and that everything is being kept in a satisfactory condition. We will always arrange this with you at a mutually convenient time.

Council Tax & Utilities

It is the tenantís responsibility to inform the utility companies of their occupation of the property at the commencement of the tenancy, and to pay council tax to the local authority. Students, who may be exempt from the payment of council tax, are responsible for informing the Local Authority of this.

Wherever applicable VAT will be charged at the current VAT rate.

Tenants Fees

BEFORE YOU MOVE IN
Holding Deposit Fee:

This is taken at the point an offer is being made by the applicant to the landlord. The Holding Deposit Fee is the equivalent of 2 weeks of the offer amount being made. This payment will be offset against the total balance due from a tenant prior to moving in. Should a tenancy not proceed due to unacceptable references or the tenant withdraws their application then the reservation fee will not be refunded and will be forwarded to the landlord. Should the landlord not accept the offer made, this amount is fully refundable.

Reference Fee:

This is taken at the point an offer is being made by the applicant to the landlord. A reference fee of £50 is payable by each tenant and each guarantor in the contract. A reference fee is not payable for permitted occupants. This payment will be offset against the total balance due from a tenant a tenant prior to moving in. Should references fail, this charge is not refundable. Should the landlord not accept the offer made, this amount is fully refundable. Administration Fee:

£250 Includes identity, immigration and visa confirmation for all tenants and guarantors and preparation of tenancy agreement. This is paid before move in. Standard Deposit:

Six weeks of the offer made. This will be protected in a Government-authorised scheme

Should you rent a property which is managed by us, we will organise for an independent inventory clerk at the start of the tenancy to check the contents and decorative condition of the property, which we advise that you attend to avoid any possible disputes. At the end of the tenancy we will again organise for an inventory check-out. The cost of missing items, cleaning required, or damage to the fixture and fittings will be costed and sent to you for your comment and approval. When the property is not managed by us, we will advise your landlord to arrange an inventory.

Please note that the landlord may request and it is common practice that the cost of either the inventory check-in or check-out is paid for by the tenant(s).

Studio £110

1 bed £130

2 bed £160

3 bed 220

DURING YOUR TENANCY
Unpaid Rent

The 5th day rent due reminder is sent free of charge. The 14th day rent due reminder is charged at £30 and the 21st day rent due reminder is charged at £75

Rent Invoice / Statement:

£12 For each written rent invoice/statement for each rent demand if requested

Breach of tenancy letter:

£40 For each written communication sent to the Tenant (email or letter) in relation to breaches of the Tenancy Agreement

Lost Keys:

£30 Arranging replacement keys/fobs with locksmith, landlords or management companies. This fee does not include the cost of the keys which will be charged separately.

Tenancy Renewal Fee:

£150 Contract negotiation and arranging further tenancy and agreement

Aborted property visit £90

Aborted Check in/out As per cost above

Amendment Fee:

£150 Contract negotiation, referencing if required, amending terms and updating your tenancy agreement during your tenancy. Subject to landlord agreeing to a change to the tenancy.

Dilapidation Statement:

£90 Preparation of dilapidation statement prior to the return of the deposit. There will be no charge if no professional cleaning is required or if no damages or rent arrears are deducted from the deposit. Allowing access to property outside of business hours:

£50 Cost of travelling to office to obtain keys, travelling to tenantsí home and giving access and returning back to the office We are not VAT registered. My City Nest Ltd is not a member of a Client Money Protection Scheme. All of our deposits are protected under the custodial scheme of the Deposit Protection Service. Independent redress provided by The Property Redress Scheme

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