Set your budget
One of the most crucial pieces of advice we can offer when searching for a rental home is to thoroughly understand your budget and all associated costs. When it comes to referencing, most companies consider the cost of living, suggesting that the combined salary should be at least 30 times the monthly rent or 2.5 times the annual rent. If it falls below this threshold, you may require a guarantor. Additionally, be prepared to pay the first month's rent upfront, along with the deposit, typically equivalent to 5 weeks' rent.
Book a viewing
Once you've found a property you're interested in, reach out to the letting agent to address any queries you may have and schedule a viewing at a convenient time. If you're keen on securing the property, inform the agent promptly so they can guide you through the next steps.
Making an offer
Once you've found a home you're interested in, the next step is to contact the agent promptly and express your interest. They will typically guide you through their offer process, asking about your situation and any specific conditions you may have. This is your opportunity to mention any preferences, such as the inclusion of white goods or furniture, as well as the desired move-in date.
Completing paperwork
If your offer is accepted, the agent will request you to complete a rental application and pay a holding deposit, typically equivalent to one week's rent. This deposit is deducted from the final move-in balance. You'll then receive paperwork to initiate the referencing process, which includes credit checks, references from previous landlords, and an employment reference. Additionally, you'll need to provide proof of ID and current address to fulfill the legal requirement for Right to Rent checks.
Signing paperwork
An Assured Shorthold Tenancy agreement (AST) will be drafted, detailing important information such as the move-in/out date, deposit amount, rent due date, and other terms. It's crucial to thoroughly review this document before signing. Subsequently, the security deposit and first month's rent are collected and lodged with a government-based deposit scheme for safekeeping.
Moving in day
Now for the exciting part – your first day in your new home! Before you move in, the letting agent will typically conduct an inventory to document the condition of the property. You'll receive a copy of this inventory and usually need to sign a declaration within 7 days of moving in. When it's time to move out, the same inventory will be used to assess the property's condition. You should receive a copy of this inventory as well.
Moving out
As the time eventually comes for you to move out, it's essential to refer to your AST contract to determine the notice period required. When preparing to move out, make sure to clean the property thoroughly and address any damages you may have caused. The inventory conducted before your move-in will be used to assess any potential damage or significant wear and tear. Any damages identified may result in deductions from your deposit. Once the process is complete, your deposit will be returned to you within a specified timeframe.