Holmbrook Renting Guide
We strive to simplify the Lettings process. Discover the essential guidelines for a confident, professional and compliant Lettings solution with Holmbrook Estates
Lettings Checklist & Guide
The UK Government have strong guidelines for Landlords, Tenants & Agencies. Download, view & discover the official checklists here for your convenience & reassurance with Holmbrook Estates.
With a commitment to providing you a truly smooth Lettings process, Holmbrook Estate Agents will refer to all processes involved in securing your property and increasing revenue, whilst always following guidelines designed to install security
Find out more below
BUDGET & FINANCES
Understanding your budget is the starting point. Through this, you can progress by slowly narrowing down your options on key factors such as location, size or type of property most suitable for you
When you’ve found the correct property you’d need to secure it through making an offer
You’ll be required to pay a holding deposit, typically equivalent of one week’s rent, which will act as an offset against the first rental payment if the tenancy proceeds. You’d need to carefully read the terms of the holding deposit receipt before signing. In some occasions, you’ll be refunded all or part of this money on the basis the tenancy doesn’t progress. In some scenarios you’ll not.
Referencing for individual tenant or guarantor – Reference checks are carried out on new tenants to approve that they’ve previously rented without any problems. Credit checks are carried out to ensure tenants can afford & maintain the monthly rent and have no major credit issues. You might be required to provide a guarantor for the tenancy, who will also need to support the referencing procedure. Holmbrook recommends a third party specialist for such processes
OFFER ACCEPTANCE STAGE
If your offer has been accepted (subject to contract & approval) before the tenancy begins, you’ll need to make the following payments during this step:
- Rent: Usually the same as a month’s rent, but outlined in the tenancy agreement. The holding deposit will be deducted from the initial payment. Further rent payments will be collected through direct debit from your preffered UK Bank Account
- Security Deposit – Under the Tenant Fee Act 2019, if your tenancy is an AST then theres a limit to the amount of deposit you’ll be required to pay. For tenancies with rent upwards of £50,000 per annum, this is no more than the equivalent of five weeks’ rent. For tenancies over £50,000 per annum this will be no more than the equivalent of six weeks’ rent. There aren’t any restriction for tenancies which are not ASTs. This deposit is security & reassurance to the Landlord that when you move out, their property will remain in great condition. If the property is’nt left in a good state, your Landlord or Letting Agent might deduct your deposit if any damage to the rental property is incurred. For ASTs this deposit will usually be held by a government Deposit Protection Scheme (DPS)
Heres a tool we recommend for analyzing your budget
We’re always open to supporting you. If however, you’re unsure about bill costs once you’ve selected property, reach out to an Agent. They’ll happily provide you with an estimation of your utility bills based on existing tenant utility costs.
Heres a practical tool to detect your property tax band & costs too:
Council taxchecker: http://www.mycounciltax.org.uk/content/index
Key examples of bills include:
- Council Tax
- Energy – Gas &/ electricity
- TV licence
- Digital or Satellite TV
- Protection plans for goods
TENANCY APPLICATION & REFERENCING
A Letting Agent will need to verify you to progress with your tenancy application. This consists of bringing in photographic ID & examples of recent utility bills. While you’re in the office, you’ll be asked to sign a tenancy application form, and pay any outstanding fees. All verification processes will proceed afterwards.
Securing a rental property
You’ll need to appoint viewings in person to discover whether you like a property. Ask the Landlord, Tenant or Letting Agent (whoever is leading the viewing) about all the minor and major details revolving around the property. This is a true opportunity to unravel benefits or possible cons of a property. This can range from information about nearby schools, travel links or liesure. There are almost an infinite number of questions to ask during this phase. Its essential to work together to truly understand the feeling towards making an ultimate decision.
Signing The Tenancy Agreement
When your offer on a rental property has successfully been accepted, you’ll be required to sign the Tenancy Agreement & pay the first months rental and a security deposit. If you’re renting a property from us that is professionally managed, your deposit will be secured with a government backed Deposit Protection Scheme (DPS). If there any areas of the Tenancy Agreement you don’t understand, we will help you. Holmbrook Letting Agents take honour in supporting you in all stages.
Once all fees and deposit have cleared and the Tenancy Agreement has been signed, keys to your new home will be ready! Don’t forget to inform utility providers, the local council or the electoral register of your new updated information.
COLLECTING THE RENT
Your rent will normally be collected on a monthly basis by standing order; you’ll be provided with a standing order form when signing your Tenancy Agreement. The rent will be collected automatically from chosen Bank Account
Holmbrook Estate Agents are ready to support you
Our experts are always eager to hear more from you. If you’ve any ideas, questions or concerns, you can reach us today
Reach a Holmbrook Lettings Expert