|  Advice
for tenants renting a property
This
information is given for general guidance only and should therefore not be relied
on. It has been prepared by an experienced letting agent operating in the UK market. REFERENCES:
Make
sure you have details ready of who is going to provide your references (for example,
employers, previous landlord or agent, bank account etc) It is normal these days
that if you are renting via an Agents that they will use a Credit Search Company.
They will normally make a charge per applicant for this search. Credit
Search Companies normally work on 30 X rent. e.g. rental of £650 pcm X 30 = £19,500
(applicant must earn this amount per annum – if not a guarantor might have to
be used) * The credit search company reserves the right to charge for a Guarantor’s
reference in addition and this will be charged out at the normal applicant rate. HOLDING
DEPOSIT: If
you are paying a 'reservation' or 'holding' deposit whilst your application for
a tenancy is processed, make sure you get a receipt and a Holding Deposit Agreement
from the Agent that sets out the terms of this initial deposit and any circumstances
under which you may or may not get your money back.
RENT: Rent
is usually paid a calendar month in advance. The first payment will be made by
bankers draft/building society cheque (not a personal one) and or Part Cash. Because
of money laundering regulations most Agents are only able to accept a maximum
of £500 in cash. Subsequent payments are normally made by standing order or the
Agent or Landlord. If the payment of rent is late, interest is payable as shown
in the Tenancy Agreement. DEPOSIT
& INVENTORY: A
deposit equivalent to approximately 6 weeks rent will normally be required to
settle any claim for dilapidations, or any other breach of the tenancy agreement,
which may arise, during the tenancy or at the termination of the tenancy. The
deposit will be held by the Agents or the Landlord under the terms of a designated
Tenancy Deposit Scheme.
See
Tenancy Deposit Scheme Make
sure that you are present to check the inventory when you move in and out of the
property so that you can agree to any amendments. We recommend that you keep a
signed copy of both the checking in and checking out inventory. This document
will form the basis of any compensations claimed against you by the landlord.
TENANCY AGREEMENT: When
the Agents have received acceptable references after consultation with the Landlord,
a Tenancy Agreement will be prepared for the Tenant’s signature. The cost. Release
Clauses are not normally incorporated in a Tenancy Agreement so if you want a
Release Clause, you must agree this before you sign up.
Before you arrange
a date and time to sign the tenancy agreement, make sure that you (all tenants)
have seen a copy and read it through, so that everyone understands their obligations.
Ask questions to clarify anything that you are unclear on. All tenants must sign
the tenancy agreement before they can move in.
ONCE
YOU HAVE SIGNED...
Keep all your documents
(such as insurance policy, copy of tenancy agreement and inventory) together in
a file. Keep this file in a safe place
GAS- ELECTRICITY-TELEPHONE
(SERVICES): It is normally a condition of the Tenancy
that the services (i.e. electricity, gas and telephone) are transferred into the
Tenant’s name for the duration of the Tenancy. If you require the telephone service
you will need to contact British Telecom or service provider direct. In some instances,
a deposit may be requested from the relevant Companies
COUNCIL
TAX/WATER CHARGES/TV LICENSE: Tenants will normally
be responsible for the payment of the Council Tax for the property they are renting
and will pay this direct to the Local Authority. They must also advise the Local
Authority when they move in/out of a rented property.
Leaflets on Council Tax should be available from the Registration Officer at the
Council together with information on rebates etc. A 25% discount is usually available
on Council Tax for single occupancy. It is the responsibility of the tenant to
pay for a TV License in respect of the property they are renting. In most cases
water charges are now paid for by Tenants in renting a property Water
- Water Industry Act 1991 – Information about water meters for home movers.
Since 1989,
most new homes built in England and Wales have had a water meter installed. In
addition to this, many water company customers previously on a non-metered supply
have opted for water meter. Since
1st April 2002 companies like Three Valleys Water Plc in England have
been installing water meters when a property is sold. From the 1st
January 2005 this company will also be installing meters when a property is rented
out. The
government act covering this is under S1444B of the Water Industry Act 1991.
TENANTS CONTENTS INSURANCE:
Tenants must insure their
own possessions, as this is not the
Landlords responsibility. You can also arrange this yourself on line by
CLICKING HERE. Because
of the Regulations on the sales of Landlords & Tenants insurance policies
no advice can be given and you must contact the insurance provider for advice
on policies.
STAMP DUTY ON TENANCY AGREEMENTS: From
the 1st December 2003, Stamp Duty has been abolished and replaced with Stamp Duty
Land Tax. The starting point for this is £125,000.(UK Budget March 2006)This means
that the vast majority of Tenancy Agreements will not attract SDLT. SAFETY
CERTIFICATES: Make
sure that you are provided with a Landlords Gas Safety certificate and if you
are renting a furnished property that the furniture has fire safety labels on
it (arm chairs, beds, cushions etc) and that a note is made on the inventory to
that effect. The Landlord must also make sure that electrical wiring and appliances
are safe. 
EPCs Energy Performance Certificates
for rental property in England and Wales started 1st October 2008...more information
here......
LETTING
AGENTS: Many agents belong to professional organisations:
-
ARLA
(Association of Residential Letting Agents)
 -
NALS
(National Approved Letting scheme) xXxxxxx
-
NAEA
(National Association of Estate Agents)xxx
 -
RICS
(Royal Institution of Chartered Surveyors)XX
The
agent will have certain obligations but these may vary from simply letting the
property to letting and managing the property. Find
out what the agent's responsibilities are. If they are simply responsible for
letting the building, find out who is responsible for managing/ maintaining the
property.
The agent will make regular checks on the property. Arrange
a mutually convenient time for these checks and make a note of it. SHARING
RENTED ACCOMMODATION -
Some
Landlords will allow 2 or more tenants to share a property, but the flowing must
be noted:-
All tenants must understand the commitment they are entering into
and MUST remain at the property for the duration of the rental agreement.
-
There can be NO assignment of a Lease under most types of Contract, however if
one of the tenants wishes to leave and a replacement tenant is found, a new Agreement
will have to be prepared to include the replacement tenant (subject to the Landlord’s
prior approval) and the costs of the new agreement, including the Landlord’s share,
will be the tenant’s responsibility. -
Credit search references will also have to be taken up on all new Tenants
All parties to the agreement must sign the Contract prior to moving in. If one
of the prospective tenants cannot sign prior to moving in THEN NO ONE CAN MOVE
IN UNTIL EVERYONE HAS SIGNED. (A new agreement will not be prepared if the tenancy
is delayed by one or more of the tenants not signing on time, unless of course,
the tenants are prepared to pay for a new agreement and they would have to pay
the Landlord’s costs in addition). -
It is the practice for Landlords or their Agents to accept the monthly rental
by ONE Standing Order payment from the Tenants and we would suggest you set up
a “House Bank Account” to cover this and any other outgoings for the property
LETTING
A ROOM IN A ROPERTY - (Where the Landlord lives): Many
people have decided to let out a room in their own property as a way of helping
with morgage costs . HM Revenue and Customs allows the owner occupier a tax-free
income of up to £4,250 from letting rooms in your home. A
lodger can occupy a single room or an entire floor of your home. However, the
scheme does not apply if your home is converted into separate flats that you rent
out. In this case you will need to declare your rental income to HM Revenue &
Customs (HMRC) and pay tax in the normal way. Nor does the scheme apply if you
let unfurnished accommodation in your home. The
Landlord does not have to be a home owner and can choose to take advantage of
the Rent a Room scheme, regardless of whether they are a home owner or are renting
their home. However, if you are renting, you should check whether your lease allows
you to take in a lodger and ask your Landlord this. Tenancy
Agreements for being a Resident Landlord: Once
you have found a property it is best to get the Landlord tp make out a tenancy
agreement with them. You do not need to fill in any special forms, but it is best
that you make an agreement in writing. This will help you if there are any problems
later. There are some basics which should be included in your agreement
- How
much notice you must give the Landlord
- How
much notice the Tenant should give to the Landlord
-
How long is the tenancy is for
- Which
rooms are being let
- Which
facilities are being shared
-
How much the rent will be paid
- Does
the rent include bills? e.g electricity, gas, telephone, internet, water, Council
tax and even food.
-
When the rent is due
-
How should rent be paid (cash, cheque, standing order, direct debit etc.)
-
Is the deposit payable when the tenant moves in and when it will be returned and
how it will be held by the Landlord
Both
the Landlord and the tenant should sign the agreement. Back
to top _______________________________________________________ To
enter the jml-property-insurance site please click
here _______________________________________________________ The
jml Insurance website advertises and introduces you to many insurance products.
To enter this site click on logo below 
PROPERTY:
Rental, Landlords', Home Contents & Buildings, Tenants', Overseas Property Insurance,
Self Build, Structural Warranty, Blocks of Flats and more.. 
TRAVEL: Holiday Travel, Ski, Backpacker Travel and
more 
MOTOR: Car Hire Excess, Car, Caravan, Motor Bike,
Motor Excess Insurance, Senior Motor, Student Car, Taxi, Van, Womens Motor, Young
Driver 
STUDENT: Rental, Tenants', Student Car, Student Travel 
PET:
There is no NHS for pets, make sure your family pet is properly
covered 
WEDDING: Safeguard your big day now
by getting comprehensive insurance for your wedding 
HEALTH
& LIFE:
Life, Health, Dental Plan 
BUSINESS
INSURANCE: General Business, Public Liability,Shop
and Retail, Office, Tradesmen and Surgery and Clinic insurance,
Employers liability, General Business and more 
MOBILE PHONE - CREDIT CARD
PROTECTION and more... Irish
Property Insurance Holiday
Homes, car hire excess insurance and more Find
out more Here  Back
to top 
| 
Instant
online quotes and immediate cover. Pay monthly or annually.
Insurance
for Tenants (including Students)& Landlords - Pay by Credit card or Direct
debit.
Over 100,000 bicycles are stolen every year. Thieves love them because they can
be sold easily and anonymously. Are you covered? 
Is
your laptop insured? The
average cost of a student burglary is £900. The most commonly stolen items
are personal laptops / computers and other electrical goods.
Are you covered? 
If
you are renting a property the insurance that the owner has will probably not
cover your own belongings. You should take out your own contents
insurance.
