Calling all Tenants | Our Letting Guide

Calling all Tenants!

Whether you are upsizing, downsizing or simply fancy a change, moving can be a stressful process. This is why, here at tlc, we pride ourselves on having highly qualified Lettings Consultants with exceptional knowledge, who can guide you through your search and help simplify the complicated paperwork associated with renting a property.

 

Offer

Once you have made an offer on a property we will put this forward to the Landlord and negotiate so that mutually agreeable terms are reached. Once terms have been agreed, subject to Contracts and References, you will be asked for a holding deposit of 1 week’s rent to secure the property and prevent it being shown to other applicants by tlc Real Estate Services Ltd (tlc). In the event the tenancy goes ahead, this amount will be deducted from the final invoice. Should you not proceed with the tenancy or in the instance that your references are not acceptable, you will forfeit this money. In the unlikely event that the landlord does not proceed with the tenancy this money will be refunded.

 

References

When an agreement has been reached, tlc will ask you to fill in a reference form. When we have had confirmation that your references are suitable, the contract will be drawn up for signing. Prior to the date you move in, you will need to pay a minimum of 1 month’s rent and the further 5 or 6 weeks deposit in line with Tenant Fees Act 2019. This money must be in cleared funds by Bank Transfer.

GUARANTORS, STUDENTS & COMPANY LETS

Do you need a guarantor?

If you are a student, or on a low income, a guarantor will be required. The guarantor is normally a member of your family who must prove sufficient means to provide suitable financial checks. This person will be required to sign a legally binding document, which will make him/her responsible for the rent if any tenant defaults.

 

Students

As well as a guarantor to cover your payment, if you are a student, we will need a letter from your college. This also applies to overseas students wishing to rent a property. Remember, until contracts are signed and exchange takes place, there is no legal obligation on either side.

 

Company lets

In the case of company lets; a reference form must also be completed. The references will have to satisfy the landlord that the company accounts have profits at the end of a tax year period to cover the rent amount, and that the Director of the firm has the necessary permissions to sign a tenancy agreement.

Deposit

Tenants are generally required by the landlord to provide a security deposit (Bond) prior to the commencement of the tenancy in order to secure the landlord’s financial position during the tenancy and when it comes to an end.

The amount of money required for this will be equal to 5 or 6 weeks’ rent in line with the Tenant Fees Act 2019.

From 6 April 2007, it became law for all landlords to register a tenant’s deposit with one of three Government-licensed operators:

1. The Tenancy Deposit Scheme (TDS)

2. Tenancy Deposit Solutions Ltd (TDSL)

3. Deposit Protection Service (DPS)

This new legislation applies only to all new Assured Shorthold Tenancies (ASTs) commencing on or after 6 April 2007. It also applies to any renewed tenancies where a new (fixed term) tenancy is created after this date. tlc, at renewal stage, will issue new tenancy agreements to both parties, thus requiring the Security Deposit for a tenancy originally created before 6 April 2007, to be transferred to a Deposit Protection Scheme. Tenancy agreement charges are made to a tenant at the point of renewal.

Deposits collected by tlc for new “let-only” tenancies AND renewals will be passed to our client landlords with a letter requiring them to register and lodge the deposit with their choice of one of the three schemes available. Tenants will then be notified once the deposit is protected.

 

Inventory check-in

On the day of the commencement of the tenancy, an inventory check-in will take place at the landlord’s expense. Meter readings will be taken at this time. It is important prior to occupation that you register with all companies to ensure the services are connected.

 

During the tenancy

All appliances on the inventory will be maintained at the cost of the landlord. However, if a serviceman called to a property and reports that the damage was caused by improper use rather than wear and tear, the cost of repair/replacement will be the tenant’s responsibility.

You will be advised whether tlc Estate Agents is managing the property or not. If the landlord is paying for this service you should report any problems to us as they arise in writing lettings@tlclondon.com so that they can be attended too quickly. If we are not carrying out this service, you would need to speak to the landlord directly or any other agent instructed to act on their behalf.

 

Inventory checkout

At the end of the tenancy there will be an inventory checkout, the cost of which the tenant is liable for and is paid prior to moving in to fix the cost and insure a swift deposit return. The property should be in a similar state to when you moved in. Please follow the check-in report carefully regarding professional cleaning of the property and carpets, curtains and other upholstery.