Answers to your most frequently asked property renting questions.
How do I work out what rent I can afford each month?
We suggest taking your basic annual salary and dividing it by 30. In our opinion this will indicate how much rent you can realistically afford each month e.g. £30,000 salary divided by 30, means a figure of £1,000 per month should set as your budget, when factoring in other living costs.
Do I need a guarantor?
If your earning capacity is lower than the above criteria you will need a guarantor.
A guarantor would be deemed suitable should they be able to demonstrate they can afford to cover the rent of the tenant – while at the same time taking into account their own expenses. We suggest taking the guarantors annual salary and dividing it by 40. In our opinion this will indicate how much rent they could guarantee e.g. £60,000 salary divided by 40, means they should be suitable for guaranteeing rent up £1,500pcm.
What are the costs involved in renting a property?
Below is an example of the likely costs involved in renting a property. This is provided for illustration purposes only as policies and fees may change over time. Lets say you wanted to rent a property that costs £1,000 / month, typically you would need to pay:
- A damages deposit equal to six weeks rent: approx £1,380
- Your first month’s rent in advance: £1,000
Who generally pays for what?
|Letting Fee||Rental Payments|
|Management Fee||Deposit Against Dilapidations|
|Inventory Creation||Electricity & Gas Bills|
|Ground Rents||Council Tax & Water Rates|
|Service Charges||TV License|
|Annual Safety Checks||Contents Insurance|
|Initial Telephone Installation Fee||Telephone and Satellite Charges|
|Maintenance & Repairs|
Am I allowed a cat or dog?
Only if you obtain permission from your landlord. Most apartment blocks will not allow cats/dogs, so please check with our office before committing to a property if you already have a cat/dog.
Who pays the utility bills?
The tenant will be responsible for paying all utility suppliers in relation to the property they are renting.
Where will my deposit be held and how to do I get it back?
The tenancy deposit legislation dictates that any damages deposit collected in relation to an assured shorthold tenancy (AST) must be registered by your agent or landlord with a government approved protection scheme. Once the funds have been registered you will receive confirmation directly from the scheme as well as instructions of how to apply for your deposit at the end of the tenancy. This will involve you and your landlord giving separate authorisation for release of any funds based on the condition the property is returned in. More information about the legislation can be obtained from here: www.gov.uk
Who do I report maintenance issues to?
Upon your move-in you will be provided with the contact details you will need to report any maintenance issues at the property while you live there. Your contact will generally either be your landlord directly or your agent should they be instructed to manage the tenancy on your landlord’s behalf.
How do I end my tenancy?
You will be able to end your tenancy by giving notice to your landlord in writing. Should you wish to terminate the tenancy at the end of the fixed initial period a notice of one month (from a rent due date) will be required. If you stay on at the property after the initial fixed period and the tenancy is not renewed then it automatically becomes a ‘periodic tenancy’ which you can bring to an end by providing a notice of one month from a rent due date.
Can I move out sooner than the end of my tenancy agreement date?
In some cases a mutual break clause is included in assured shorthold tenancy (AST) agreements: this gives both tenants and the landlord the option to bring the tenancy to an early end by giving notice to the other party. Should your tenancy not have a break clause then you will be responsible for the property and rent in line with the terms of the tenancy until the tenancy is bought to an end after the full fixed term.
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