A GUIDE TO BEING PREPARED AND SECURING A PROPERTY TO RENT IN LONDON

RENT IN LONDON

 

HOW TO BOSS THE OFFER PROCESS TO RENT IN LONDON?

AT  LDG we’re committed to making the property search as easy and stress free as possible. So once you’ve found a place to rent in London, you can call it home.

What happens next? Knowing how to process an offer and produce the relevant documents can feel daunting. However, being prepared helps you sail through to acceptance. This also puts you ahead of the game if there is a lot of interest in a property.

Partner and Head of Residential Lettings, Javier Carrillo, has some recommendations to help you master the offer process.

THE OFFER

Firstly, it is important to know that all offers to rent in London via LDG should be made in writing. This is so there are no discrepancies. Your offer includes your move in dates as well as any other requirements and conditions you might have. This should be done by contacting the member of the LDG family who has been looking after you (i.e. your negotiator).

Before submitting an offer, it is always worth having a friendly discussion with us first. We want to make sure you’re happy and making the right choice.

Although our contract is with the landlord, we are proud of the relationship we have with our tenants. We have always maintained a high level of customer service and many tenants continue to renew or rent alternative properties with us for years.

THE OFFER AGREEMENT

Once the offer have been accepted, alongside any conditions you have made, we will produce a letter outlining the agreement which we will ask you to sign. This will also detail all the potential costs involved. This includes an admin fee of £180 inclusive of VAT, per property, for LDG processing your offer. Admin fees are standard when you rent in London and ours is a competitive rate.

Signing the offer letter is only half of the procedure to place a property under offer (and take it off the market). We will also ask you to pay a holding deposit, which is equivalent to two weeks rent.

THE REFERENCES 

Referencing is vital for a Landlord. From a legal perspective, it confirms your right to rent in London or anywhere else in the UK. It also gives assurances that a candidate is right for their property, by confirming their identity and affordability, as well as previous tenant history.

Preparing for this essential part of the letting process means you can avoid any delays which could put your application at risk.

LDG, like many agencies, use a third party to verify (and speed up) the referencing process. We will supply you with a form to fill out confirming your personal information.

The cost for each reference is £60 inclusive of VAT per person.

As mentioned above, we will be required to verify your right to rent in London, so it will be necessary to provide us with your proof of ID (typically passport) and visa (if applicable).

In the event that the information provided, highlights any potential of concerns or risk to the landlord, you may be asked to provide a Guarantor.

FOR STUDENTS

If you are a student, the references will be slightly different. For instance, we will unlikely request an employer’s reference (for obvious reasons) but instead we will request a letter from your university, confirming you are studying at their establishment. In addition to this, you will also be asked to pay rent in advance (normally 6-12 months in advance) unless you can provide a UK based Guarantor who is a homeowner.

THE TENANCY AGREEMENT

Once references are accepted, we will produce a legally binding tenancy agreement. For clarity, a tenancy agreement is a contract between you and the Landlord, specifying all rights and responsibilities for both parties.

It is vital that you read through the contract thoroughly. Please make sure you ask if you have any queries or if there is something you don’t understand – remember, we are here to help! You are also welcome to seek independent advice about your tenancy agreement.

If you’re sharing the property, this must be signed by all tenants. You will not be able to access to the property until this happens, so please make sure your housemates are available when you’re ready to sign.

TENANT AND LANDLORDS RIGHTS AND RESPONSIBILITIES

ASTs (Assured Short-hold Tenancy) are the most common form of tenancy agreement and this contract sets out the duties for both tenants and landlords. However, there are other types of contracts such as Company Agreements and Common Law tenancy agreement, LDG will advise and issue the correct agreement depending on your circumstances.

For more information regarding Landlords and Tenants obligations, please click on this link – Landlord & Tenant act 1985

THE FUNDS

The outstanding balance of the rent and security deposit must be paid in advance with the first payment due upon signing the tenancy agreement.  It’s important to remember that payments made from outside of the UK can take 3-5 working days so please leave enough time to ensure we receive the payment on the agreed date.

Please note that you will not be allowed to move into your property until the full balance has been received in cleared funds.

THE DEPOSIT

The deposit is usually the equivalent of six week’s rent and will be held for the duration of the tenancy under tenancy deposit protection. In summary, this means:-

  • The deposit is a safety net for the landlord to guard against the cost of replacing or repairing the property damaged by the tenant during the Tenancy.
  • Landlords/ Agents are required to join a statutory tenancy deposit scheme. LDG is member of the TDS (Tenancy Deposit Scheme).
  • Deposits are safeguarded for the tenants, and you will receive a certificate of registration*
  • Tenants will get all their deposit back if they have kept the rental property in good condition
  • The scheme offers alternative ways of resolving disputes which aim to be faster and cheaper than taking court action

*This is dependent on the type of tenancy you have.

THE INVENTORY

Alongside the tenancy agreement, inventories are vital for documenting the condition of the property and all items contained within on the date you take possession. The importance of this is so we can assess the property in comparison to the date you leave, which can affect whether the entire deposit is returned to you at the end of your agreement.

LDG will arrange the Inventory check-in on you and the Landlords behalf.

Most of our Landlords use an independent inventory clerk recommended by LDG.  Photographic evidence will be taken to give you extra protection and avoid any unnecessary disagreement at the end of the tenancy.

We recommend attending the inspection so that you can pay full attention.

RENT IN LONDON AND LIVE LIKE A LOCAL

On behalf of the LDG Family, I would like to wish you a fantastic tenancy at your apartment and urge you to make the most of living in the beating heart of Central London!

Living the London life is a very unique and great experience – I know what it means to rent in London as it’s something I have personally had the opportunity to do, when I lived in Marylebone, Fitzrovia and Soho. It is a city full of buzz, vibrancy and harmony, with something to offer for everyone, so whether you’re a student or a working professional, we hope you take full advantage of being a true Londoner.

If you’re new to the area and would like some guides of how to rent in London, we have a page dedicated to our neighbourhoods on our website but I would also recommend checking out Time Out London which details monthly events as well as the best restaurants, bars and clubs across town!

We have a long list of tenants seeking to rent a property in central London, and by keeping lines of communication open, we can satisfy both landlords and tenants.

We take the time to listen and learn what makes you tick. This will determine which areas in central London are the right fit for you. Establishing a clear understanding of your requirements means that you’ll receive a selection of properties that really match your criteria. Our agents can also update you when new properties become available.

LDG has a proud track record of helping landlords find the right tenants. For more information, contact us today.