Legislation has changed from the 1st June 2019, meaning that there are less costs for you to find a NEW HOME! This is great news for all Tenants and perspective Tenants. But it is likely to mean that there is even more competition to secure a property. Here are our TOP TIPS to help.
1. Think about how quickly you can move?
If you are already a Tenant you will need to provide notice to end your existing Tenancy. Therefore, you should check your existing tenancy to see when you can move.
If you are living with family or friends or have a confirmed end of Tenancy date you can move straight away and this will help you to secure a property.
2. Check your affordability.
If you are renting for the first time it is unlikely you will know how to assess your affordability. Most landlords will use similar criterial to that of a mortgage application. You will need to know what your Total income is before tax is deducted. (For example, a salary of £18,000 per year). Once you know your Gross income you can use a simple calculation to work out what your affordable rent is. If you are moving is with a partner or friend, simply add your incomes together to work out the affordable rent for both of you.
To find your affordability simply divide this amount by 30 and this will provide your affordable monthly rent.
For example; £18,000 / 30 = £600 PCM.
If you have poor credit it may affect your affordability. Paying rent in advance or having a Guarantor (someone who will be referenced and sign a legal agreement to guarantee that they will pay if you don’t) can help you if this is the case.
3. Work out here you want to be and what type of property you need.
You will probably already know the locations where you want to live; close to work, family, friends, schools, transport routes or amenities are all common factors. If you are moving to a City for the first time it’s a good idea to research the different areas. You will probably find you this will affect the rent payable and types of properties that are available. If you not sure where to start, simply look online or have a drive or walk round different areas or villages to see which ones you like the look of.
4. Register with your good Letting Agents.
We will help you find the right property. We can record your requirements and notify you when a new property comes onto the market and help you to arrange viewings.
5. View the Property & Apply
We insist that you have a look at the property before making an application to let. This is because you are making a legal agreement to take the property in its current condition and you need to be happy with it.
Once you have viewed if it is the right property for you, make your Application. You will need to complete a form to confirm all of your details. Make sure you know the information such as; Income, if you have adverse credit, when you will want to move in and what length of tenancy you are looking for. Legislation will also require you to provide a copy of your Passport, so be sure to know where it is and take it with you to the viewing and the office. The quicker that you act the better.
6. What’s Next – Holding Deposit & Reference?
If you have found a property that you wish to secure, made an application and provided a copy of your ID, we will get to work to secure it for you. We will start by checking through your application and then discuss it with the Landlord to get their approval. If the Landlord is happy with your application, you will need to pay a Holding Deposit. The property will then be marked as LET.
Referencing will then be completed. We use a specialist referencing firm who will complete a credit check, income reference and previous Landlord reference. Once we have received an acceptable reference report, we can confirm the move in arrangements for you.
7. Confirming the start of your Tenancy
When we get your acceptable reference report back, we will confirm your Tenancy. You will need to sign the Tenancy Agreement and pay your first month’s rent and Tenancy Deposit.
8. Prepare for your Move
Once you have signed and paid you can get ready to occupy your new home. Before doing so there are a few more things to think about;
Insurance – organise insurance to protect your own stuff. There are also some types of insurance that are designed specifically for Tenants. These also provide accidental damage to the Landlord’s things. This will help to protect your deposit too.
Deposit – you still need to pay this before you can get keys. It will need to be paid in full and in cleared funds. Make sure you have it saved and ready.
Utilities – you will in most cases be responsible for setting up your accounts for Gas, Electricity, Water and Council Tax. You probably will also want access to Internet and TV. If you think about this early everything will be ready for you once you get into your new home and you should ensure that you are getting the best rate for you and your property. We can help ask the team for more information.
Removals – you may need to hire transport or seek the use of a professional to help you move the furniture from your existing home to your new home. We can help point you in the right direction if you are looking for assistance with your move.
9. Move in Day
On the day of your move you will need to attend the office to collect keys and to go through all of the Tenancy documentation. When you have your keys, you should firstly go to the property and confirm the utility readings and check through your inventory and schedule of condition. It’s much easier to look at this before you start moving boxes and furniture in and out. Make sure that you have your utility accounts set up for the property. Then it’s simply a case of getting your things into the property to make it your HOME.