Finding a Property
Before viewing properties, take time to focus on your exact requirements in a home.
Consider the following points;
> Location (does it need to be close to transport links?)
> Type of Property (house, flat?)
> Size of Property (number of bedrooms/ bathrooms required?)
> Additional Requirements (garden, parking, furnished?)
> Budget (plan your budget and stick to it)
Once you have a clear idea of your property requirements, there are a number of areas that you can start to search, the Local Press, Websites and Letting Agencies for example. Register with Galley Properties and we will inform you as soon as a property that matches your requirements becomes available through us.
Securing the Property
Having found a suitable property to rent, a holding fee will be required in order to state your intention to rent and to take the property off the market. Galley Properties will then request references and complete a credit check.
Your prospective new landlord will be keen to make sure that you are a suitable tenant and that you have the ability to pay your rent. Galley Properties will then ask for the administration fee, (currently only £75.00), along with your permission to conduct all relevant searches. Please note that should you fail any of the necessary checks, you will not get your administration fee back.
The following information will be required:
> Previous landlord references and details of places that you have lived within the last 3 years.
> Employment details, your employer, their contact details, your job title, payroll number for the previous 3 years.
> Bank Details
If the information highlights any potential of risk to the landlord, you may be asked to provide a guarantor. A guarantor will be contractually liable, both financially and legally, should you fail to pay the rent during your tenancy or in the event of damage to the property.
Once satisfactory references and credit checks are received, the full deposit, and a month’s rent will be required and the Tenancy Agreement will be ready for all parties to sign.
A deposit is required to protect the landlord against the cost of replacing or repairing property damaged by the tenant and is usually the equivalent of between one and two months rent. It is, however, the single most disputed area of the renting process.
As from 6th April 2007, all new Tenancy Agreements and the renewal of existing Tenancy Agreements relating to Assured Shorthold Tenancies will be subject to the new Deposit Protection Scheme.
The intention for the scheme is to make it easier for Landlords and Tenants to resolve any disputes concerning deposits.
Tenancy deposit protection in summary:
> Landlords are required to join a statutory tenancy deposit scheme, if they take deposits.
> Tenants deposits are therefore safeguarded.
> If the property has been kept in a good condition, the tenant will receive all or part of their deposit back.
> The tenant and landlord have dispute resolution processes that are intended to be faster and cheaper then taking court action.
Accidental damage to landlords fixtures and fittings insurance is a mandatory condition of the tenancy agreement. The reason for this is to protect both the tenant and landlord from any damages that may be incurred to the property, or its contents, during the duration of your contract. As proof that a policy has been signed, we will need to be provided with a valid insurance certificate prior to signing the tenancy agreement.
Should you need help, Galley properties would be happy to provide information for third parties that can provide you with an insurance policy that suits your needs.
The tenancy agreement is a contract between you and the Landlord. It specifies certain rights to both you and the Landlord, such as your right to live in the home for the agreed term and your Landlord’s right to receive rent for letting the property.
The Assured Shorthold Tenancy Agreement (AST) has been the most common form of Tenancy Agreement since the 1990’s. Despite its name, it does not have to be a short term let, the agreement can continue for as long as the Landlord and Tenant require.
The Agreement would usually provide the following information:
> Your name, the Landlords name and the address of the property to be let.
> Start date for the Tenancy Agreement.
> The Tenancy duration including the agreed end date.
> The rent details including how and when it is to be paid.
> Any utility bills or services that may be included in the rent.
> Notice periods required from both you and the Landlord to terminate the Agreement.
After all the previous steps have been completed, you will be handed the keys to your ‘new home’. Please ensure that you examine the Inventory detailing the condition of the property, its fixtures and fittings and any items left by the Landlord. This document will be referred to, should there be any dispute regarding the return of the deposit upon termination of the Agreement.
Finally, Galley Properties would like to take the opportunity of wishing you well in your property and hope that the property and our service meets all your expectations.
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