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The John Lake Gilt Edged Lettings guide to Renting
There are several key steps involved in letting your home or investment property whether it is a house, apartment, flat or bungalow and with rules and regulations being frequently updated, our simple checklist will help you keep up-to-date with the process.
Register with John Lake Gilt Edged Lettings
The first step on the road to renting your property is to register with us here at John Lake Gilt Edged Lettings. You can do this by entering your details here on our website, register over the phone or alternatively feel free to pop into our office and we would be delighted to register you in person and discuss your requirements over coffee.
Think about your budget
Before renting a property you should think carefully about the ongoing costs. You will need to earn 30 times the monthly rent to qualify for a property, so if the monthly rental is £650 x 30 = £19500 and as a rule of thumb this indicates that you can then also afford the rent and other necessary outgoings such as council tax, utility bills and TV license.
Think about the right property
Think carefully! What are important factors to you, for example:
- Do you need to be near work or family?
- Does the property need good transport links?
- What about local shops, gyms etc.?
- Will you require a parking space, would like to have a garden?
- Are you a smoker?
- Do you have pets?
Once we have established your property requirements we will be able offer you a choice of properties that should be suitable. It is worth bearing in mind at this point that most properties will not be available for you to move in to straight away, so plan ahead.
Think Ahead… Be Prepared
It is worth being prepared at this early stage as good properties will always let quickly. Make sure everything is in order so you can proceed quickly when you find that perfect home.
- Have you got your cash reservation fee and deposit ready?
- Do you require a guarantor, if so they need to be employed and earn 35 times the monthly rent.
- Have you checked with your intended referees if they will be happy to provide references on your behalf?
- If you are renting for the first time it is a good idea to check your personal credit file. This is just to make sure you do not have any unnecessary costs should you for any reason fail the reference procedure and a guarantor is not available. A good place to look is www.experian.co.uk, although other providers are available. Please note that if you do order a credit report it will leave ‘footprint’ on your file.
Most people prefer to view a property with a Letting Agent rather than meeting the landlord themselves and we are more than happy to meet you at the property and show you around personally.
You will have plenty of time to look around, make sure you are happy with the space, appliances, decor etc. You should feel free to ask any questions you may have about the property and its location. If there is something we can't answer there and then, we will endeavour to find out on your behalf and call you back with the answer.
Agreeing the let
Once you have found the perfect home whether it is a flat to rent, house, apartment or bungalow you can now put forward an offer. We will liaise between yourselves and the landlord until both parties are happy with the arrangement.
With the high quality of rental properties and strong demand from tenants you may well have to offer the asking price in order to secure that perfect home.
Once you have had your offer accepted, congratulations! - You will hopefully soon be renting your new home.
We employ a specialist referencing agency to obtain references on our behalf. They will contact your employer and current/previous landlord (if applicable) as well as credit references. Each person over the age of 18 who will be living in the property will need to be referenced. Each Guarantor if required will need to be referenced.
Should the references prove to be unsatisfactory it will not be possible to proceed further with the let.
All persons over the age of 18 who will reside in the property must sign a Tenancy Agreement.
We will also require you to sign a standing order to be forwarded to your bank for future rent collection.
Prior to the commencement of your tenancy the landlord will be required by law to obtain safety certificates for the gas appliances and will also have safety checks done on any electrical items as well as smoke alarms.
You will also be required to have contents insurance that covers your contents as well as accidental damage to your landlords contents, building, fixtures & fittings.
It is standard procedure for either the landlord or the letting agent to hold a deposit for the property. This is normally slightly more than 1 months' rent and providing the property is returned at the end of the tenancy in the same condition in which it was received, taking into account usual wear and tear, the deposit will be refunded in full.
As required by law, all our deposits are held and protected under the scheme Tenancy Deposits Solutions Ltd (TDSL), trading as MyDeposits, for peace of mind for landlord and tenant alike.
Once you have signed all your legal documents and paid your deposit and first months rent (in clear funds) we will arrange to meet you at the property and “check you in”. This involves you agreeing and signing the inventory and schedule of condition that has been prepared.
When you move in you will find a welcome brochure containing contact numbers for services and utilities to your property and those all-important numbers in the event of an emergency.
Should you experience any problems at all, or require any advice during your time in the property we are always here to help. Should the let not be under our full management service we will provide the relevant contact details for the landlord or their point of contact.
It is in everyone's interest that you keep the property you are renting as clean and tidy as possible during your tenancy, including any garden or outside space (if applicable).
When your tenancy comes to an end you will want to have your full deposit returned without any deductions deemed necessary to tidy or repair the property back to its condition upon your arrival.