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Tenants
When you choose Stonelink International, you choose a high quality London property letting service.
To help you start, we’ve made it easy with a quick guide and overview for Tenants below, to explain what is typically involved with letting and renting a property.
If you are too busy to read the quick guide below, call now on +44 (0) 207 993 4081 or contact us.
Content
- Referencing Procedure
- Holding Deposit
- Administration / Reference Applications
- Tenancy Agreement
- Payment
- Tenant Fees
- Client Money Protection
- Managed Properties
- Rental Payment
- Notice To End A Tenancy
- Inventories
- Deposit Returns
- Tenants’ Obligations
- Property Inspection
- Council Tax & Utilities
- The checklist for renting in England by GOV.UK
Referencing Procedure
- Confirmation of employment, salary confirmation.
- Personal & photographic identification (passport or driving licence).
- Two (2) original proof of address (recent bank statement and utility bill).
- Previous landlord references.
- Students (Guarantor or proof of funding).
- Self-Employed (Accountants references, trading details, management accounts etc.)
Holding Deposit
A holding deposit (to reserve a property) of one (1) week’s rent (not subject to VAT) will be required.
This is in order to reserve the property and remove it from our availability list. The holding deposit will be deducted from the first month’s rent due. Should the tenant withdraw from the proposed letting, through no fault of the landlord or the agent, the full ‘Holding Deposit’ will be retained. None of the Holding Deposit will be retained should the Tenant’s withdrawal be due to a breach of the proposed letting agreement by the landlord or property agent.
The holding deposit shows good faith and commitment on the part of a prospective tenant enabling the landlord to take further action in the confident knowledge that the applicant is serious and fully committed to the property:
For example:
- Cancel any advertising for the letting
- Tell other applicants that the tenancy has been taken subject to satisfactory references
- Prepare a Tenancy Agreement
- Take up references
Administration / Reference Application
It is imperative that you disclose all relevant facts that may adversely affect your reference outcome, prior to making an offer for a rental property. It will save time and costs for all parties involved.
The administration fee covering; reference checks, guarantor checks (guarantor must be UK based), right to rent checks, preparation of the tenancy documentation and any other contract / administrative paperwork are covered by the landlord.
Tenancy Agreement
Both the Landlord and tenant/s will be required to sign a tenancy agreement prior to the tenancy commencing, the agreement outlines both tenant and landlord obligations.
Tenancies run for a period of twelve months (generally with a break-clause). We will contact you at the end of the tenancy to see whether you wish to renew your agreement for a further period and will liaise with the landlord to organise the documentation. It is important you note that the agreement is made between landlord and tenant, we act for the landlord only.
By legal requirement we will issue you with a sample template agreement which we ask you read very carefully, should any questions arise regarding this legal document we advise you to seek independent legal advice.
Payment
Once a moving in date has been agreed and references have all been approved by the landlord, the tenancy agreement will need to be signed by all parties and the initial monies in full will become due, less any holding deposit previously paid.
The initial monies are made up of the following:
- Security Deposit is equal to five (5) weeks rent (subject to reference checks) where the annual rent is less than £50,000 per annum, or six (6) weeks rent (subject to reference checks) where the annual rent £50,000 or above.
The security deposit is to be held in accordance with the Deposit Protection Scheme: www.depositprotection.com
- The first months rent in advance (subject to reference checks).
Rent is based on a per calendar month and is calculated as follows;
Take the weekly rent, multiplied by 52 weeks and divided by twelve months. This will give you the per calendar month rental figure.
Our finance team will invoice you for the above monies to be settled, five (5) days before the tenancy is able to commence. Payment by means of either BACS, CHAPS, Banker’s Draft or paid directly into our bank account and showing as cleared.
Tenant Fees
The following fees are payable by tenant(s) who enters into a tenancy …
* Please note, Value Added Tax (VAT) is calculated at the prevailing rate i.e., 20%. This may be subject to change by the Her Majesty's Revenue & Customs (HMRC).
Rent:
The per calendar month rent.
Refundable Tenancy Deposit:
Capped at no more than five (5) weeks' rent where the total annual rent is less than £50,000.00 or six (6) weeks' rent where the total annual rent is £50,000.00 or above.
Refundable Holding Deposit:
To reserve a property, capped at no more than one (1) week's rent.
Payments To Change The Tenancy:
When requested by the tenant(s), the fee is £50.00 plus VAT per person (unless for reasonable service costs incurred by the tenant(s), that are greater). The VAT is calculated at the prevailing rate.
This could be making changes to the tenancy agreement to enable:
- A change of sharer in a joint tenancy or
- Any other amendment which alters the obligations of the agreement and with the permission of the landlord.
Household Bills:
The tenants are responsible for bills - unless otherwise agreed and stated in the Tenancy Agreement. These include payments for:
- Council Tax
- Gas
- Electricity
- Water
- TV
- Broadband & Phone line
- Content Insurance
- Any Subscription Service you sign up to
Late Payments:
A default fee can be charged for late payment of rent but only where the rent payment has been outstanding for 14 days or more (from the date set out in your tenancy agreement).
Any fee charged by a landlord or agent cannot be more than 3% above the Bank of England’s base rate for each day that the payment has been outstanding.
Lost Keys' or Security Devices' Giving Access to the Property & Require a Replacement:
Landlords and agents can charge a default fee for a lost keys' or equivalent security devices'. The default fee will be the actual cost of the replacing the items.
Non-Assured Shorthold Tenancies / Non Licenses:
This is fixed-cost fee that can cover a variety of works depending on the individual circumstances of each tenancy, including but not limited to conducting viewings, negotiating the tenancy, verifying references, undertaking Right to Rent checks (if applicable) and drawing up contracts. It is charged on a per individual basis and not per tenancy.
The fee will not exceed £250.00 plus VAT per person and will only be applied to the first four (4) tenants entering into the tenancy where there are more than four (4) tenants taking occupation of the property. The charge will not exceed this sum unless you request or cause one (1) of the specific additional services or fees set out elsewhere in this document. The VAT is calculated at the prevailing rate.
Early Termination Fee:
In the instance that a tenant requests to terminate the tenancy early, subject to the landlord’s consent, a charge not exceeding the financial loss to the landlord or the reasonable costs of the agent will be due upon invoice.
The termination fees should not be more than the amount of rent the tenant would have paid if the tenant had remained in the rental property until the end of the tenancy agreement.
Client Money Protection for Landlord and Tenants:
Stonelink International (London) Limited provides Client Money Protection for Landlords & Tenants and is a member of Client Money Protect (CMP).
1. Click the link and view the Client Money Protect (CMP) website: https://www.clientmoneyprotect.co.uk/
2. Click here and view our Client Money Protect Certificate
3. Our Client Money Protect (CMP) Membership number: CMP003887
Client Money Protection
Stonelink International (London) Limited provides Client Money Protection for Landlords & Tenants and is a member of Client Money Protect (CMP).
1. Click the link and view the Client Money Protect (CMP) website:
https://www.clientmoneyprotect.co.uk/
2. Click here and view our Client Money Protect Certificate
3. Membership number: CMP003887
Managed Properties
When instructed to fully manage the landlord’s property’s, we will inform you prior to your tenancy commencing. We will be the point of contact with any questions or issues at the property, including any faults with appliances.
Please note, that failure to report an ongoing problem, may turn the onus onto you; please immediately report any problems you feel need attention by calling on: +44 (0) 207 993 4081 or email.
Rental Payment
Rental payments are always made by standing order from the tenants’ bank account to the landlord’s bank account, with the exception of managed properties whereby the rental payment is made to us.
Notice To End A Tenancy
To terminate your tenancy subject to term, you will normally be required to give us at least two (2) months notice in writing / email of your intention to vacate the property, unless otherwise specified in your specific tenancy agreement.
The responsibility for your belongings are down to you. Please ensure you have adequate contents insurance, as the landlord accepts no responsibility and cannot be held responsible for any loss or damage to tenants possessions.
Inventories
A well-prepared inventory and check-in report protects landlords and tenants alike, providing an accurate description of the condition and contents of a property at the start of a tenancy.
The condition of the property and its contents at the end of the tenancy is then compared back to this report in the form of a check-out report. The inventory clerk will also provide an opinion on whether any damage that has arisen during the tenancy is attributable to the tenants to ‘fair wear and tear’ or to the landlord as required maintenance.
It is in a landlord’s interest to ensure that inventories are prepared for properties that they own. In the worst case scenario, should you end up in court, the judge will tend to look more favourably on an impartial, unbiased inventory prepared by a third party unconnected to either the landlord or the tenants. Inventories prepared by landlords could be viewed as biased and one-sided.
Normally an inventory of the property condition, furniture and fittings and effects will be prepared by the landlord, or an independent inventory clerk instructed by the landlord prior to the tenancy commencing. The tenancy is checked and agreed between the tenant and the landlord at the tenancy commencement.
If you have any queries or require additions / further amendments to the report, they must be received within the ten (10) day period of receiving the report (check in inventory or check out), as per AIIC regulations.
Deposit Returns
The security deposit is to be held in accordance with the Deposit Protection Scheme: www.depositprotection.com
An inspection of the property will be carried out by the inventory clerk, when your tenancy ends and all keys must be handed back and signed out at this time.
Upon receiving the check out report, both landlord and tenant have the ten (10) day period to raise any queries or require additions / further amendments to the report, as per AIIC regulations.
Should a compromise not be found, or you disagree with your landlord or letting agent’s claim, you must submit your evidence for the adjudicator to make a final decision.
Further information is found on the Deposit Protection website:
Click on this link: DPS – An Introduction to Disputes and Damages
Tenants’ Obligations
The tenant’s have a duty of care to return the property at the end of the tenancy in the same condition, Fair Wear and Tear excepted, as that recorded on the Inventory at the start of the Tenancy.
It is especially important for tenant’s to ensure that the property is fully secured and that during the winter months, steps are taken to prevent freezing of the water and heating systems.
Property Inspection
When instructed to fully manage the landlord’s property’s, we will carry out inspections to assess the condition of the property and that everything is being kept in a satisfactory condition.
We will always arrange this with you, at a mutually convenient time.
Council Tax & Utilities
It is the tenant’s responsibility to inform the utility companies of their occupation of the property at the commencement of the tenancy, and to pay promptly to the authorities to whom they are due outgoings.
Students, who may be exempt from the payment of council tax, are responsible for informing the Local Authority, at the commencement of the tenancy.
By law, Value Added Tax (VAT) is calculated at the prevailing rate i.e., 20%. This may be subject to change by the Her Majesty’s Revenue & Customs (HMRC))
The Checklist For Renting In England
Take a moment to read through the guide.
Please click on the link How To Rent Guide – The Checklist for Renting In England