Once you viewed a property and decided to go ahead, you will need to fill in an application form and provide two forms of identification i.e. Driving Licence, Passport, Debit Card etc.
In order to reserve the property holding fee of £200 is charged (deductible from the total cost of moving in) Until this holding fee is paid we are unable to reserve the accommodation, and the property will continue to be marketed.
Tenant Agency/Admin Charges- from £75 plus vat
Once the completed application form and fee has been received by us, you will be sent a link by email or hard copy and asked to fill in a few personal details in order to complete the application process.
At this point the following information is agreed with the landlord:
If I decide not to take the property will I lose my Holding Fee?
The Holding Fee is refunded if the landlord declines the tenancy. However if the tenant declines from the tenancy, or incomplete or inaccurate information is provided in the tenants application form, they will forfeit the Holding Fee.
What if I cannot provide suitable references?
Where the tenant is a student or not currently in employment, the tenant can have a financial guarantor to agree to underwrite any rent, utility bills, breakages, liabilities.
Normally the financial guarantor would be the parents or relative; sometimes an employer; the only requirement being that they must be a property owner and over 18 years of age. The guarantor will be responsible for paying for any monies outstanding as a result of the tenancy. The guarantor will also need to pass the referencing procedure as above. There is an additional fee of £40 (plus VAT) for using a guarantor.
What will I have to pay when signing the contract?
Rents are normally quoted on a calendar month basis (i.e. £550.00 pcm). The tenant will have to provide one months rent in advance upon signing the contract. Following the first months rental payment, you will be required to pay your rent by standing order, or by other agreed means
However, some landlords have different arrangements therefore upon signing the contract a representative will inform you of the payment method.
If you move into the property in the middle of the month this will be your rent due date. Should you or the landlord require the rent to be paid on the 1st of the month the rent will generally be calculated on a daily basis up until the end of the month and paid thereafter on the 1st of each month.
A deposit is also required before taking occupation; this is usually one months rent. If Cornerstones Lettings manages the property then we will hold the deposit in a bonded clients account; however if the property is ‘let only’ the landlord will hold the bond deposit separately in an approved scheme.
How should I pay the bond and rent?
The bond and rent should be paid in cleared funds i.e. Bankers draft, direct bank transfer or cash. Tenants will not be able to move into the property without cleared funds.
What kind of contract will I sign?
Assured Shorthold Tenancy Agreement
This is the name of the commonest form of arrangement for the letting of houses or flats by private landlord and agents. They were introduced by the Housing Act 1988. Depending on the landlords requirements it will determine whether he will offer you a 12 or 6 month contract. Once you have entered into a Tenancy Agreement you are legally bound to the contract until the end of the Tenancy Agreement. Therefore at this stage you must be very sure that you want to proceed with the property and that you have read the contract very carefully.
What is a Joint Tenancy?
Joint tenancies can be agreed with two or more people from the outset of the tenancy. Each tenant is then responsible jointly and individually for meeting the terms of the tenancy in full including paying the rent. Therefore if one joint tenant leaves the property before the end of the tenancy without your agreement and you cannot recover the rent due from him, the remaining tenant will be responsible for paying the full rent.
Under a joint tenancy, all the tenants have equal rights.
Therefore if you have any doubts about living with anyone you should not proceed as you will be jointly liable for the full rent.
Can the tenant leave during the tenancy?
As a tenant, if you wish to terminate your tenancy before the expiry of the contract, you have the two following options:
You would be liable for all the landlords costs if permission is given.
Landlords insurance on your rented accommodation will usually cover the building itself and the landlords contents, for example carpet, curtains, fixtures and fittings. Your personal possessions will therefore not be covered under your landlords insurance.
It is essential that you consider the options of taking out your own insurance for your personal possessions.
We are able to provide information on Insurance.
Tenants Application Form
Once you have seen a property you would like to rent, Complete and sign an application form and return/email to office as soon as possible with your holding fee.