Many people are put off renting because they are unsure of the process and what will be required of them. This is unnecessary, however, as the process itself is relatively straightforward (though it can take up to two weeks) and with a little preparation on the lender’s part it should be a smooth one.
Here is how a letting arrangement through a Manchester letting agents (as an example) would typically work.
The first step once you have chosen the property you wish to rent is to pay half of the deposit and a referencing fee and complete the required application forms. The deposit will enable the letting agent to remove the property from the market and hold it for you. The referencing fee is what the letting agent will charge to ensure you are a suitable tenant.
The application form will ask you for information about yourself, your work situation and any previous lets you have had.
Step two involves the referencing itself. Your application forms will be sent to a referencing company who will check the details, your employment history and your residential history, usually going back three years. They will also carry out a credit check to make sure you as much as possible that you are able to pay the rent each month and you haven’t defaulted on any rent for previous properties you have let.
This process will typically take a week, though it could be as much as two in busier periods like summer. It will also depend on how quickly your current landlord, employers and other people return their references. Try to keep on top of them to do it as fast as possible for a smooth move.
Now there are some differences depending on if the landlord is managing the property or the letting agent.
If it is the letting agent then you will be asked to sign all the legal documents such as the tenancy agreement.
You must then make payment of the first months rent and the remainder of the deposit (in cash or bankers draft – cheques are not usually accepted). You will also be asked to complete and sign a standing order form for the monthly rent and to sign insurance forms or show proof of insurance.
Once all of these legal and financial requirements are fulfilled you will be given the keys to the property.
If, however, the landlord is managing his own property then you will likely be required to attend the letting agents office as above to pay the same monies and sign the tenancy agreement. Then, however, the landlord will want to meet you at the property to detail his inventory and arrange how the monthly rent will be paid directly to him or her.
The size of the deposit mentioned above is usually four or six weeks rent depending on the situation or the specific Manchester letting agents. Most deposits will be held in a Tenancy Deposit Scheme and you will get it back, minus any costs for damages you incur while you are in the property, when your decide to move out.
So as you can see, it sounds complicated but in reality, letting a property is really straightforward.