by Silvia Eldawi, Lettings Director
1. Work out the the financials
Having decided on your rental budget, find out what additional costs will be involved. Expect to pay a security deposit of six weeks rent in addition to agency fees for administration, referencing and inventory check ins.
2. Make sure your references are squeaky clean!
Any Landlord or Estate Agent will want to be satisfied with your suitability as a tenant, especially in the current climate
Your joint monthly income will need to be at least 2.5 x the monthly rent. Otherwise you may be required to provide a guarantor or pay a higher rent in advance (usually 6 months rent)
Your Landlord’s reference will need to say that you’ve been a good tenant, paid your rent on time and how much your rent was as well as the fact that you’ve kept the property in a good condition
If you’re self-employed you’ll need to get your accountant to give you a reference
Be upfront with your agent if you have a bad credit history or have CCJs and they will help you find a solution
3. Make a list of your 'Top 5 Priorities' in your next property
'Needs' will always override 'wants' so be clear what you require so precious time is not wasted looking at the wrong properties
Tell your agent why you’re moving as this will usually have a big influence on your next property
Don't limit your search to "10 minutes maximum walk to the tube". Remember you pay for location so the closer the tube, the more expensive the price
Know what your flat mates like. If they won't be able to view properties with you, get them to trust you to choose on their behalf. Many properties get snapped up in between flat mates 1st view and 2nd view
4. Start your search on the web
The most popular property portals are findaproperty.com: rightmove.com: primelocation.com: and propertyfinder.com.
If you know the estate agencies that are active in the area look at their websites as well as property portals as they are usually more up to date
5. Set aside time to view as much as you can and make a decision... Don’t look forever!
Remember you’re renting not buying. There is no need to make a full time job of searching for property. Most sensible prospective tenants usually secure a property within a week of searching as they are clear on their requirements and realistic with their budget
Why would you want to see endless rental properties for weeks on end? Set aside the time and if you’re going out with an agent see as many things as possible. Seeing just one property per appointment will never give you an idea of value or a good idea of what is happening in the rental market. Be willing to spend at least an hour if you’re viewing with an agent
6. As soon as you see the property that matches at least 3 of your 5 priorities, go for it!
Quality properties rent quickly! If it’s the best you’ve seen it’s likely to also be someone else’s best and you’ll be in competition with them. Offering first gets the landlord to focus on you and not someone who has yet to 'put their money where their mouth is'
7. Offering below asking price?
Gone are the days of cheeky offers! It is not advisable to make ridiculously low offers as you could risk offending the landlord who may not even consider a revised (more realistic) offer from you at a later stage. If you are dealing with a reputable agent the price will be right and you won't need to knock it down further
Improve your chances by improving your offer in other ways;
Suggest paying for home improvements or providing extra furniture if required. Low offers + lots of additional requirements = Rejection
Most tenants pay the standard security deposit and their first month’s rent when they move in. Offers below the asking price are sometimes being accepted by Landlords because the tenants are offering to pay two month’s rent or the first quarter’s rent in advance or in some cases the first six months (In addition to the security deposit). You’ll be much more favourable to the landlord
Be ready to move in as soon as the property is available. Regardless of whether you are physically moving into the property or not, some tenants manage to get their offer agreed because they can ‘move in’ (start the contract and pay) within the week (or sooner) of agreeing the offer
8. Break clause do's and don'ts
Landlord’s dread having their property empty and losing money. Avoid having a break clause at six months unless you absolutely have to
The average length of tenancies is 18 months, so if you have no intention of moving again, go for a longer term!
Remember break clauses work both ways and you could also be issued notice to vacate earlier than anticipated
9. Don't delay
Once an offer has been accepted you should move as quickly as possible to get reference application forms and any other documentation completed
Prepare your referees – they should be expecting the enquiry from the referencing agent, Landlord or Estate Agent. Delays on their side may result in you missing out on the property of your dreams
Get your money ready! There would be nothing more frustrating for you than being at the agent's office ready to collect keys and your card payment is not authorised. The safest payment option for completion monies is a bankers draft or building society cheque, unless of course you misplace it on move day!
10. Check in... chill out!
The fate of your security deposit largely depends on a professional inventory and check in report. The best thing you can do is be present at check in. This is your chance to note the condition of the property when you take it on, so you can be sure to give it back in the same way. Make sure you get the inventory clerk to write down every scratch and scrape!
E-mail silvia.eldawi@northfields.co.uk for more advice.
