Tenancy Costs

...I want to rent a property, what do I need to do now?

To reserve a property an applicant must apply for the property, by completing the necessary application form and paying an application fee. We are not able to reserve a property until an applicant has paid the application fee and returned the completed application form(s) within 48 hours. Every occupant over the age of 18 has to be on the Tenancy Agreement and referenced.

 

Application forms, fees and referencing

 

Standard:

Applicant(s) are employed and/or has a full time income/salary of at least 2.5 times the monthly rental.  The application fee required is £270.00 for a single adult + £60.00 for each additional adult.

 

Self employed:

Applicant has 1 year of accounts that can be confirmed by an accountant. The application fee required is £270.00 for a single adult + £60.00 for each additional adult.

- If 1 year of accounts cannot be provided, then a rent guarantee is required. The application fee required is £300.00 for a single adult + £60.00 for each additional adult. A guarantee renewal will be at the tenants cost.

  

Company:

The rent is going to be paid by the occupier’s employer or any other company on his/her behalf. The company application form must be completed by a representative for the company. The application fee required is £360.00.

 

International:

Applicant has been in the country for less than 6 months. The application fee required is £300.00 for a single adult + £60.00 for each additional adult. A guarantee renewal will be at the tenants cost.

 

Guarantor:

Required if the applicant has any adverse credit history or if the applicant’s total income is not more than 2.5x the monthly rent. A guarantor must have a good credit history with no CCJ’s or Bankruptcy and must be earning at least 3x the monthly rental amount. An extra fee of £60.00 is required for the guarantor referencing.

 

If you have or have had any adverse credit history (CCJ’s, Bankruptcy, etc), please discuss with us before you apply for a property.

 

Once an applicant has paid the application fee and returned the competed application form(s) the property will be held for them whilst the referencing is being completed. You should allow a minimum of 7 workings days from when you apply to when you wish to move into the property (however this can vary depending on the property availability and the referencing).

 

Check out fee: £42.00 Renewal fee; £90.00 Correspondence regarding late payment of rent; £30.00 Company Checkout: £60.00 (Check out, Renewal and correspondence fees do not apply to Bromford tenancies)

 

Application fees are non refundable. All fees stated above include VAT.

 

Rent, Deposit & Insurance

Once the referencing has been completed a tenancy start date will be agreed. Before a successful applicant moves into a property a deposit equal to the value of 1.5x the rent must be paid.

 

Rent must also be paid in advance prior to the commencement of the tenancy agreement. Rental is always due on the 1st of each month, so if you commence the tenancy from any other date, a pro rata amount will be calculated from the tenancy start date to the end of that month. A full months rent will then be due on the 1st of the next month.

 

The Tenant must have a minimum of £2500 insurance to cover accidental damage to the Landlords contents, fixtures and fittings as detailed in the inventory, a copy of the certificate will be required when keys are handed over. The tenant is warned that the Landlords policy does not cover the tenants possessions and he/she is strongly advised to insure his/her belongings with a reputable insurer.

 

Please contact In House Swindon for more information..

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