Renting with Lloyds of Watford Estate Agents
This is a brief guide to the various steps involved in renting a property. It outlines what we require from a prospective tenant and the costs involved. However if you have any questions regarding the process please feel free to contact us
1– Expressing an interest.
Once you’ve viewed a property that you would like to rent, we will ask you some questions regarding your circumstances (i.e. number of tenants, ages, occupations, children, pets, smokers etc.). We will then speak to the landlord and seek their consent to reference you.
2 – Referencing.
We will require every adult who is to occupy the property, to complete a reference form and these will normally be processed by a specialist referencing agency. Typically, you will be asked to provide employers details, current landlord’s details and last 3 years addresses. A credit check will also be carried out. Our referencing and administration fee is £150 per person.
The referencing agency may well ask for a guarantor to be provided. (I.e. This may be the case if your earnings are not considered to be high enough or your credit score is low). A guarantor is normally a family member or close friend who will also need to be referenced.
3 - Reserving a property.
On successful completion of the referencing process, we may require you to put down a holding deposit to secure the property. The amount of the deposit is largely dependent on the length of time between completion of the referencing and your preferred move in date.
4 - Pre-Tenancy.
Once we have agreed a move in date and initial tenancy length (normally 6 or 12 months) we will send you a draft tenancy agreement to read, so that you may familiarise yourself with its contents and specifically your obligations and rights. This is a legally binding contract between you and the landlord, so please ask us for clarification if there is anything within it you don’t understand, or you may wish to seek advice from a solicitor or the Citizens Advice Bureau.
Prior to taking occupation, you will need to pay your first months rent and a deposit. The amount of the deposit will depend on the landlord’s requirement but is normally between 1 to 2 months rent.
5 – Move in Day.
In most circumstances we will agree a time for you to come to our office to sign the Assured Shorthold Tenancy (AST) agreement, provide photo ID (Passport or Drivers Licence) and collect the keys.
Assuming the landlord has requested an inventory (fees apply), you will then meet the inventory clerk at the property for the check-in.
6 – Once you’re in.
Towards the end of your initial fixed term, we will contact you to establish whether you would like to renew your tenancy and if so for what period (normally 6 or 12 months) Fees apply.
- 1- Referencing & Administration Fee: £150 per person. (Guarantor additional £100)
This covers the entire referencing process including employment of a specialist reference agency and Lloyds of Watford’s in-house administration.
- 2- Post-tenancy checkout fee: £150
A ‘one off’ fee to cover the employment of a qualified Inventory Clerk to attend the post-tenancy checkout.
- 3- Tenancy renewal fee: £40
To cover Lloyds of Watford’s in-house administration.
- 4- Tenancy alteration fee: £210
To cover the administrative cost where there is a change of tenant/s during a fixed term.
- 5- Tenancy renewal fee: £40
A fee that occurs when the tenants vacate before the end of their fixed term (subject to landlords consent).
An inventory is a document detailing the condition of a property and the items included therein. It is referred back to at the end of the tenancy and is vital in protecting your deposit. On your move in day the inventory clerk will walk you round the property and ask you whether you agree with the contents of the inventory. He will revisit at the end of the tenancy to carry out the check-out.
Where Lloyds of Watford are instructed as managing agents we will lodge your deposits with the Deposit Protection Service (DPS) which is a government approved body. At the end of the tenancy if there is a dispute between landlord and tenant regarding some or all of the deposit both parties will be given the right to use the DPS’s resolution service (You can find more at www.depositprotection.com).
Contact us for more information.