Tenants Fees & Guidance

Finding a property

If you haven’t informed us already, the first step is for you to provide brief details about yourself and about the accommodation you require. We will ask questions about yourself, your position and what you’re looking for and will then search our database for suitable and available properties for you to view.

If the property is not needed at that time or what we currently have available is not appropriate, we will record your details so that we can contact you as suitable properties become available. It is wise to start looking about two months before you wish to move, to ensure that you find the property that’s right for you.

Viewings

We will always try and arrange viewings where possible for times to suit you, including evenings and Saturdays, and you will invariably be accompanied by a member of staff, who can give advice and answer any questions you may have. Please be advised that we may not always be able to wait for you if you are running late for a scheduled viewing. If you are running late for your viewing you will need to contact our offices to advise one of our team and your appointment may have to be re scheduled. Particularly where people are living in the property being marketed we have to be conscious of not causing an inconvenience to them.

Property mailing list

When you have enquired looking for a property to best help you, you will be added to our property mailing list and emailed property details that we feel may match your criteria or be of interest. Please note we reserve the right to remove you off our mailing list at anytime.

Reserving the property

Once you have decided on a property and your offer has been accepted by the Landlord (subject to referencing and contract), you will need to pay a non refundable tenancy application fee of £150.00 including VAT per applicant over the age of 18. Payment should be made preferably by bank transfer, card (card fees apply 1% for VISA and 3% for credit cards inc VAT), cash or a cheque providing it clears quickly. If in the unlikely event your application is successful but the landlord declines to grant the tenancy, the application fee will be refunded to you in full. However, the application fees will be forfeit and NOT refunded if you decide not to proceed for any reason, if you fail to provide complete and and/or inaccurate information in your application or fail the independent referencing checks. Please refer to the referencing checks section below for more information on the referencing criteria that you will be required to meet in order for your application to be successful.

As already explained above if you would like to rent a property through Lakin & Co you will be required to pay a tenancy application fee of £150 inc VAT; this is used to secure the property while we undertake your application and referencing checks. The application fee will need to be paid promptly should you wish to proceed with the tenancy application. We will not proceed with any application until such monies have been received and the property will remain available on the market and for viewings until payment has been received in full.

Referencing Checks

As a minimum we will require satisfactory references in order for your tenancy application to be successful, we will look to obtain references for the Landlord. The references will be obtained from your employer, and a previous or current landlord / letting agent. Credit checks will be undertaken to ensure you have no adverse credit history such as CCJs, IVA’s or Bankruptcy etc. Other checks maybe carried out such as a request for an accountants reference if self-employed and sometimes a guarantor where required will need to also be reference checked in certain circumstances. We may also sometimes require a personal reference in addition to certain documents such as HMRC documents, contracts of employment, letter of employment, pay slips and identification such as; passport, photo driving license and/ or visas to prove your right to rent in the country.

We use HomeLet, an independent referencing company to carry out the referencing fairly. Each applicant over the age of 18 will need to be reference checked, a short form usually by email will be sent to you to complete which must be completed within 48 hours of being sent to you. If the tenancy does not go ahead for any reason and the reference has been completed and deemed acceptable for tenancy the full tenancy application fee will still be refunded to you.

Checks that will be made but not limited to will include;

– Credit checks

– Employment reference

– Accountant reference (if applicable / self employed)

– Landlord / Managing agent reference

– Bank validation check

– Affordability check (earning at least a multiple of 30x the rent)

For more information on the types of checks that would be carried out please visit HomeLet (www.homelet.co.uk) before making your tenancy application. which are the external referencing company who will carryout the referencing checks independently have a set of criteria that need to be met in order to approve the referencing application as acceptable for tenancy. Each tenant over the age of 18 will need to be reference checked, some of the checks among others will usually include,

If you would like more information on the checks we carryout then please do not hesitate in contacting us. Please be advised that it is important you ensure you will be able to pass the referencing checks before proceeding with your application and paying your application fee.

Affordability Criteria

Tenant/s will need to be earning a joint income of at least a multiple of 30 times the rent

Where this is not possible rent may sometimes be paid in advance where permitted and agreed by the Landlord.

Referencing criteria check list

  clear credit history i.e. no detrimental credit history CCJs, Debt Management Plans, IVAs

an income of a multiple of 30 times the rent on the property being applied for between applicants

permanent employment and employment unlikely to change

self employed – at least one years completed accounts showing earnings of at least 30 times the rent

satisfactory landlord / managing agent reference

if a guarantor is required i.e. in the case of not meeting the affordability criteria, does the appointed guarantor have an income of at least 36 times the rent?

Guarantors

Where a guarantor is required a guarantor application fee will need to be paid. However, where a second guarantor reference application is required for the tenant a further reference fee will need to be paid. i.e. where the guarantor fails the referencing application. Guarantors will be required to meet the affordability criteria of at least 36 times the rent. Please also note the landlord will have to agree to any applicant using guarantor a to complete the referencing process.

Your Rent Payments

Rents are normally quoted in calendar months and payable monthly in advance and normally required to be paid by banker’s standing order at the beginning of the tenancy. The tenant is responsible for Council Tax, Water Rates, Gas, Electricity and Telephone costs unless arranged differently before the start of the tenancy. All rents are payable by bank standing order to our company bank account where indicated (our bank details can be found below), all utility companies and council tax departments will be notified by us at the start of the tenancy.

Prior to the tenancy commencement a minimum of a first months rent is required to be paid in advance to us as the agent of the landlord. Rent where agreed maybe paid in advance for the entire term of the tenancy.

Dilapidations Deposit

 A security deposit of a minimum of one month and half of the rental amount (1.5x) must be paid, and will be held with the government authorised custodial scheme Deposit Protection Services (DPS). This is held to cover damage, breakages, and any other liabilities under the terms of your tenancy agreement. Please note that under no circumstances can the deposit be used by the tenant to cover rent. Some Landlords may choose to protect your deposit under a different scheme for the duration of the tenancy but you will be made aware if this will be the case. Information on where your deposit will be held will be provided to you and also stipulated in your tenancy agreement.

Tenant Insurance

Lakin & Co are able to offer a range of insurance policies for Tenants; contents up to your selected sum insured for damage to your household furniture, equipment, furnishings, clothing and personal possessions whilst in your home. Some landlords may stipulate that a tenant contents insurance policy will need to be in place prior to occupying the property. We strongly recommend your take out adequate contents insurance. We are able to quote you on your contents insurance and should you wish for us to do this please ask one of the team or obtain a quote online at http://lakinandco.com/tenant-insurance/

The policy should cover accidental damage to landlord’s contents and fixtures and fittings for which you are responsible. Personal Possessions up to your selected sum insured for loss or accidental damage to your clothing, watches, jewellery, spectacles, other valuables whilst away from your home anywhere in the UK or whilst temporarily elsewhere in the world. Further details are available on request. Please note we can not provide insurance advice.

Tenant Fees & Further Tenancy Information

Please find a break down of the costs, our fees and further tenancy information below;

Before you move in

Tenancy Application Fee                           £150.00 (Inc VAT) (Per applicant over the age of 18)

Guarantor Admin Fee (if required)         £150.00 (Inc VAT) (Per guarantor)

Dilapidations Deposit                                  Equivalent to a month and a half of rental amount

Rent                                                               First months rent paid in advance

During the tenancy                                              

Amendment Fee                                           £72.00 (Inc VAT)

Any contract negotiation, amending terms and updating your tenancy agreement during your tenancy

At the end of the tenancy when moved out

End of Tenancy Checkout Fee                    £95.00 (Inc VAT) (Payable at end of tenancy)

At the end of the tenancy a checkout fee is required to be paid. Usually this would usually involve the independent inventory clerk carrying out this checkout with you present. Payment must be made within 7 working days of you vacating the property.

Other fees and charges

Missed / Cancelled appointments                 £72.00 (Inc VAT)

The inventory clerk will charge an abortive fee for cancelled appointments with less than 24 hours notice. Missed contractor appointments will be charged at the contractor’s usual hourly rate.

Out of Hours Services                                     £50.00 per hour (inc VAT) plus any actual costs

Where actions of the tenant results in the agent (or nominated contractor) attending the property, time to remedy the situation is charged at the hourly rate. Such as providing keys when locked out of the property.

Unpaid Rent / Returned Payments              Interest at 8% above Bank of England Base Rate from date due

Professional Cleaning (if required)

Only charged where professional cleaning is necessary to return the property to the same condition as at the start of the tenancy.

Card Fees

We are able to take some payments over the phone by card, please note card charges apply. Should you wish to pay money by card please enquire about the card fees and one of the team will advise you before taking nay payment from you.

Non Payment

Where non payment of rent or fees occurs please note that you may be pursued through the courts to recover the debt. Please note we may also where necessary instruct a debt management company to collect the debt on our behalf and you will be required to cover the cost of their fees.

Refunds

The non refundable tenancy application fees will not be refunded save in the case where the landlord no longer wishes to proceed with the tenancy. Please be advised refunds will take up to 10 working days and in rare cases longer.

Where tenants and any guarantors have failed the referencing checks the application fee will be NOT be refunded so it is important you check first before making an application you, your joint applicants and your guarantor (if required) are suitable applicants.

Inventory & Check in

At the start of the tenancy there will usually be an independent inventory check in with the inventory clerk who will release keys to you, take meter readings and go through their inventory / schedule of condition report findings.

Housing Benefit

We regret that we currently do not have any landlords that permit housing benefit or housing association tenants. However, should we have any landlords who will accept housing benefit payment we will contact you if you leave your details with us. You MUST declare to us prior to submitting your application if you are in receipt of housing benefit, any form of benefits or get help from the council.

Pets

At Lakin & Co we are pet lovers, however not all Landlord’s are too which must be respected when renting their property. Where a pet is permitted by the landlord in the property and usually by way of license, there may then an increased deposit amount required (usually two times the monthly rent as a deposit). Additional cleaning or fumigation clauses requiring this to be carried out at the end of the tenancy may also be required as additional clauses in the tenancy agreement. Please note if your pet is permitted and causes damage you are responsible for any damages and/or costs.

Lakin & Co Account Details

Should you need to make a payment to us please find our payment details below. Cheques can be made to Lakin & Co.

Account Name:                 Lakin & Co

Account Number:             15067300

Sort Code:                          60-18-05

Bank:                                   Natwest

Please provide the property address as the payment reference

 

 

Should you have any queries or would like to discuss anything further please do not hesitate in contacting us

 

Further information can be found on our website also, www.lakinandco.com

 

Tenancy is always subject to referencing and subject to contract.

 

All rights reserved.  Any unauthorised use, copying or reproduction will constitute an infringement of copyright

 

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