Renting Process in the UK
Living in a changing world often means moving from one place to another. Since not everyone can afford to buy or build a home in this situation, the ultimate choice is renting. In recent times, the renting industry in the UK has seen exponential growth. A rise in the number of tenants has resulted in a change in rules and regulations to protect the interests of both tenants and landlords.
Despite the rise in demand for rental property, many people don't understand how the rental process works in the UK because there are very few options available for them to learn from. In this article, we will guide you through the renting process in the UK.
Finding the right place:
The first step in the renting process in the UK is finding the right place. With the development in the renting industry, most of the properties offered are available online. Hence, finding the right property has become considerably easy. But, with a lot of different properties available online it is hard to look for the one that fits you. Hence, you should identify your requirements before-hand
You must have a clear mind about the following three things:
You should have a clear budget in mind before you start browsing for a property. You can avoid looking at properties that are out of your price range this way.
The location of the property is also an important factor to identify before searching for property. Choosing a place that is far from your workplace or where you would have to travel regularly may cause problems for you.
The size of the place is also important to be decided before going exploring different properties. How many rooms do you want etc?
Once you’ve narrowed down these 3 factors, you can go on different portals ( Zoopla, Rightmove, Boomin) and start searching.
For the tenant’s protection, UK Government has introduced the How To Rent Guide & How to Rent Safe Home Guide. You must ensure that you are familiar with the regulations around the letting market in order to let a property which can be a Safe Home for you and your family.
As soon as you have found the property suitable for your need, your next step will be to arrange a viewing. Before arranging the viewing, the agent will require certain information to ensure that you fulfill the letting criteria. This will include your affordability, Anti Money Laundering Checks, Employment details, and Credit checks. Viewings are the best opportunity for you to not only thoroughly check the property to ensure it fits your need. T also gives you an opportunity to ask the agent about any restrictions that you would have to adhere to while living at the place.
Submit an offer:
Once you are satisfied with the property, the next step is to make an offer. If you found the house through an agent and are making an offer to the agent, an agent has a legal responsibility to pass on your offer to the landlord on your behalf. Payment of the asking price does not bind the landlord, but it works most of the time. If the landlord likes your offer and accepts it, then you can rent the place. Offers are accepted Subject to Contract.
Reference & Credit Check:
A reference check is done on the tenant applying for a rental. This is done to confirm your employment, your credit scores, right to rent in the UK, and to fulfill certain regulations set by the Government such as Anti Money Laundering Checks.
Credit checks are carried out to check the liquidity of the tenant. Renters must be able to afford the monthly rent and have no serious adverse credit history before they are allowed to rent. You must make sure that all your records are satisfactory or else you may fail the checks and risk losing the holding deposit.
Present Holding Deposit:
It is common for agents or landlords to collect holding deposits that are equivalent to a week's rent according to the Tenant Fee Ban Act 2019. This is done so that they can take the property off the market while they conduct references checks. When the references have been checked out correctly, this holding deposit is deducted from either the rent and 5 weeks deposit due for the tenancy. Your deposit, however, is usually forfeited if the references or application fail to impress.
Right to Rent:
Since 2015, the right to rent has been introduced in the renting process. Landlords and letting agents are now required by law to make sure that tenants over 18 who sign tenancy agreements have the right to rent in the UK before they move in. If they fail to do so, they shall face fines up to £3,000. Therefore, a copy of the tenant's passport will be taken, as well as any other documents that prove their right to live in the UK.
Signing Tenancy Agreement:
The next step is to sign the tenancy agreement that will finally give you legal possession of the property. It is recommended that the agreement should be written so that there are no issues regarding terms and conditions in the future. The majority of landlords and agents issue tenancy agreements for 6 or 12 months initially, although longer agreements can be negotiated. The contract contains all the important items of your agreement, and it is a legally binding document so make sure you give it a good read before signing.
Before moving in, it's standard practice to do an inventory check of the property. There are two main components to this report: the inventory provides a complete list of all items and contents of the property, and the "check-in" element notes the condition of these items and the meter readings at the start of the tenancy, as well as the number of keys handed over. Tenants must complete this checklist before moving in. This is done so that when your agreement is over, both parties will have the initial condition of the property safely documented.
After all this, you can finally move into your new place. Hope this article helped in solving your queries regarding the renting process in the UK.
Why Choose Sandton?
At Sandton, we guide our tenants throughout the process. We ensure that the property to be rented is a safe habitat for the tenants. We stay updated through continued professional development, so our tenants are renting in a safe and protected environment.
Sandton has its own in-house maintenance team, which means that the tenants will receive high-quality, professional service from our contractors.
Contact our professional and friendly team and enjoy your letting journey with us.