Wednesday, September 29, 2010

UK based letting – how the other half work

I was interested to receive a checklist of a rental firm in the UK for residential letting:

• An initial holding deposit of £250 in cleared funds (which goes towards the balance of the main deposit)

• Full financial UK based Bank / Building Society Reference

• Current UK employment status & reference

o If employed for less than one year in current employment position then a suitable guarantor will be required.

• Current up to date Landlord or Letting Agent’s reference

• An un-related personal/professional character reference

• First month’s rent paid in cleared funds in advance

• A full deposit will be at least 6 weeks rent per property

• Tenancy agreement fee of £135 per tenant / applicant

• Appropriate UK based property owner to act as guarantor, providing relevant financial details and proof of property ownership (Title deed / mortgage statement)

• Completed application form and details to be returned to the office within 3 working days

• Please note rent is paid strictly by a Bank Standing Order Mandate payable on the first day of each calendar month.

• Any outstanding balance must be paid in cleared funds prior to taking up possession

• Proof of identity required (Passport, driving licence, previous utility bill, job contractor, bank statements)

How does this compare with your tenant take on process?

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