To proceed to rent a property you will have to sign a Holding Deposit Agreement and pay a Holding Deposit of one weeks’ rent, which will be used as part of the first rent payment upon signing the tenancy agreement. The Holding Deposit Agreement will give you details of the circumstances that could lead to your holding deposit becoming non-refundable, as per the terms of the Tenant Fees Act 2019.
We use an affordability calculator of an annual income equivalent to 2.5 times the annual rent*. If you do not meet this criteria, then you may need a guarantor. You must answer questions about credit worthiness (ie CCJ’s). A payment of one months rent plus a deposit of up to five weeks rent will be required to move in. We offer tenants the choice of a standard up front deposit payment or a deposit replacement scheme with a payment equal to one weeks rent.
We are members of the RICS CMP scheme and the PRS redress scheme.
*For example. If the property rent is £500 per month, that equates to an annual rent of £6,000 and using the affordability calculator above, you would need a permanent income of £15,000 per annum to satisfy our referencing requirements. (£500 * 12 = £6000 * 2.5 = £15,000 ).
To see a sample Holding Deposit Agreement, please click HERE.
If you have any questions please call your local branch