Renting Advice: Your Comprehensive Guide to Renting a Property (Part One)
Deciding to move out and rent a place of your own can be extremely exciting, but it can also be overwhelming if you don’t know what the process involves.
As leading letting specialists for houses and flats to let in Hastings, we have had hundreds of clients who were going through the renting process for the first time and were just as confused as a lot of people thinking about renting are. Our experienced team were able to guide people through the process easily and professionally, and we wish to do the same for you.
Once you’ve found the perfect flat or house that you want to rent, what are your next steps and what needs to happen? Read on for our complete informative guide on renting a property, and the process that’s involved.
Securing Your Chosen Property
Once you have seen a property that you are interested in, you will need to inform the letting agency that the property is advertised with so that they can stop other people from viewing it for the time being. You may be asked to pay a small deposit to secure the property whilst your application is going through.
There are certain checks that your letting agent will carry out, and it’s likely that you will be asked to pay a administrative and credit check fee. These are done on behalf of your potential landlord, checking if you have rented in the past and whether there were any problems.
The credit check will look at your credit history, looking if you always pay your bills on time and checking any instances where you have missed any payments. They will also look at your monthly income (combined if you are renting with someone else), and assess if you will have enough each month to pay rent and bills.
It’s likely that you will be asked for details on where you have lived previously, usually in the last 5 years. If this includes somewhere you have rented, your previous landlord will be asked to provide a reference.
You will also be asked to give information on your current and previous employer, your job title, and how much you earn. Your employer may be contacted to provide a reference for you too.
If anything flags up about your credit history that may indicate a problem with paying your rent in the future, you may be asked to give the name of a guarantor. Should you fail to pay the rent during your tenancy, or you damage the property in any way – the guarantor will be legally and financially responsible.
If all of your credit checks and references come back okay, and you are told that the property is yours to rent, you will then be asked to provide a deposit. This is usually a large sum of money, often 1-2 months’ rent, which will be held in a deposit scheme until you decide to move out. This is seen as a safety net for landlords in case you damage or deface the house in any way whilst living there.
Your deposit will be held in a government protection scheme that your landlord is required to join by law – which safeguards the money. If the tenant leaves the property in good condition, then they will be given all of their deposit back.
In this post we have covered the process which is carried out when securing a house to rent. This is just the first part of renting, as there are many other steps. Keep checking back for part two!
If you’re looking to start renting, and you want to speak to a member of our experienced and professional team here at Easy Let – please don’t hesitate to get in touch. You can give us a call on 01424 44 70 80 and a member of our team will be happy to answer any questions or arrange an appointment.