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TENANTS GUIDE TO RENTING

At IDM Enterprises we pride ourselves in providing a professional & efficient service for our tenants. To help you understand the letting process of a property we have created a ‘Complete Guide To Renting for Tenants’ which will help guide you through the process from finding the right property to moving in.

TENANTS COMPLETE GUIDE TO RENTING

Finding A Rental Property

Whatever your rental requirements, when you contact IDM Enterprises you can be assured of friendly and professional advice. We will discuss your criteria with you, and arrange to view properties that suit your needs

Negotiation

Once you have found a property that you would like to rent, we will liaise with the landlord to negotiate rent and terms. The minimum term for an AST (Assured Shorthold Tenancy) tenancy is 12 months, for short term tenancies enquire on 0208 293 9567. Rent is usually payable per calendar month in advance. Corporate and student rentals may vary.

Securing Your Deal

When the terms have been agreed for your chosen property, you will be required to make a holding deposit equivalent to two week’s rent to take the property off the market. This amount will be deducted from the first month’s rent before you move in. You will also be required to pay the fee for credit referencing. Should you withdraw from the transaction after this point, or references are not acceptable, your deposit and referencing fee will not be refunded.

References

References will be taken on all tenants. We will use a credit reference agency and will need certain person and employment details. The tenant will be responsible for the cost of referencing as detailed in the attached schedule of charges. In certain cases, e.g. students or new arrivals in the UK, we may require a guarantor. References will also be taken on the guarantor at an additional cost.

Tenancy Agreement

When satisfactory references have been obtained, we will prepare a Tenancy Agreement between the Landlord and Tenant. This must be signed by or on behalf of both parties prior to the commencement of the tenancy.

There will be a charge payable by the Tenant to cover the administration costs involved and this is detailed in the attached Schedule of Charges. A Tenancy Agreement template will be available upon request.

Before You Move In

Before you can move into a property, you must pay one calendar month’s rent in advance and a security deposit of equivalent to six weeks rent. The deposit will either be held by us as a Stakeholder or by the Landlord against any damage to the property (full details will appear in the Tenancy Agreement). The deposit will be returned after completion of the Check-out at the end of the Tenancy, subject to the condition of the property and payment of all utility accounts.

Moving In

There will usually be a Check-in inspection of the property with an inventory clerk before you move in to record the condition and contents of the property at commencement of the term. The Landlord will usually pay for check-in. As a Tenant, you will be responsible for paying all utilities, i.e. GAS, Electricity, Water, Council Tax, Telephone and TV Licence charges. Therefore, you must register with the relevant companies.

Rental Payments

We will arrange a standing order mandate for your rental payments, however it is the tenants responsibility to check that payments have been set up correctly as the bank will not discuss your account with a third party. Please note that where IDM are responsible for the management of the property and/or the collection of the rent, late rental payments will incur a charge as detailed in the attached schedule to cover additional costs involved in rectifying the situation. At the end of the tenancy it is the tenant’s responsibility for additional payments made from the tenants account.

Moving Out

There will usually be a check-out inspection with an inventory clerk when you move out to record the condition and contents of the property at the end of the term. This will determine the amount of the deposit to be returned after vacation. The charges for the check-out are payable by the Tenant and if IDM is responsible for the management of the property the charges will be taken at the start of the tenancy. Tenants are responsible for cleaning the property at the end of the tenancy, if the check-out report stipulates that further cleaning is required, IDM Enterprises or the Landlord may instruct a cleaning company, all charges incurred are payable by the tenant.

Renewals

If you wish to stay on in your rental property after the end of your initial tenancy, we will be happy to arrange a renewal for you, subject to the Landlord’s agreement. We will prepare all required renewal documents for you and the cost of this will be discounted as detailed in the attached schedule of charges.

Company Lets

For a tenancy where the rent is paid by a company, please note this will not be an Assured Shorthold Tenancy Agreement. As a result the Tenancy Agreement will need to be signed by an authorised company signatory (usually a Director).

Summary Of Tenants Responsibilities

To pay rent on time as agreed in the tenancy agreement

To pay council tax, utility bills including water rates

To pay all telecommunications and television fees including TV licence, broadband, cable connections etc

To keep the property in good, clean condition

To report any maintenance issues to the Landlord or IDM Enterprises as soon as they arise to avoid further issues

To ensure that all windows & doors are locked when leaving the property.

SCHEDULE OF CHARGES FOR TENANTS

HOLDING DEPOSIT 2 WEEKS RENT

When the terms have been agreed with the landlord for a rental property, the Tenant will be required to make a holding deposit equivalent to two week’s rent to secure the deal. This amount will be deducted from the first month’s rental payment. If you withdraw from the deal after this point, or references do not meet our criteria, this sum will not be refundable and will be used to cover the administration costs involved.

REFERENCES & TENANCY AGREEMENTS £120.00 (NO VAT CHARGE) PER REFERENCE

References will be taken on all tenants and guarantors and the Tenant will be charged for this service

This fee is payable by the tenant to cover the administration costs involved in preparing the Tenancy agreement. A discounted rate will be payable on any renewal or extension.

SECURITY DEPOSIT 6 WEEKS RENT

A security deposit of six weeks rent will be required for all tenancies, payable in advance.

LATE RENT PAYMENTS

Where IDM Enterprises is responsible for collection of rental payments and/or management of the property, late rental payments will incur a fee of £50 to cover the costs of recovering payment. This charge is in addition to any interest or costs payable to the Landlord under the terms of the tenancy agreement.

CHECK OUT FEE from £150.00 (NO VAT CHARGE)

The tenant will be responsible for paying for the Check-out fee for checking the inventory at the end of the Tenancy. Where we are responsible for the management of the property, this sum will be taken when the tenancy ends. In other cases the deposit will usually be deducted from the security deposit and the costs may differ to those above. The cost will vary according to the size of property.

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