Property Rental Letting Agency Agents Somerset Dorset Devon

Notes to all Prospective Tenants
What financial commitment is required of me should I rent a property?
Unless otherwise stated, a tenant is responsible for Monthly rent, in advance, including water/sewerage rates, gas, electricity, oil, telephone, council tax and television.

How much will I need to apply for a rental property?

A holding deposit
An application fee per applicant over 18. A married couple or couple living together for more than two years will be treated as one applicant.
This is your contribution towards administration and credit checking cost. This is not refundable if You decide not to proceed with the tenancy or Information given on the application is false or You do not meet the Decrees (Scotland), Individual Voluntary Arrangements or Bankruptcies or A CCJ/CD totaling more than £300, disclosed or otherwise or More than one CCJ/CD, disclosed or otherwise or an adverse reference from your previous landlord, managing agent or employer. Should, however, your Landlord refuse your application when application checks have been met, you fee will be returned less £20.

Deposits
From April 06 2007, all statutory tenancy deposit schemes will apply to Assured Shorthold Tenancies where deposit is taken in England and Wales. There are two types of schemes, a Custodial Scheme and Insurance based Schemes (of which there are to be two types). For clarification, the Custodial Scheme is free to Landlords and Tenants, and any deposit is paid into and held in a separate account managed by the Scheme.

What kind of tenancy will I have?
Unless otherwise requested a property will be let on an Assured Shorthold Tenancy for a minimum six month term.

Will I be accepted for a tenancy?
Yes, if you

Will I need a Guarantor?
Yes – if

Be a U.K. or I.O.M. resident (NOTE: Residents of the Channel Islands, Eire and foreign residents ARE NOT ACCEPTABLE)
Have an acceptable Tenancy Application Score
Have a good credit history with no bankruptcy, IVAs, County Court Judgments or
Court Decrees (Scotland)
Have a monthly income of at least 3 x the monthly rent in order to cover personal out-goings and the rent.
If the Guarantor does not have a regular monthly income, you will need to supply proof of financial strength by providing copies of bank or building society statements demonstrating that the account has, for a period of not less than six months preceding the application, maintained a credit balance in excess of the example detailed below. Sufficient funds must be available to cover the full rental period, equal to 3 x the rent due for the period of the tenancy. (e.g. Rent £500 for a 6 month tenancy = £3000 x 3 multiple = £9,000 of accessible funds available from the guarantor).

What information is required with the application form?

Before setting up a tenancy, we will take up references on you. We use HomeLet Referencing Service, the largest tenant referencing service in the UK, to do this.
In order to assist you in finding the right property speedily, it is important that you supply us with mandatory information to reference you properly.
It is essential that all the information requested is supplied and the form is fully completed and legible. Missing information will delay your application and may endanger your choice of property.
When completing the reference application form, you will need to have the following information / supporting documents with you:
The full address of your current property, including the post code
If less than three years at your current address, a list of all your addresses for the last three years with post codes and dates of occupation
The full company name, address and post code of your employer (if applicable)
A contact name, telephone and fax number and email address for your employer
A contact name / company name, address, telephone and fax number of current letting agent or landlord (if applicable)
All telephone and fax numbers given must include the full STD code
Proof of identity and proof of residency covering the last six months by producing at least one of the following:
A driving licence with your current address or a recent utility company bill no more than 3 months old or a recent mobile telephone bill or recent council tax bill in your name at your current address or a signed and dated letter from your employers human resources department or finance director showing the name of the individual and position within the company or a copy of your current tenancy agreement.

Will a Schedule of Condition and Inventory be prepared?
Yes. Details of the unfurnished property will be recorded. For a furnished let, the cost of an Inventory to be prepared and paid for by Landlord.

Will there be property visits during the tenancy?
Yes. The Landlord or Agent reserves the right to access the property and inspect the condition of the rental property during the Tenancy. Appointments for these visits are at a mutually convenient time.

Tenants of a Foreign National

Must have been living in the UK for at least six months
be able to prove continuity of employment whether in the UK or abroad
provide a contract of employment for their current post in the UK

Have been working in full-time employment for at least six months.
Graduates or school/college leavers starting new employment must please supply a copy of a formal contract indicating salary and start date.
If your previous employment has been of a temporary nature it must be through a recognised employment agency and proof of 12 month earnings must be provided.
Provide addresses including postcodes for where you have been living (over 3 months in last 3 years)
Have a good credit history (subject to appeal where you can provide written proof)
Have satisfactory references from previous landlord (or letting agent if previously a tenant)
Earn a gross annual salary, which equates to at least 2.5 times the annual letting commitment that you are personally responsible for, e.g. for a monthly personal rental commitment of £500, your gross annual salary must be at least £15,000

You are a Student or unemployed
You are in receipt of Housing Benefit. A pre-tenancy determination which is equal to at least 85% of the rental figure will be required by Housing Officer
You have not been working in continuous full-time employment for at least 6 months for a current or previous employer. NB Continuous means: without a break of more than 14 days during the previous 6 month period. Full-time means: a minimum of 30 hours per week.
Your rental commitment is more than 40% of your annual income
You have recently arrived from overseas to take up employment
You have an adverse credit history
Unless there is a legally enforceable guarantee, there will be no legal grounds to pursue the guarantor if the tenant defaults (this could invalidate an insurance claim for Rent Guarantee or Legal Expenses).

Who can be my Guarantor?
To be an acceptable Guarantor an individual must:

Company Applications
All Companies must be Limited and registered at Companies House with annual returns filed and accounts up to date. New Companies and those with no filed information will require a Directors Guarantee. Non-Limited Companies, Partnerships and Sole Traders must be treated as Individual Applicants. A Company application will incur a further charge of £35.00 plus VAT.

When do I pay?
Funds for holding deposit and application form immediately with application form. All cheques to be made payable to ChampionHolmes.
Initial rent should be cleared prior to a tenancy commencing. Cash, Bankers Draft and Building Society cheques will be accepted on day of tenancy commencement.