1. Holding Deposit
Once you have decided to apply for a property, a £100 per applicant “Holding Deposit” must be paid whilst the referencing process is completed. The holding deposit must be paid either in cash or by BACS transfer.
If the application process is successful, the holding deposit will be deducted from your final invoice which is due for payment on or before the day you move into the property.
If the landlord declines your application, the holding deposit will be refunded in full. However, if you do not provide accurate and complete information in your application or if you withdraw your application due to a change in personal circumstances, there will be a charge to cover any reasonable costs, up to a maximum of the full holding deposit.
2. Application Forms
Each person over the age of 18 must fill in an application form.
Each applicant must also provide copies of one form of photo ID (passport or driving licence) and one proof of residency (a bank statement or utility bill at your current address dated within the last 3 months).
The application can be filled in on line or a hard copy will be provided.
3. Application Fees
Our application fees are £150 inc VAT for the first applicant and £40 inc VAT per applicant thereafter.
Application Fees for a Guarantor (if required) are £40 inc VAT.
Application Fees form part of the final invoice which is due for payment on or before the day you move into the property.
In most cases AB Property uses the services of a professional independent referencing agency.
As a minimum, we will require a satisfactory reference from your current employer or Accountant if self-employed, your current landlord (if applicable) and a credit check will also be undertaken.
In situations when our referencing criteria is not met, the landlord may request that a suitable Guarantor be obtained.
If the landlord is agreeable, unemployed applicants may be acceptable provided that a Guarantor is in place who meets our referencing criteria.
In other unusual circumstances, e.g foreign applications, other references may be requested.
5. Tenancy Agreements
Once your application has been successful and a moving in date agreed, you will be given a tenancy agreement to sign which will be an Assured Shorthold Tenancy, normally for a fixed period of six or twelve months, whichever has been agreed with the landlord.
Prospective tenants should ensure that they read the tenancy agreement completely, before signing, in order that they understand the obligations laid down within.
1. Moving In
On moving in day, you will be met at the property at an agreed time by a member of AB Property staff.
Before the keys are handed over, the final invoice must be paid in full in cleared funds i.e cash, bankers draft or building society cheque. Personal cheques are not acceptable. If paying by BACS, monies must have been received in our bank account on the day prior to moving in. Keys will not be handed over if the final invoice is not paid in full.
You will also be required to bring along your tenancy agreement which must be signed by all tenants and a completed Standing Order Mandate for the monthly rent payment.
2. Final Invoice
Your final invoice will be sent out to you prior to your tenancy commencing and will consist of the following:
• The Deposit which will be one month’s rent
• One month’s rent in advance
• Application Fees
• Guarantor Fees (if applicable)
• Minus the holding deposit paid
An inventory or Schedule of Condition of the property and its contents is prepared prior to you moving in. It is important that you carefully check the Inventory against the property and notify us of any discrepancies or amendments straightaway. Unless we have been notified of any discrepancies within seven days of the tenancy commencing, it will be assumed that you are happy that the inventory is a true and fair description of the condition and content of the property. It is recommended that you keep your copy of the Inventory in a safe place as it forms the basis for any claims for damages at the end of the tenancy.
The deposit is held to cover the cost of any cleaning, remedial works and damages that are apparent at the end of the tenancy.
As required by law, all deposits held by AB Property are registered with mydeposits.co.uk tenancy deposit scheme which effectively protects your deposit and also provides a third party dispute resolution service if we are unable to agree any deductions at the end of a tenancy.
It is the aim of AB Property to be fair and reasonable at all times. At the end of the tenancy the property will be checked against the agreed Inventory. If it is found that the property has been left in an unsatisfactory condition, the tenant will be notified and given the opportunity to rectify the situation within a given time. If no action is taken within this time, AB Property will instruct a professional firm to carry out any remedial works and deduct the cost from the deposit held. If there is any dispute over deductions, this will be referred to mydeposits.co.uk for resolution.
The deposit cannot be used to pay any rent arrears during the period of the tenancy.
AB Property does not pay interest on deposits, which are returned within 10 days after the tenancy has ended.
The rent is payable monthly in advance by Standing Order into our company bank account.
Failure to pay to Standing Order will result in a charge of £20 per rent cheque or cash payment.
6. Utility Bills / Council Tax
Unless notified, the tenants will be responsible for the payment of Council Tax, gas, electricity, water and telephone bills at the property. Upon moving in, AB Property will read all meters and notify the suppliers of the readings and all named tenants. Any queries with utility bills during the tenancy should be discussed with the individual suppliers directly.
7. Telephone Landlines, Sky/Virgin Media etc & TV Licensing
AB Property is not involved in the registration of any of the services listed in this section. As a tenant, you are responsible for any installation costs incurred when taking up these services
DURING THE TENANCY
1. Repairs & Alterations
During the tenancy, you will be responsible for the property and will be expected to promptly report any repairs that are the landlord’s responsibility.
The tenant must seek the landlord’s approval in writing, through AB Property, for any alterations, repairs or installations that you may wish to make in the property. Examples include nailing pictures to walls and redecorating etc.
Smoking is strictly prohibited inside the property unless written permission has been given by the landlord.
Pets (including small caged animals) are prohibited inside the property unless written permission has been given by the landlord.
4. Periodic Visits
AB Property will make periodic visits to the property to discuss any queries or problems which you may be experiencing and to check that the property is being kept in a satisfactory condition.
5. Renewal of Tenancy Agreements
If you wish to renew your tenancy agreement for a further fixed period, AB Property will charge renewal fees of £50 inc VAT to cover our costs e.g to extend deposit protection.
1. Giving Notice
AB Property requires that you give at least one months notice in writing if you wish to end your tenancy after the end of the fixed term.
We will arrange a mutually convenient time on the day you are vacating to perform a check out inspection and to collect the keys. If you are not able to hand your keys back, you will be required to send them to our offices by registered post.
We will take all meter readings and inform all utility companies and Council Tax that you have vacated the property. You will also be required to provide a forwarding address so that your deposit can be returned promptly.
2. Early Termination
If you wish to give notice during the term of your fixed tenancy, we will re-advertise immediately with a view to finding a new tenant. If we are successful an Early Termination Fee of £100 + VAT will be deducted from your deposit. If we are unsuccessful, you will remain responsible for the rent for the remainder of the fixed term.
3. Check Out Inspection
It is in your best interest to leave the property in a clean and tidy condition. Failure to do so may result in charges being levied against you. A check out guide will be sent to you prior to vacating but particular attention will be paid to the condition and cleanliness of carpets, woodwork, windows, oven and hob, fridge/freezer, bathroom facilities and the maintenance of the garden and lawned areas.