Term of Tenancy
The rental contract usually offered is for one year and may have a break clause after the first six months.
There are three types of Tenancy Agreements:-
• Assured Shorthold - If the applicant is an individual and the net rent is less than £100,000 per year we will use an Assured Shorthold Tenancy Agreement.
• Common law - If the net rent payable is £100,000 or more per year or at a proportionate level for a shorter tenancy, the Tenancy Agreement cannot be an Assured Shorthold. We will need to use a Common Law Agreement.
• Company lets - Generally speaking these involve more pre-contractual negotiation. There are no rent restrictions. The tenancy agreement is for a fixed duration.
Once we have found your suitable property, you will be in a position to make an offer to the Landlord for consideration. Please note that any offer you make would be subject to you fulfilling our reference criteria. At this point, you will be requested to provide a RESERVATION FEE which holds the property for you. A reservation fee equivalent to one weeks’ rent is required once an offer to rent has been accepted, subject to contract. Once the reservation fee has been paid in full we will remove the property from our website and ensure that no other applicant of Spencer James Residential is allowed to view the property. For the avoidance of doubt, this reservation fee is paid on the basis that it is non-refundable in the event that you should change your mind about moving into the property, or if your references prove unsatisfactory.
We will require a security deposit equivalent to six weeks rent which shall be placed in a nominated deposit account. Spencer James Residential is a registered member of the Deposit Protection Scheme. The prescribed information for this scheme along with the DPS terms & conditions will be supplied to both tenant and landlord at the beginning of the tenancy
Once we are in receipt of the Reservation Fee, Spencer James Residential Ltd reserve the right to conduct a credit check on a potential tenant and the cost for this would be at the tenant’s expense. The credit company ask you for details of your employer, bank, previous landlord, and a personal referee. Your references may be shown to the Landlord or an interested party acting on their behalf. All students (and some new arrivals to the UK) will require a Guarantor who is resident in the United Kingdom or
may be asked to pay all rent up front at the start of the tenancy. Some Landlords will consider a larger deposit instead.
* All applicants must be in full time employment or contracted for at least the initial term of the tenancy.
* Applicants annual income must be in excess of 3 times the annual rental value of the property.
* All applicants must be referenced for the tenancy
* All students and applicants who do not satisfy the above requirements must provide a suitable UK based
You will also be required to provide us with a copy of photographic identification (i.e. passport or driving licence) along with a recent utility bill.
We charge a tenancy agreement fee of £180.00 including VAT per property. In addition we charge references fees of £144.00 including VAT per tenant. A fee of £60.00 including VAT is charged to the tenant for renewal of all fixed term tenancies.
Inventory check-in and check-out Procedure
An up to date inventory/schedule of condition may be supplied at the commencement of the tenancy, the cost of this will be paid for by the Landlord. Please check through this inventory thoroughly and if necessary report any disputes, this will need to be signed and returned within seven days of moving in. Upon termination of the contract a check-out report will be conducted, the cost of this check-out report will be payable by you, the tenant. The cost of this is currently £105 plus VAT. The check-out report will be used to assess any deductions from your deposit.
All monthly rents are exclusive of utility charges and telephone bills. You are required to transfer the utility supplies for electricity, council tax, and the telephone in to your name at the start of the tenancy. You are responsible for the payment of the TV licence, regardless of whether the television was provided by the Landlord.
Other Points of Interest:
1. The Tenant will be responsible for insuring their own possessions
2. The Landlord is responsible for any repair/maintenance problems to appliances etc. but the Tenant is responsible for any breakages which should be reported immediately.
3. Decoration of the property must only be done with your Landlord’s permission
4. No pets are allowed unless the Landlord has given consent
5. Reasonable notice should be given in the event that the Letting Agent or Landlord wishes to inspect the property outside pre-agreed times. It is usual for the Agent to inspect the property at least twice during the term of your Tenancy and the Tenancy Agreement should cover this eventuality.
6. There is no set law regarding the time limit for returning deposits but this is normally subsequent to the final inspection of the property. Letting agents generally encourage Landlords to employ a professional inventory agent to conduct the inspection and produce a report as to the condition of the interior at the beginning of the Tenancy and again at the end but this is not obligatory. In most cases, the deposit will be returned once any damages are ascertained by the Tenant/Landlord/Inventory Clerk and appropriate deductions agreed.
7. Should any “extras” be agreed such as certain furnishings to be provided by the Landlord, you should ask that an extra clause be added to the agreement to this effect. It should be noted that the landlord is not obliged to carry out promises so it is important that your requests are documented.
8. The Letting Agents will deal with the property viewings, references, agreements and getting you moved in. If the agent has been instructed to manage the property then you will normally report any repairs or queries to them. If not, then you will deal directly with the Landlord.
9. The Letting Agent, whilst acting for the Landlord, operates within accepted guidelines in the industry to ensure that you are able to rely on a professional letting agent taking your concerns seriously and advising the Landlord if they are being unreasonable. In this regard, you should be assured that the property conforms to all safety regulations and is fairly priced.
10. You require a professional service and, as such, Spencer James Residential is a member of the following recognised accredited organisations; the Association of Residential Lettings Agents (ARLA); the National Association of Estate Agents (NAEA); and the Property Ombudsman (Sales and Lettings). This ensures that professional standards are met, for example, the correct Tenancy Agreement is used; proper procedures are in place for reporting and dealing with repairs; safety checks are conducted and a bonding scheme is provide to protect your deposit.