Applying for a property to rent can be a mind boggling process, so here is our step - by - step guide to give you a picture perfect idea of what to expect when you find the right property for you.
Credit and Referencing Checks:
The very first thing you will be required to undergo when applying for a property is credit and referencing checks. These checks are a means of insurance to make sure that you will be able to afford the rent and that you will be a reliable and conscientious tenant. The credit checks are free to complete, these need to be completed for each adult wishing to move into the property. Even if one adult fails it still may be possible to be accepted for the property on one persons check. You can complete your own reference using good2rent
The checks look at the three following factors:
Your credit score .
Your overall income - the income you require for a property varies depending on the monthly rent, this will be shown as your affordability, when more than one person is applying for a property this affordability can be added together to make a group affordability
Your landlord's reference - if you are renting another property at the moment, your current landlord will need to provide a reference to confirm the condition you have kept the property in, if you have ever been in rent arrears during your tenancy and if they would let out a property to you again.
If you are over the age of 18 and therefore require credit and referencing checks, you may be eligible to undergo a basic credit check instead and be named on the tenancy agreement as a ‘Permitted Occupier’. You would be eligible if you fit the following criteria:
You are looking to move into the property with another person aged 18 or over who is undergoing a full credit and referencing check, with a view to being accepted as a tenant either on their own or with a working guarantor.
You have a low or no income and/or a low credit score (a credit check will still be required in order to ensure you have no major adverse credit history that you have no already declared).
You are not currently renting a property and therefore do not require a reference from your landlord.
As a Permitted Occupier you are not classed as a tenant. This means you are not responsible for paying rent or looking after the property. Instead, the tenant you live with assumes full responsibility of the property and of you. Basic credit checks for Permitted Occupiers are also free of charge.
If you believe you will require a guarantor from the start of the application process, it is best practice to submit their application at the same time as your own in order to prevent any delays.
Your guarantor can have the credit and referencing checks done themselves for free and will be subject to exactly the same checks as applicants.
All guarantors must be over the age of 18 and working - they do not need to be a home owner. For instance, for a property that has a monthly rent of £450 pcm, they will require a monthly income of approximately £1,350 or a yearly salary of approximately £16,200. It is possible to put forward 2 guarantors at the same time, such as your parents, so that their combined incomes equate to the required amount. If the person is not working we can take into consideration amount of savings and pension income too.
Pets are part of the family, and so it is important to ensure that they will be able to move into the property with you. If you do have a pet, please let us know at the beginning of the application process - sending us a brief and honest description of your pet, detailing their character, would be very helpful. This way, we will be able to contact the landlord to check with them that they would accept your pet in the property. If you are given the all clear, then a £100 non refundable pet payment must be paid on the day of moving.
Arranging a move in date:
If you or your guarantor are accepted, then you will be invited to come into our office to arrange a move in date. The earliest date that can be arranged is 1 week from the day of arrangement. At this point you will also be required to pay an admin fee of £100 cash, unless it is stated otherwise in the offers that apply to the property.
You will also need to provide 1 or 2 forms of identification in order to prove your right to rent. A passport or national identity card will be sufficient, however if you do not own any document that can be used as a single form of ID then you will be required to provide 2, such as a driving licence and a birth or adoption certificate. This can be discussed at the time of arrangement of the appointment.
The move - in day:
Before you begin moving in, you will be required to come into our office to complete the process. We will have prepared an AST (Assured Shorthold Tenancy Agreement) and an inventory for you to look through and sign. If you have a guarantor, they will also need to attend in order to read and sign the documents themselves.
You will also need to pay your deposit, your pet payment (if applicable) and your first month's rent in advance, unless otherwise stated in the offers that apply to the property. All deposits are the cost of a month's rent + £50.
In return, we will give you a copy of the signed documents and the keys to your new home!