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Maxwells Property Specialist

A professional service with a difference

Tenant Guide

  • Holding Deposit
  • Referencing Procedure
  • Administration/Reference†Applications
  • Tenancy Agreement
  • Payment
  • Managed Properties
  • Rental Payment
  • Notice to end a tenancy
  • Inventory
  • Deposit Returns
  • Tenantsí obligations
  • Property Inspection
  • Council Tax & Utilities

  • Holding Deposit

    As soon a suitable property has been found a holding deposit of £500.00 will be required to start the referencing process. This holding deposit amount will be deducted from the total payable balance.Should the tenant withdraw from the proposed letting, through no fault of the landlord or the agent, all of the 'Holding Deposit' will be retained to compensate any inconvenience or rental lose caused. None of the Holding Deposit will be retained should the Tenant's withdrawal be due to a breach of the proposed letting agreement by the landlord or managing agent.

    The holding deposit shows good faith on the part of a prospective tenant enabling the landlord to take further action in the confident knowledge that the applicant is serious and fully committed to the property:

    For example:

    • Cancel any advertising for the letting
    • Tell other applicants that the property is under offer
    • Prepare a letting agreement
    • Take up references
    • Carry out credit checks

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    Referencing Procedure

    Once the holding deposit is paid you will need to complete reference application forms. We utilise the services of a credit-referencing agency to take up the following references, here†is an example of†just a few of the references sought:

    • Confirmation of employment, salary confirmation.
    • Personal & Photographic identification (passport or driving licence).
    • Previous Landlord references.
    • Students (Guarantor or proof or funding).
    • Self-Employed (Accountants references, trading details etc)

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    Administration/ Reference†Fees

    Once holding deposit is received and pre tenancy agreement is signed the property will be secure for you. Acceptance of your holding deposit does not imply a tenancy which will only be created and sign by both parties after receiving successful references of all applicable applicants.

    PLEASE NOTE THAT SHOULD YOUR REFERENCE APPLICATIONS BE UNSUCCESSFUL THEN £50.00+VAT PER APPLICANT IS DEDUCTED BEFORE REFUNDING ANY REMAINING BALANCE.

    Our Fees are fixed and following fees are applicable on each tenancy

    £100.00 + VAT each applicant's reference fee

    £100.00 + VAT each property administration fee

    £100.00 + VAT each property check in Inventory fee

    The administration fee is for preparation of the tenancy documentations and the reference fee is to obtain credit check, employer reference and landlord reference where as check in inventory fee is to arrange an inventory for property.

    Any additional changes during the tenancy will occur £100.00+VAT for admin fee. We also charge £100.00+VAT for renewal of the tenancy agreement on all our managed properties.

    It is imperative that you disclose all relevant facts that may adversely affect your reference outcome, prior to entering into the above. It may save you money.

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    Tenancy Agreement

    Both the Landlord/Managing Agent and tenant/s will be required to sign a tenancy agreement prior to the tenancy commencing, the agreement outlines both tenant and landlord obligations.

    Generally, most tenancies run for a period of twelve months, we will contact you two months before the end of tenancy to see whether you wish to renew your agreement for a further period and will liaise with the landlord to organise the documentation. It is important you note that the agreement is made between landlord and tenant, we act for the landlord only.

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    Payment

    Once a moving date has been agreed and references have been approved by the landlord, the tenancy agreement will need to be signed by all parties and the initial monies in full will become due less any remaining balance from previously paid holding deposit after deducting administration fee:

    This is made up of the following:

    • Deposit normally equal to one month rent or six weeks rent.
    • The first months rent in advance. (rent is worked out on a per calendar month basis),†which is, if you are not† aware;† the weekly rent, multiplied by 52 weeks and divided by twelve months to give the per calendar month rental figure.

    The above monies need to be in a cleared form before the tenancy is able to commence, payment by means of either a bankers draft, cash†or paid directly into our client bank account and showing as cleared.

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    Managed Properties

    We do get instructed to fully manage some of our landlordís properties, if this is the case with your tenancy we will inform you prior to your tenancy commencing. If we are managing then any faults with appliances or problems within the property will need to be reported to us and we will deal with the problem as quickly and efficiently as possible. Failure to report an ongoing problem may turn the liability onto you. Please report any problem you feel need attention as soon possible.

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    Rental Payment

    Rental payments are always made by standing order from the tenant's bank account to the landlordís bank account, with the exception of managed properties whereby the rental payment is made to us.

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    Notice to end a tenancy

    To terminate your tenancy subject to term, you will normally be required to give us at least two months notice in writing of your intention to leave, unless otherwise specified in your specific tenancy agreement.

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    Inventory

    A well-prepared inventory and check-in report protects landlords and tenants alike, providing an accurate description of the condition and contents of a property at the start of a tenancy.

    The condition of the property and its contents at the end of the tenancy is then compared back to this report in the form of a check-out report. The inventory clerk will also provide an opinion on whether any damage that has arisen during the tenancy is attributable to the tenants, to Ďfair wear and tearí or to the landlord as required maintenance.

    It is in a landlordís interest to ensure that inventories are prepared for properties that they own. Normally an inventory of the property condition, furniture and fittings and effects will be prepared by the landlord/ managing agent, or an independent inventory clerk instructed by the landlord prior to the tenancy commencing. The tenancy is checked and agreed between the tenant and the landlord at the tenancy commencement. When your tenancy ends, an inspection of the property will be carried out, either by the landlord /managing agent or an independent inventory clerk instructed by the landlord

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    Deposit Returns

    Normally Deposit should be returned within ten days after the end of the tenancy and on receiving the possession of the property. If there is a dispute between the tenant and the landlord than it can take longer.

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    Tenantsí obligations

    The responsibility for the property lies with the tenant during the period of tenancy, always ensure that the property is fully secured and that during the winter months steps are taken to prevent freezing of the water and heating system. Check the fire alarm regularly and replace the batteries as required. The responsibility for your belongings are down to you, you must consider having adequate contents insurance, the landlord accepts no responsibility and cannot be held responsible for any loss or damage to tenants possessions. Please check tenancy agreement for further responsibilities.

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    Property Inspection

    If we are instructed as managing agents for your property, we will carry out quarterly inspections to assess the condition of the property and that everything is being kept in a satisfactory condition. We will always arrange this with you at a mutually convenient time.

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    Council Tax & Utilities

    It is the tenantís responsibility to inform the utility companies of their occupation of the property at the commencement of the tenancy, and to pay council tax to the local authority. Students, who may be exempt from the payment of council tax, are responsible for informing the Local Authority of this.†

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    £1,993.33 PCM
    1 Bed | House | Islington | N1
    £1,993.33
    1 Bed | House | Islington | N1