As soon as a suitable property has been found, 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:
A holding deposit of one week's rent (not subject to VAT) will be required at the same time as the administration fee(below).
This is in order to reserve the property and remove it from our availability list. The holding deposit will be deducted
from the first months rent due, should the tenant withdraw from the proposed letting, through no fault of the landlord or the agent, all or a proportion of the 'Holding Deposit' will be retained in order to cover any reasonable costs (which
will be outlined in full). 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:
Tenants do not pay any administration fees when renting a property unless the tenancy is not an AST [Assured Shorthold Tenancy] agreement
Both the Landlord 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 at the end of the 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.
By legal requirement we will issue you with a sample template agreement which we ask you read very carefully, should any questions arise regarding this legal document we advise you to seek independent legal advice.
Once a moving date has been agreed and references have all 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 holding deposit previously paid:
This is made up of the following:
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.
We do get instructed to fully manage some of our landlord's 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 onus onto you; please report any problems you feel need attention.
To terminate your tenancy subject to term, you will normally be required to give us at least one month notice in writing of your intention to leave, unless otherwise specified in your specific tenancy agreement.
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 fair wear and tear or to the landlord as required maintenance.
It is in a landlord's interest to ensure that inventories are prepared for properties that they own. In the worst case scenario, should you end up in court, the judge will tend to look more favourably on an impartial, unbiased inventory prepared by a third party unconnected to either the landlord or the tenants. Inventories prepared by landlords could be viewed as biased and one-sided.
Normally an inventory of the property condition, furniture and fittings and effects will be prepared by the landlord, 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 or an independent inventory clerk instructed by the landlord. Once the check out report has been provided, the landlord and the tenant will then agree, via ourselves as managing agents on a fair return of the deposit to the tenants, normally within 10 days of the end of the tenancy. Any reasonable deductions for breakages or damage over and above what would be normal wear and tear may result in a dispute which can take longer to conclude.
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.
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.
It is the tenant's 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.
Wherever applicable VAT will be charged at the current VAT rate.
McMahon & Partners are members of the Propertymark Group and our clients' money is protected by our CMP (Client Money Protection) annual registration and our continued commitment to industry best practice.
McMahon & Partners are part of the Property Ombudsman Redress Scheme.
Registered in England & Wales No. 10091311 McMahon & Partners Ltd Registered Office 73 Cornhill, London, EC3V 3QQ
VAT- 240 6770 16
