About Residential Property Lettings!

Accommodation

In the UK, there are several different types of rental accommodation you can choose from. Below is a list of the most common types.

• Flat or House Sole Tenancy - A private flat or house that is rented to one person or a family. This is generally the most expensive option.
• Flat or House Share - A group of people (often friends) share a private flat or house. The rent and other household bills are divided between all those living there.
• Studio - A one-room flat that contains the bedroom, living space, kitchen and bathroom. Some agents advertise "one bedrooms" which are really "studios," others might call a "bedsit" a "studio."
• Bedsit - Standards vary, but usually bedsits are a bedroom with mini kitchen facilities. You may have your own bathroom, or a shared bathroom down the hall, and you may share a kitchen with others in the building.
• Lodging - a rented room in a private house or flat. Standards vary widely, depending upon where you are, and the owner's reason for taking in a lodger.
• Council housing - Local authorities are one of the largest landowners in the UK, and they have a diverse stock of places available. But, there are several restrictions about who qualifies to live in their buildings. Contact your local authority to find out more (www.direct.gov.uk contains links to all local council contacts)
• Hostel, Halls or Purpose Built - Often thought of as student accommodation, these places often have a few lockable bedrooms in a flat where residents share the kitchen and living space. It is similar to Flat or House Share, except the buildings were expressly built for the purpose.

Condition of accommodation

Do you want the place furnished or unfurnished? Here are some things to think about before making the decision:

• Cost - In truth, there is very little difference in cost between a furnished and unfurnished house or flat, so it may be worth keeping your options open.
• Hassle - If you aren't sure how long you'll be living in the area, and you don't have any furniture now, getting a furnished flat will save you a lot of headaches initially.
• Risk - If you or your friends and family are a bit sloppy, and you don't want the responsibility of taking care of someone else's furniture, then it may be worthwhile to take an unfurnished place and furnish it with rugged pieces. Otherwise, you risk losing your deposit.
• Taste - It is rare to find a landlord who shares your decorating sense. If you want your house to feel like your home, get an unfurnished or partially furnished place (you may not want to live with an ugly worn couch and stained carpet).
• Fresh Bedding - If you want the peace of mind of knowing who has slept in your bed, you may want to invest in a fresh mattress and fresh bedding and towels for yourself (or ask your landlord to do it).
• Functionality - Think about how you want to use the space. Would you rather have that extra room, that is now an office, be a nursery? Do you need more bookshelves and fewer chairs? These may all be reasons to consider unfurnished or part-furnished.

Your budget

Set a budget for yourself before you start viewing properties, and stick to it. Letting agents will always try to lure you into nicer places than you can afford. Resist the temptation, or be confident in your abilities to negotiate. Renting costs a bit more than the monthly rent. Here are some factors to consider:

Weekly vs. Monthly Rent

Agents and Landlords advertise properties using both methods. Remember that a weekly rent of £300 is not a monthly rent of £1200. Multiply the weekly rent by 4.33 (=52 weeks in a year/12 months) to find out how much your monthly rent will be.

Other Expenses to factor:

• Council Tax - based on the price band of the property you are occupying. The tenant is usually responsible for paying this. Ask the letting agent or landlord for an estimate on how much this will be.
• Utility bills - Gas, electricity and water rates will all be paid by you. Again, ask the letting again or landlord for a breakdown of these costs.
• Service Charges - If you are living in a mansion block or some other shared building, you may have to pay service charges to maintain the common areas of the building. Some landlords will include this in the rent, others may add it as a surcharge.
• Contents Insurance - You are responsible for your contents, so it is worthwhile for you to purchase insurance to protect against theft or damage.
• Cleaning - If you want to minimise the risk of losing your deposit due to abnormal wear and tear, it may be worthwhile to pay for a regular cleaning of the house or flat. This may uncover problem areas long before leaving day looms.

References

Landlords want to protect their property, so naturally they want to "check out" any prospective tenants before they move in. These references and other checks will normally be arranged by the letting agent. In most cases, you will be asked to pay an administration fee and complete the relevant paperwork which gives your consent to the agent to check your references. This fee is usually non-refundable. If you fail the reference check, you may not be entitled to all of your money back - check first before you make any payment. Passing the reference check will normally allow you to proceed to the next stage of signing the tenancy agreement and agreeing your move in dates.

• Referees usually include the following:
• Previous landlords - you will normally need to disclose where you have lived during the past 3 years
• Your bank - bank name, address, your account number, sort code, account name
• Current employer - your title, salary, payroll number, a contact at work, and name of any previous employer
• Credit Checking agency (usually commissioned by letting agency).

If the landlord or letting agent considers you to be a 'risky' prospective tenant, (for example if you are self-employed with an irregular income), you may be asked to provide a Guarantor - someone willing to accept the financial and legal risk of you defaulting on your obligations whilst living in rented accommodation. A guarantor covers the monthly rental if you fail to pay, and agrees to pay damages, costs and expenses to the landlord if you don't observe your obligations to keep the property in good order.

The Deposit

The deposit is a sum paid by the tenant to help protect the landlord in the event of damage being caused at the property by the tenant or non-payment of rent.

• Usually a deposit is equivalent to 4-8 weeks of rent.
• The deposit is held throughout the term of the tenancy. The Housing Act 2004 introduced new legislation to protect tenant's deposits and came into force on April 6th 2007. For more information on the arrangements for holding deposits and Tenancy Deposit Protection, the following information which is provided by ARLA may be helpful.
• If you return the property and any contents in the exactly the same condition in which you received it, you should get back the original deposit payment. The tenant is not usually entitled to any interest on the deposit.

The deposit is not to be confused with the "first month's rent", which is also payable in advance.