deposit/fees/insurance for renting

Jewel_2

Can someone answer some questions for me.

Exchanged and moving out in two weeks time - looking for a rental property at the moment (ha ha, nowhere to live so far). Prior to completion we have very little money, but will be OK once house has gone through.

1. When do you pay the first lot of rent (ie, is it one month plus a month's deposit?)

2. Is a credit check carried out, if so what sort? (nothing to hide, just not cash rich before completion, which is an understatement)

3. What insurance do you need in a rental property? If we 'ruin' something while renting, is there an insurance to cover this type of thing and is the maximum retained the deposit?

4. Do people usually negotiate on rental price or is it usually fixed?

TVM x

BitterAndTwisted

Jewel wrote: »

Can someone answer some questions for me.

Exchanged and moving out in two weeks time - looking for a rental property at the moment (ha ha, nowhere to live so far). Prior to completion we have very little money, but will be OK once house has gone through.

1. When do you pay the first lot of rent (ie, is it one month plus a month's deposit?) Normally, yes it would be that amount but often the first month's rent is paid once you accept the keys. Before you get the keys agents and landlords will want to see a holding deposit so they can see you're making a commitment so they can stop looking for a tenant.

2. Is a credit check carried out, if so what sort? (nothing to hide, just not cash rich before completion, which is an understatement) Most letting agents carry out credit-checks but not all landlords do, although they should. You would be expected to pay for this upfront usually before they actually start showing you any properties and most often charge you more than at cost because they can.

3. What insurance do you need in a rental property? If we 'ruin' something while renting, is there an insurance to cover this type of thing and is the maximum retained the deposit? Generally, your deposit is expected to pay for any damage or missing items at the end of the tenancy and there is no maximum so if your deposit won't cover the repair bill they will ask you for and chase you for the balance. Most sensible people get contents insurance which could cover breakages and damage but I'm not clear on whether that would cover someone else's property

4. Do people usually negotiate on rental price or is it usually fixed? In the current climate most definitely yes but you need to research your area for comparable properties so you have a good idea of what's on offer and at what price elsewhere. If you look like you're completely reliable and will stay put and pay the rent on time you will look like a better bet if the landlord is looking for a long-term tenant. Landlords hate void periods but if your LL is seeking to cover the mortgage and they're in financial trouble, they might only want someone in there until they can find a buyer. This might not suit

TVM x

Good luck in your search for a new home and a lovely landlord! I've heard there a quite few but they're not always easy to find.