Advice on how to proceed on New Tenancy Agreement please

organic_wanabe

My DS has just graduated from University and is starting a job in London on 2nd September. This being the case I am acting as his guarantor for the property he is going to rent. We are total newbies to this as we have not rented before - thank goodness when I see the costs involved!

We have recently been informed that we have passed 'referencing' for a flat near London Bridge. The problem is that the tenancy starts on 7th August and DS will not be in London until 29th August as he will be on holiday. The agent knows this but is a bit slow about answering questions and sending a draft copy of the agreement that we will be expected to sign (as we want to see that before parting with further cash). DS will be at home in Edinburgh until 8th August and so would be able to sign the Tenancy Agreement and fax a signed copy back to the Agent by 7th August. However, the keys will not be picked up until the end of the month but a fair amount of funding (6 weeks of rent for deposit plus 4 weeks of rent in advance) has to be in the Agent's account on 7th August. I realise that it would be ideal to hand the money over and pick up the keys at the same time but we can't do this as we live in Scotland and it is not feasible for DS to go down on the 7th and be back in time to fly out on the 8th (flights already booked and paid for). The Agent is glp London, the Managing Agent is ARIM and the property is owned by a hospital trust. My questions/concerns are:

1. Can we phone the Managing Agent to ask to see a copy of a draft Tenancy Agreement and find out such things as installing broadband in the flat and asking about the possibility of installing a Key Safe to the exterior of the building (there is already one there so a precedent has been set)? I have already asked the Agent, so far without success, and time is getting short.

2. Would it be OK, or really stupid, to pay all this money upfront (approx. £3,000) without the keys being handed over? I am hoping that by dealing with a hospital trust and a big Managing Agent (ARIM) it will be fairly safe although the money goes to the Agent (glp) first but they seem OK.

3. Should we ask about paying a nominal amount, say £150, by credit card just in case anything does go wrong? It is stated that acceptable payment methods are:

(a) Bankers draft payable to Greater London Properties
(b) Bank transfer direct to their HSBC Client Account (where cleared funds will take 3 working days, so this would have to be with them by Friday!)

No mention is made of Faster Payment transfer. Anyone any idea why this would be?

I am really struggling here to get my head around all this. It looks like I will have to transfer funds on Friday 2nd August to ensure they are cleared by 7th August, but we have no idea what we will be asked to sign and still don't know about important things such as installing broadband etc.

Any advice would be gratefully received.

Mooneyd

DS?

Why are you signing for the 7th August when 'DS' doesn't move down until the 29th?

Have you paid a holding deposit? If you have, let the agents drag it out for a long as possible - the more time they take sorting their admin etc the closer you get to the actual 'move in' date.

If the tenancy begins on the 7th August you will have to have paid all outstanding fee's by this date. Bank Transfer should be fine. It just means you will be paying rent for 3 weeks while nobody is there. Ask them to post you the keys once the agreement has been confirmed.

Move in day.

• arrange the for 'check in' inventory to occur on the day DS moves in. IMPORTANT. Agree the state of the property and sign the document. Take photos, raise objections if needed (even the smallest detail) and sign the form ONLY WHEN you are happy. If you miss anything at the start it could be used against your deposit later on. Keep all communications with the agent in WRITING (even if its a conversation, write it up and send them the minutes)
• Ensure the Agents give you the details around the deposit scheme your money is held in. They have 30 days to provide this info (from the 7th!)

Your ques:

installing broadband etc is standard and should be ok
Key Safe - the LL may or may not object, but one things for sure - you'd be paying for the installation.


you wont get keys until all funds have cleared and all documents signed (minus 'check in')


Why? Agents wont release the keys until you've paid everything. Nominal fee could be the holding deposit?

Mr_Moo_2

They're not mentioning faster payments as they just want to get your money as early as possible. Depending on where you're paying from, a payment into a HSBC account should qualify - see here -

http://www.fasterpayments.org.uk/

Sound advice above from Mooneyd