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Finding a new housemate for current rented property - advice?

Hi,
I'm in a bit of a tricky situation, I currently house share with a friend & live in a great flat in a good location for me. My friend is looking to move abroad in the near future but doesn't have the dates set as of yet, it could be next month or in a few months time. I really like it here & would like to stay but I don't know how easy it would be to find someone else to move in and house share with me (or how practical/expensive an option this would be) I can't ask the letting agency yet as my HM has asked I don't discuss it with them yet in case it will be some time before he leaves.

We had a 12 month contract from February in 2012 and since then have been on a rolling monthly contract. I'm assuming finding someone should be *fairly* easy as it is in a great location & the rent is cheap for the area, but I'm a little nervous as I'd be living with a stranger. Are there any specific checks you can recommend I do on potential housemates? What happens with the deposit myself & my current HM have paid? There are some faults with the flat (we've lived here for 2 years) so I want to make sure that the fees paid by both my old HM & potential new one are fair. Would the letting agency conduct their own checks on the new person & would they charge additional fees? Can they change the rent if someone new moves in?

Thanks in advance for any/all help with this, I'm very nervous about the whole thing as I've never done or considered anything like this before!
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