Help... Lots of questions about renting???

laurabritt

Hiya everyone, i really need your help...

I have decided to rent privately and the flat i have looked at is with a letting agency, i have to go look properly tomorrow.
If i like it do they take i off the market subject to contract?
Also its says its a leasehold tenure... havent got a clue what this means?
Roughly how much do they charge in fees and i have a few little debts that i am currently paying off monthly. Obviously they do a credit check but just wanted to know what type also i have a guarantor who will def' pass the checks, will this cost me more?
Is there any specifics i should ask about etc?
How long does the whole process take for me to move in and what do they ask for?
Thanks

Debt_Free_Chick

laurabritt wrote: »

Hiya everyone, i really need your help...

I have decided to rent privately and the flat i have looked at is with a letting agency, i have to go look properly tomorrow.
If i like it do they take i off the market subject to contract?

Are you perhaps confusing renting with buying? Buying a property is "subject to contract" but that term is not usually used in relation to renting. Having said that, the deal (to rent) is not done until you sign the tenancy agreement. So, in a way, it's "subject to contract" but in reality, it's subject to signature by you and landlord on the tenancy agreement.

Some agents will issue a letter before the agreement, confirming the terms. Whether this is legally binding or not depends on the wording in the letter.

Also its says its a leasehold tenure... havent got a clue what this means?

It sounds as though the landlord (LL) doesn't own the freehold. In effect the LL is probably sub-letting. This may or may not be allowed in his lease. I think you should ask for evidence that the LL has the right to sub-let.

Roughly how much do they charge in fees

Anything between £50 and £200, typically. It varies and you should ask them to confirm the fees. These fees usually cover the cost of the credit check and a contribution towards drawing up the tenancy agreement.

and i have a few little debts that i am currently paying off monthly. Obviously they do a credit check but just wanted to know what type also i have a guarantor who will def' pass the checks, will this cost me more?
Is there any specifics i should ask about etc?

The credit check would normally just look for defaults, CCJs etc i.e. examples that you cannot manage your money. If you have a clean record, then you should have nothing to worry about.

A guarantor would not normally be necessary unless you have a bad credit record - or unless your income suggested that you might struggle to pay the rent.

How long does the whole process take for me to move in and what do they ask for?
Thanks

How long? depends on how quickly everyone can respond. In addition to a credit check, they will want proof of income. So if you work, they are likely to ask your employer to confirm your salary. How quickly will your company's HR/payroll department take to deal with this?

If you've rented before, they might want a reference from your previous LL. How long will they take to reply?

Credit check? Pretty much "instant". They might also ask you to supply bank statements - do you have them?

The process and requirements vary from one agent/LL to another. The agent should confirm - in writing - what they want in this case.

HTH