In addition to the administrative work involved in setting up a new tenancy, a Holding Deposit is required at the point of offer and photographic identification (passport) and a copy of a bank statement, or utility bill that is no more than 3 months old.
The Holding Deposit demonstrates the Tenant’s serious intent to rent a property and is set at the equivalent of one week’s rent. The Holding Deposit on passing references and agreeing a move-in date can go towards the first payment of rent.
Should the Tenant provide false information, or fail to act reasonably in entering into the Tenancy Agreement, or fail Right to Rent checks, or withdraw the Holding Deposit will be retained by the agent to pay all reasonable costs incurred by the Landlord and CP.
Within two days of paying the Holding Deposit CP require that two original forms of identification are shown to our staff (not copies, or scans), firstly in the form of a UK passport and secondly a copy of utility bill, or bank statement that is no more than 3 months old. For those not holding a UK passport we require a European Economic Area (EEA) or Switzerland passport.
For non EEA, or Swiss passport holders it must be accompanied by a permanent residence card, or travel document showing indefinite leave to remain, or a Home Office immigration status document, or a certificate of registration or naturalisation as a British citizen.
As already mentioned in our Tenants Guide, an independent agency is engaged to verify that the personal and employment references and credit checks are in order. To enable CP to submit the application the Tenant is required to complete a reasonably detailed questionnaire. It is rare for the reference agency to reject an application but should it do so, CP reserves the right not to reveal the reason given by the agency.
Payment of First Month’s Rent and Deposit
Before occupation of the property and once the tenant has signed the tenancy agreement, the following must be paid by the tenants, in cleared funds:
(a) One month’s rent in advance (less the Holding Deposit already paid).
(b) The equivalent of five week’s rent which will be held by the Landlord, or CP as a deposit against damages (not to be used as rent). Interest will not be paid on the return of the deposit. The deposit will be returned after the end of the tenancy (to check for possible damage), any possible damage will be judged against the inventory/schedule of condition for the property.
Moving In Date
The overriding determinant is the date the property will be vacated. On the basis it will be vacant and there is no urgency for either party, the process can normally be completed in 10 to 14 days, a Deadline for Agreement will be agreed upon the tenant paying the holding deposit.
The Tenancy Agreement
With the exception of properties with rents in excess of £100,000 per annum, the tenancy will be secured by a Fixed Term Assured Shorthold Agreement containing the legal obligations of both Tenant and Landlord. The fixed period referred to will usually be for a term of 6 to12 months (the period being in accordance with the requirements of the parties concerned).
Unless both parties agree to vary the length of the term during the tenancy, neither the Landlord or Tenant are able to terminate until the end of the fixed period at which time CP request that the parties give 2 month’s notice in writing of their intention to do so. On the day the Tenant finally vacates, CP’s representative will meet at the property to conduct the Check-Out.
Please be aware that everybody intending to reside at the property over the age of 18 must be party to the Agreement and after taking possession no one should be allowed to move into the property without first obtaining written permission from CP.
Continuation of Tenancy
Allowing plenty of time to respond before 2 months prior of a fixed term tenancy, CP will write to the Landlord and Tenant asking if they wish the tenancy to continue at the end of the term. Should CP not receive a response from the tenant, then it is assumed the tenant will wish to vacate and marketing will commence 2 months prior to the end of the term to find replacement tenants.
There are two options available to continue the tenancy at the end of the fixed period, both of which will be by agreement of the two parties:
- A New Fixed Period: If greater security is required, a new Fixed Term Shorthold tenancy is the better of the two options. A new Agreement will be necessary, following a similar process as for the previous Agreement.
- A Periodic Tenancy: Where the parties wish to continue the tenancy but one or both decide that they do not want to commit to another fixed period, the original Agreement can be converted to a periodic tenancy. Under a periodic tenancy, notice can be given at anytime by either party, subject; in the Landlord’s case by giving a minimum of 2 months prior notice and in the Tenant’s case, a minimum of 1 month. In both cases, termination should be set to take place on the day before a rent due date.
Monthly Rental Payments
The rental quoted is calculated per calendar month. The Landlord is entitled to increase the rent at the end of a fixed term tenancy and if the tenancy goes onto a periodic tenancy, the landlord is entitled to increase the rent every 12 months. From the second calendar month of the tenancy onwards the rent is payable by standing order set up by the tenant on the basis of forms that will be prepared by CP which will be delivered to the tenant’s bank prior to the start of the tenancy.
To ensure CP are able to transfer the funds to the Landlord by the rent due date, the standing order is scheduled for payment 4 days earlier. Please be aware that any costs incurred as a result of late payment will be passed on to the Tenant and where there is more than one named Tenant, each person is jointly and severally responsible, therefore are equally liable for any unpaid rent. Please note: It is the tenant’s obligation to make sure the rent is paid on time without deduction or set off whatsoever. It is not up to the Landlord to demand rent.
Without the Landlord’s prior permission in writing no pets can be kept at the property. To seek permission an application should be made in writing stating what type of pet, its breed and age.
NO SMOKING is permitted inside any property.