A Quick Guide To Moving Into Your New Property

A quick guide to moving into your new property

At Michael Jones, every one of our tenants is a valued client. We work hard to ensure your property rental experience is as smooth and transparent as possible. To that aim, we have put together the guide below which details some of the information potential tenants will need to provide. Every rental is unique, so the guide is not exhaustive; however, it does answer the main questions regarding tenancy eligibility and can help you prepare for moving into your new home. If you are thinking of renting in Lancing, Worthing, Rustington or surrounding areas, one of our trusted landlords may have exactly the home you are looking for. Whether you are a first-time renter or an experienced tenant, we are here to help.

How is rental affordability calculated?

The monthly gross income of the tenant(s) must equate to two and a half times the monthly rental figure. For example, if the rent is £700 pcm, the gross salary of a tenant must be at least £21,000 per annum (£700 x 2.5 x 12)

What financial and personal information will I need to provide in my application?

If tenants are self-employed, they must have verification of their last three years’ accounts.
Tenants will be asked questions related to their income and employment status.
Tenants will be asked questions related to their credit history.
All tenants must provide relevant information to satisfy the Home Office’s Right to Rent Legislation. This includes providing a passport and, if necessary, a valid visa. If a passport is not available a birth certificate/driving licence and additional valid proof will be required.
A utility bill dated within the last three months at your current address.
Tenants will be asked to provide landlord references from current and previous landlords (if applicable).

Will I require a guarantor?

If your circumstances match any of those listed below, then you will need a guarantor (preferably a homeowner), who is earning three times the annual rent (before tax). Guarantors are required to sign a deed that makes them responsible for any rent, damage or legal fees that are not paid for by the tenants.

If you are 21 or under
If your household is earning less than the 2.5 times the annual rent (before tax)
If you are in temporary employment / temporary contract
If you are currently in a probationary period at your work
If you are claiming any form of benefits
If your credit score is low

What fees will I be expected to pay?

Standard fees

The figure you will pay represents one month’s rent in advance and a deposit. An example of the monies required (based on a rent of £700 pcm) is shown below:

First month’s rent: £700
Deposit: £807 (equivalent of 5 weeks rent)
Reservation fee: £161 (equivalent of 1 weeks rent). This is payable when the applicant decides to take the property and is non-refundable if the applicant withdraws, if false or misleading information is provided or if fail they fail Right to Rent checks. This payment will be offset against the rent when the tenancy commences.

Default fees*

Loss of a key: £20.00
Loss of security devices: Reasonable costs to replace with same
Failure to pay rent on due date (calculated after 14 days): 3% above Bank of England rate
Addendums to initial tenancy agreement: £50.00
Court Fees: Scale rate
Early Release (ending the tenancy agreement early subject to the landlord’s approval and on the understanding that the tenant will be bound by the contract and associated costs [rent, utilities etc.] up until the day before a new tenant takes occupation of the property): £720.00

* All figures quoted include VAT.

How long does the application process take?

If you can meet the above criteria and have paid your initial reservation fee, you will then need to complete an application form and return it to us within 5 days.
You will have a maximum of 28 days between paying your reservation fee and moving into the premises.
Once your references have been accepted, a moving-in date will be agreed. On this day you will be required to pay the outstanding balance in cleared funds, such as bank transfer or debit card.

How will my deposit be protected?

All tenants can be assured that their deposit monies are kept in a ‘ring fenced’ account and protected by the Dispute Service Ltd. A certificate will be issued upon registration of the deposit funds.

Will there be an inventory of the property?

Depending on the service chosen by your Landlord, you will be provided with a full inventory/schedule of condition at the start of your tenancy, outlining the condition of the property and current meter readings.