What you need to know to rent a property through Michael Rhodes Totton
Firstly, can you afford to rent the property? The company through whom we process our references checks that a formula by which they calculate whether a tenant can afford to pay the rent and live too! To ensure your income is sufficient to meet the required criteria please undertake this simple exercise:
Example: Monthly rent of £750.00 multiplied by 12 = annual rent of £9,000.00 x 2.5 = £22,500
To be able to rent this property you would require a single or joint income of £22,500
Please note that as a part of the referencing process a credit check will be undertaken upon you. Please inform us if you have poor credit history, county court judgements, you are a bankrupt or have an IVA. Failure to disclose adverse credit history will result in your application to rent a property being refused and the loss of the holding fee paid.
You will need to have been in continuous employment for at least six months. If this is not the case, in order for your application to be considered you will need to have a guarantor.
Ideally your guarantor needs to be someone who is employed and who earns at least three times the annual rental income. Your guarantor must also be aware of the commitment he/she is entering into. A guarantor may be required for the entirety of the tenancy term and he/she will be asked to pay the rent should you default on your payments.
Retired, unemployed or on Housing Benefit
Please speak to a member of staff with whom you can discuss your circumstances further.
Once you have found a property you wish to rent we will require you to pay a refundable holding fee being the equivalent of one weeks rent. This fee will not be returned to you if you change your mind or fail to disclose information which could affect your ability to proceed with the tenancy, such as adverse credit etc. The holding fee may be paid by personal cheque (made payable to Michael Rhodes Estate Agents), cash or via bank transfer. We regret we cannot accept debit or credit card payments..
Rent & Deposit
One months rent is payable at the commencement of the tenancy. A deposit equivalent to five weeks rent is payable at the commencement of the tenancy. This must be paid either by banker’s draft or Building Society cheque.
It is strongly recommended that tenants have a contents insurance policy in place which would provide cover in the event of the tenant damaging the Landlord’s floor coverings and furnishings. We can provide details if required.
We are required to have sight of two proofs of your identity and proof of your current address such as passport, driving licence and utility bill (not mobile phone).
As well as paying the rent, you may also be required to make the following permitted payments:
Holding Deposit (per tenancy) One week's rent
This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, fail the referencing, give any false information or fail to sign their tenancy agreement within 15 calendar days (unless an alternative deadline has been mutually agreed in writing).
Security Deposit (per tenancy) Five weeks' rent
This covers damages or defaults on the part of the tenant during the tenancy and applies to Assured Shorthold Tenancies (AST).
Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears.
Lost Key(s) or other Security Device(s)
Tenants are liable for the invoiced cost of replacing any lost keys or other security devices. If the loss results in locks needing to be changed then the invoiced costs of a locksmith, new lock and replacement keys for the tenant, agent, landlord and any other persons requiring keys will be charged to the tenant.
Should there be any exceptional circumstances (i.e out of hours) an additional cost will be incurred and there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s).
Payments during the tenancy (payable to the provider) if permitted and applicable
* Utilities - gas, electricity, water
* Communications - telephone and broadband
* Installation of cable/satellite
* Subscription to cable/satellite supplier
* Television licence
* Council Tax
Other permitted payments
Any other permitted payments, not included above, under the relevant legislation including contractual damages.
Variation of Contract (Tenant's Request)
£50 inc vat per agreed variation. To cover the costs associated with taking landlord's instructions as well as the preparation and execution of new legal documents.
Change of sharer (Tenants Request)
£50 inc. VAT per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord's instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents.
Early Termination at the Tenant's Request
Should the tenant wish to leave their contract early, they shall be liable to the landlord's costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy. To see our Landlords fees please visit: https://www.michaelrhodestotton.co.uk/information-for-landlords
Michael Rhodes is a member of NAEA/ Property Mark, which is a client money protection scheme, and also a member of The Property Ombudsman, which is a redress scheme. You can find out more details on the agent's website or by contacting the agent directly.