The processes involved in finding a suitable rental property are very similar to those involved in the search for a property for sale. One major difference however is that rental properties tend to come on and off the market at a much quicker rate.
Holding Deposit
Once you have decided on a property, you may be asked to provide a holding deposit. This will hold the tenancy for a short period prior to the contract being signed.
Ensure that you get a receipt of this payment and any circumstances under which you may or may not get your money back.
During this ‘holding’ period the agent / landlord will carry out checks against your references and begin preparing the tenancy agreement.
Commonly accepted methods of payments for a holding deposit are cash or debit. Very often cheques are NOT accepted as a deposit.
Once the agreement / contract has been signed the holding deposit will normally form part of the security deposit or the first months rent both of which are held by the agent / landlord for the duration of the tenancy.
References
You may be asked to provide three references as a check against your suitability as a tenant.
Examples of suitable referees include previous and current employers or previous landlords/agents.
It is also common if you are renting through an agent that a credit check will be conducted to ensure that you will be able to pay the monthly rent.
Rent and Deposit
Rent is usually paid one calendar month in advance and a deposit will be required to act as cover for any losses or expenses that may be incurred during your tenancy. These may include:-
- Non Payment of Rent
- Damage to property or contents
The agent / landlord will create an inventory that will detail the state of repair of the property and its contents. It is important that you are present when the inventory is being checked when you move in and move out to ensure that you agree with any observation made.
