Steps to Know Before Moving Into Rental Property in London

Once you find your perfect rental home snap it up, at the earliest. The process of establishing whether you are a suitable may take a few days. This is because references need to be taken to establish whether you are able to pay the rent without default.

 Step by Step Guide before Moving

Reservation fee:

For not losing the property to others, provide a reservation fee equivalent to two weeks’ rent if you want to go ahead with the property. This  will be applied to the security deposit of the property. If you pull out of the agreement the reservation fee will be lost. So, make sure you are confident that the property is for you. On the other hand, if the references are unsuitable, the fee will be returned.

Security Deposit:

For renting in London, you must pay six weeks’ rent as a security deposit to hedge against the possibility of damage to the property or contents. Damage is determined by the condition of the property and inventory that will be taken at the beginning. Check all the in the documents before paying the security deposit, also a full month’s rent in advance.

Administration charge:

In Rentals London or anywhere, the agents charge an administration fee to cover the costs of contracts and other paperwork. This is for the whole property not on per person basis.

References:

Before the agent draws up the tenancy agreement, give references, including a full credit check. Letting references are handled by an outside company and the relevant forms will be supplied. These have to be returned in 24 hours.

Guarantor:

When the references are inadequate or fail, arrange a guarantor.