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What you need to know as a potential Tenant

Tenant InformationAll persons aged 18 years and over who will occupy the property must be named as a tenant on the tenancy agreement. Each tenant will be assessed for an equal share of the total rent payable for the property, with the exclusion of dependents who bare no financial commitment.

When applying to rent a property the Tenants agree to be bound by the terms contained within the Tenants Terms of Tenancy and Associated Fees document. These are outlined below.

In order to proceed with an application to rent a property, each tenant must complete an application and reference form.  We use an external referencing agency who will email you all the relevant paperwork to be completed and returned, although this is usually done online. We will also require two forms of suitable ID. Passport, Driving Licence, Utility Bill etc.

Holding Deposit

If you wish to proceed with a rental after viewing the property we will take a holding deposit to reserve the property and remove it from our availability list. Costs for this are: –

  • £500 for properties up to the value of £1,999 pcm
  • £1500 for properties over £2000 pcm

Please note this fee is non-refundable should you wish to withdraw from the let or should we receive unsatisfactory references. Acceptance is subject to contract and acceptable references. This fee does not oblige the Landlord to let, or create or constitute a Tenancy Agreement between the Tenant, Landlord or Landlords.  This fee is deducted from the completion money payable upon signing the tenancy agreement.

Valuing Your HomeGuarantors

In some instances you may require a suitable guarantor in order to pass your references. An additional fee of £90 incl VAT is due in order to proceed with the guarantor application. The Guarantor must also provide us with two forms of ID. Should the Landlord be happy with the concluded references the guarantor will be required to sign a copy of the Tenancy Agreement and will be bound to the terms of the agreement.

Fees

An administration fee is payable at this time to cover the initial cost of taking up references and drafting of tenancy agreement. We are unable to return this fee to you should you subsequently decide to withdraw from the proposed tenancy, if your references prove to be unsatisfactory, or if you are unable to proceed in accordance with the terms of your original offer. It is important for each Tenant to recognise that a tenancy agreement is entered into on a ‘joint and several liability’ basis.  This means that each Tenant has an equal responsibility for all terms and conditions sent out in the Tenancy Agreement and are liable for each other’s commitments.  The costs of these are:-

ADMIN FEE: A charge of £300.00 incl VAT is payable upon signing the tenancy agreement and covers the cost of the tenancy agreement and legal notices.

Valuing Your HomeREFERENCES: A charge of £72.00 incl VAT per tenant for references will also be payable at the same time as the holding deposit.  If a guarantor is required additional £90.00 incl VAT will be charged. Failure to supply required information will result in the application being rejected and the holding deposit being forfeited.

Security Deposit

Before a tenancy commences, Tenants are required to pay a security deposit equivalent to one and half month’s worth of rent. The deposit is held against any damages or expenses arising during a tenancy and will not be released until after the tenants have vacated the property and all rent has been paid up to date. The deposit is held in secure Tenancy Deposit Scheme for which there is a registration fee of £60 incl VAT

Inventory, Check-In and Check-out of the Property

There will usually be a check-in inspection of the property with an independent inventory clerk at the commencement of the tenancy. The cost for this is paid by the Landlord.  The Inventory and Check In report records the condition and contents of the property at the of the tenancy commencing.  The checkout is carried out at the end of the tenancy and the cost of this is paid by the tenant.

UtilitiesSolicitors

Tenants are responsible for all utilities unless otherwise stated which include Gas, Electricity, Water, Council Tax, Telephone and TV Licence charges. Whilst we endeavour to provide these companies and Council with the Tenants details once the tenancy has commenced, it is the responsibility of the tenant to ensure that these are in place.

Insurance

The Landlord is responsible for having Building Insurance and Insurance for his own belongs and contents, but not the tenants belongings. Tenants are required to take out the appropriate insurance, which includes third party cover.

Property Selling Process GuideRenewal of your Tenancy

In most cases OASiS will approach the Landlord and the Tenant, approximately two months prior to the end of the Tenancy in order to ascertain whether both parties wish to renew their tenancy agreement. If the term of the original agreement is extended there will be a charge of £120 incl VAT to cover the cost of preparing documentation, for each and every extension or renewal.

 

Terminating your Tenancy

Your tenancy agreement will outline how and when a Landlord and Tenant are able to serve notice to either party. In most cases each party will need to give two months’ notice. If the tenancy becomes periodic then the tenants are required to give one months’ notice to expire on the last day of the rental period and landlords remain at two months’ notice which can be served at any time.