Terms and contract details
Holding Deposit:
Following a viewing, if the landlord and tenant both want to proceed
to contract and agree a handover date, a holding deposit is taken equal
to one week’s rent. This will ensure the property is not marketed
further and secure that property for the prospective tenant while
references are taken. The prospective tenant will then complete an
application form supplied at that time. Upon its return reference checks
will be taken and if the checks are in order the holding deposit monies
paid will be subtracted from the home deposit (see below) paid for the
property at the time of handover and signing of contracts. If the
reference checks reveal undisclosed relevant negative issues impacting
the application, (e.g. credit, employment or salary) then the
application will not proceed and the holding deposit will not be
returned.
Home Deposit:
This deposit (usually one calendar month’s rent) is held by the
landlord and in most cases registered with a quasi government
organisation which is a requirement by law. Details of the registration
will be made available to the tenant. In the event of a dispute the
tenant can contact the organisation where the deposit is registered who
will arbitrate (free of charge) regarding the dispute). The home deposit
covers items such as damages, losses and cleaning. At the end of the
tenancy the property should be returned in a state as clean as when it
was handed over. Fair wear and tear on the property is accepted. Some
guide as to depreciation rates on items such as paintwork, carpets etc
are shown on the web site. At the end of the tenancy all items that do
not belong to the landlord should be removed otherwise a charge will be
made for clearance. An inventory will be taken at the start and end of
the tenancy which will include digital photos. Digital copies of these
are available on request.
Contract:
A standard Assured Shorthold Tenancy agreement is written for rents
of up to £25,000 per annum. A slightly different tenancy agreement is
used for agreements where the annual rent exceeds £25,000. Draft copies
of both contracts are available on request and always provided ahead of
signing to give plenty of time for the prospective tenant to peruse the
document.
Fees:
A £50.00 fee is charged for each contract formed. This partly covers
the administration and other costs.
References:
While comprehensive reference checks will be made on prospective
tenants (see above), prospective tenants are very welcome to reference
Place2live Ltd. The website reveals a list of properties held by
Place2live Ltd. The prospective tenant may wish to choose one and be put
in touch with an existing tenant for a reference.
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