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Stage
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Detail |
| 1. Look for a home |
By web, phone or in person. Our expert letting staff will help match you with the right homes and can then drive you to see them. Consider your basic search requirements, such as location or budget for rent.
[NB. Bills such as electricity, gas, water and council tax are not included within the rent unless specifically stated]. |
| 2. Pay holding deposit to reserve your home |
When you find the home you want, discuss your application with our letting team so the tenancy can be agreed with the landlord, fill out our online application form and pay your holding deposit. We strongly advise you to read a copy of our draft Tenancy Agreement (sample here) - which will state your likely obligations under the final agreement - before paying your holding deposit.
Paying the holding deposit reserves the property for you and takes it off the market. It does not constitute the granting of a tenancy or a promise to enter into a tenancy. The holding deposit is per property, not per person, and is 1 weeks' rent (calculated as one month's rent x 12 / 52). If the tenancy proceeds the holding deposit will be put towards your first rental payment. It will be retained by Finders Keepers if you:I. Decide not to proceed with the tenancy
II. Fail the Right to Rent checks
III. Fail to take all reasonable steps to enter into the tenancy (and we and the landlord have taken all reasonable steps to enter into a tenancy agreement with you)
IV. Provide false or misleading information regarding your ability to meet the referencing criteria
This payment will be refunded to you within 7 days if the landlord decides not to offer you a tenancy for any reason other than those listed 1-4 above. If a tenancy has not been entered into by the 'Deadline for Agreement' the holding deposit will be returned to you unless one of the exceptions at 1-4 above applies, or we agree an extension with you in writing. The deadline for agreement is 15 days beginning from the day when you paid the deposit to us. Where we return the holding deposit, you agree that we may return the holding deposit to you, any other person who paid the holding deposit to us, or any other individual who you applied to rent a property with as joint tenants. In completing an Application to Rent you agree to the holding deposit being held on this basis.
Please note that we only accept UK debit cards or bank transfers, we do not accept cash. |
| 3. Anti-Money Laundering |
Before moving into a property, Finders Keepers (FK) has obligations under Anti-Money Laundering Regulations to verify the identity of all prospective tenants and guarantors.
FK therefore require all prospective tenants and guarantors (if appropriate) to provide necessary proof of ID and proof of residence to an FK-approved third party provider company which will allow standard anti-money laundering background checks to be conducted. The proposed tenancy may be unable to commence without satisfactory details in place. FK may consider it appropriate to make disclosures to the National Crime Agency if there is any evidence or suspicion of money laundering.
FK advises all tenants and guarantors that undertaking any Anti-Money Laundering checks will leave a soft footprint on their credit record.
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| 4. References |
Before moving into a property, reference checks are carried out by a third-party referencing company for all prospective tenants. Each case is treated on an individual basis, and in all cases, references are subject to landlord approval. The general referencing process includes the following checks:
Address History – you must provide a 3-year address history either in UK or abroad.
Credit Check - (if you are living in the UK) any CCJs, IVAs, bankruptcy or rent arrears must be disclosed in writing before paying a holding deposit. The applicant is responsible for being aware of their credit status and history, before making an application for a property.
Employment References – if employed, a reference will be sought from the employer Affordability rent to income calculations are based on 40% of the annual salary.
Self-employed - applicant’s income can be verified either by a recognised accountant or a filed tax return and tax year overview. An applicant must have been self-employed for at least 12 months.
Company Applications - can only be accepted from Limited Companies, LLCs or charitable organisations registered within the UK. One year’s filed accounts is a minimum requirement.
Savings - will be accepted based on a number of conditions to include 6 months account statement. Affordability rent to income calculations are based on 40% of the 6 months average.
Students - will need to provide proof of funding for the rental amount or details of a scholarship.
If you are unable to prove income then we may ask for advance payment of rent or a UK-based guarantor. Your guarantor will need to prove an income of 30 times the monthly rent. As part of the referencing process Finders Keepers reserves the right to carry out Anti-Money Laundering checks in line with the Money Laundering Regulations 2017. We may use a third party to complete these checks. |
| 5. Right to Rent check |
As per the Immigration Act 2014 Section 22 it is now the landlord or agents' responsibility to check that all tenants and occupiers have the Right to rent. This means you must hold a British or Irish passport or have the Right to Rent in the UK e.g. a valid visa or residency permit etc. At Finders Keepers we have a two stage process to ensure that we comply with the law and avoid new tenancies falling through:
1. When you apply for a property we ask that you:
Show the passport of each adult occupier to our letting staff
Show a copy of a valid visa/permit and provide your share code (non British or Irish passport holders only)*
Upload a scan of the photo page in your passport and the visa/permit and share code (if applicable) via our Apply Online.
2. We then have to physically re-check each adult occupier's passport (and any visa/permit if relevant) when you pick up keys - each person must be present in person at our office.
Unfortunately, if you do not have the 'Right to Rent' we will not be able to accept your application and your holding deposit will be retained.
*Evidencing your UK immigration status is in line with legislative changes effective from 1st July 2021 and the end of the post-Brexit six month grace period. |
| 6. Sign the Tenancy Agreement and pay Security Deposit |
Once the references are received, you digitally sign the Tenancy Agreement (sample here), the legal contract between tenant and landlord. An email will be sent to you and you open the Agreement PDF, read it and adopt a digital signature to sign it.
The security deposit is a sum of money held by us, the letting agent, on behalf of the landlord as security against the property being left damaged or rent not being paid. The security deposit is five weeks' rent (or six weeks for tenancies where the annual rent is £50,000 or higher).
You will be sent an invoice for the security deposit amount along with your Tenancy Agreement and this is payable by UK debit card (or bank transfer). |
| 7. Tenancy Agreement countersigned and pay 1st month’s rent |
Once the Tenancy Agreement has been signed by all parties, you will receive an invoice for your first month’s rent.
Your regular rent payments will be made by direct debit, which can take one month to set up, and so the first two rent payments will be as follows:
Your first rent payment, due once the Tenancy Agreement is signed by all parties, will be one full month.
Your second payment will cover from the date it is due until the end of that month (you will receive a separate invoice for this once your tenancy has started).
From the third month onwards, a full month will be collected by DD on the 1st of each month.
For example, if you move in on 20th of February, the first payment will cover until 19th March. The second payment will cover from 20th until 31st March, and the subsequent payments will be taken on the 1st of each month. |
| 8. Check-In, Inventory and 'Your Home' pack |
In your first week, and once you have settled in, your Property Manager 'checks you in' to your new home, explaining all the appliances and helping you settle into your home. 'Property Management' involves rent collection, regular maintenance visits, the repair of a property, its furnishings and appliances, and looking after those living in the home.
The inventory is an agreed statement of everything which is in your property and what condition everything is in. Each tenant needs to check that the inventory is accurate, sign one copy of it and return it to us. UK tenancy agreements work on the premise that properties need to be left by tenants in the condition in which they were found, less wear and tear. Hence the inventory is vital, as it is a record of your home's condition on arrival.
Our Finders Keepers 'Your Home' pack has answers to common questions as well as information about your property's appliances and utilities. If you have any further questions or issues arise, your Finders Keepers Property Manager's details are in the front of the folder. For emergencies at night, such as flooding, call our 24-hour Emergency Helpline (details of what defines an emergency are found in the Your Home folder). |
| 9. Enjoy your home |
The most important part of the process. |
| 10. Rent review |
Your landlord may decide to review the rent on the 12 month anniversary of your tenancy. In this case you will receive a Section 13 notice giving you 2 months’ notice of the proposed new rent. |
| 11. Check-Out |
The 'Check-Out' is when you leave your property. Your Property Manager visits your home and goes through the inventory to confirm that everything is in good order. We always recommend that you are present at the Check-Out. To help make the process as easy as possible, we can organise professional cleaners if needed - 40% of tenants now use this service. |
| 12. Ending Your Tenancy |
You are able to give two months’ notice to leave at any time. This must be provided in writing and should be served by emailing your office (not an individual). Find out more here). You should be aware that any tenant serving notice will end the tenancy for all tenants. Once the notice is received by Finders Keepers, we will be in touch to confirm the next steps and to book your check-out.
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| 13. Deposit Refund |
If there are no deductions from the deposit for damages, dilapidations or cleaning, we endeavour to return the deposit within a week of the final day of the tenancy. |
