Renting Guide - A tenant’s guide and terms of offer
Q I Have selected a property so, what will you need from me?
A Once you have selected a Property a non-refundable holding fee and a non-refundable administration fee is required which will enable us to hold the Property for you subject to contract and satisfactory references. In the event of the Landlord deciding not to let the property the holding fee would be returned. This does not in any way form part of a contract nor is there any obligation between ourselves or the Landlord. At this point, subject to the Landlord’s agreement, we will advise other applicants that the Property is under offer. In order to successfully complete your application, and prior to any Tenancy commencing, for each applicant we will require proof of identity (photographic ID). Proof of identity can be a passport, an identity card or a driver’s licence.
Q How does the referencing process work?
A An application form will be sent to you via email for you to fill out. Your application is then submitted electronically to our credit referencing agency. When filling out the form, please ensure that you have telephone numbers, fax numbers and email addresses of referees as this will help speed up the process. As soon as we receive a reply from the credit referencing agency we will let you know the result and your confirmation document pack will be sent electronically. Credit checking normally takes 2-3 days but may take longer if the agency has difficulty in contacting people on the form. You would be advised to let people know that they may be contacted for a reference. Please be advised that your basic annual income needs to be at least 2.5 times the annual rent in order to comply with the referencing criteria and if a guarantor is required they will need to earn at least 3 times the annual rent in order to comply. Please discuss your situation with your Lettings Consultant if you have any queries. Any detrimental or false credit information may adversely affect your application and you will forfeit your administration charge as it is non-refundable.
Q Who do I call for a progress report on my application?
A For a progress report on your application or for any queries, please contact our coordinator on +44 020 7284 9990 or call our main office +44 020 7284 1222.
Q How much is the holding fee and how much is the administration fee?
A The holding fee is the equivalent of two weeks rent and the administration fee is £145 + VAT (£174 including VAT) per person .
If Guarantor references are required an additional fee of £95 + VAT (£114 including VAT) per guarantor will apply.
Company Referencing* £300.00 including VAT
*Must be based in England or Wales and meet minimum affordability requirements
Q What do I need to pay on Check in?
- Tenant Deposit - Six or Eight weeks Rent. The Tenancy Deposit will be held in accordance with the Tenancy Deposit Protection Scheme.
- Check Out Fee (taken in advance)- The price is subject to the number of bedrooms and if the property is furnished or unfurnished
- First month’s rent
- Administration Fee if not paid already
Q How do I pay on Check in?
A Debit Card, Credit Card, Bank Transfer or Cheque
Debit/Credit Card payments is the preferred method
Please note there is a surcharge of 2.5% for payment with a Credit card or an Overseas Debit Card.
A personal cheque is not acceptable on check in day. A personal cheque will need to be received 10 working days in advance.
Cheques should be made payable to Oliver’s Residential Limited
Cleared funds are required by the move in date before keys are handed over to the property. We would recommend doing this three days prior to your move in date.
Q When can I sign the Tenancy Agreement?
A These are to be signed at our office and this can be done between the hours of 9 am to 6pm Monday to Friday Only. The agreement will be emailed to each tenant at least a week prior to the start of the tenancy providing we have enough time between the offer being accepted and the start date. An administration charge of £150.00 including VAT will apply should you wish to make any alterations to the tenancy agreement already agreed, including changing the tenancy commencement date, which will necessitate amended documentation to be produced. PLEASE NOTE - Tenancy agreements will only be drawn up after receiving all reference reports from the referencing company.
Q When can I collect the keys?
A We must have in our possession cleared funds, a signed Tenancy Agreement, completed references, photographic ID, proof of residence, and details of a completed Standing Order Mandate before we can hand keys over to you.
Q What about insurance?
A The Landlord grants the Tenancy of the Property to the Tenants (subject to contract) upon the condition that the Tenant holds insurance adequate to protect against any accidental damage caused by the Tenant to the Property its contents, furniture, fixtures and fittings not belonging to the Tenant and any liability that the Tenant may incur as the occupier of the Property and that the Tenant will provide written proof such cover at the commencement of the Tenancy to the Landlord’s Agent. Oliver’s offer specialist contents insurance cover for Tenants which include third party cover for the Landlord’s goods through oliversfinance.com. If you would like a quotation for insurance at any time, please call: Paul Smulovitch- 020 8922 9213; 07977 519 591
Q What about the Cleaning of the property?
A Oliver’s will arranged the cleaning for Managed properties only. In the case of a non - managed property it is the landlord’s responsibility to ensure all works and cleaning are completed before your move in date. Oliver’s will only communicate all required works/cleaning to the landlord.
Q What about utilities and television?
A If we are carrying out the inventory check in, we will endeavour to notify the relevant gas, electricity, water and Council Tax companies. If your Landlord checks you in, you may have to change the utilities yourself. You will be responsible for paying these accounts for the duration of the Tenancy unless otherwise stated in your Tenancy Agreement. Telecommunications companies will not accept instructions from third parties and therefore neither the Landlord nor the Agent can be responsible for ensuring there is a working active line available to you. If you are moving into a Property that has not had a telephone line or television aerial connected previously or either it has been vacant for three months or the Property does not have terrestrial television reception, then it will be your responsibility to pay the provider’s connection fee and arrange for the provision of these services.
Q What happens to my Tenancy Deposit?
A Your Tenancy Deposit will be held as Stakeholder in accordance with the Tenancy Deposit Protection Scheme, which means that it can be released as soon as both parties agree. (please refer to your Tenancy Agreement).
Q How do I pay future rent?
A Your rent in cleared funds is payable in advance and should reach your landlords or our account on the rent due date as specified in your Tenancy Agreement. (eg Tenancy commenced on the 26th day of the month then the rent due date is monthly every 26th day thereafter) Rent is paid by Standing Order Mandate (we do not operate a Direct Debit system). Rent will leave your account 3 days before it is due to enable it to reach your landlords or our account on the due date. Standing Orders are your instructions to your bank to pay your landlord or Oliver’s Residential Limited. They cannot be cancelled or changed by your landlord or Oliver’s Residential Limited once they are set up. Please note: Notification of late payment of rent is charged at £25 + VAT. Legal notices are charged £75 + VAT.
Q What happens when my Tenancy is renewed/extended or tenants replaced?
A Should your Tenancy be renewed/extended or a tenant replacing another tenant there will be a further administration charge of £150.00 inc VAT for the cost of a new Tenancy Agreement. If rent for the tenancy is paid in full and in advance, any renewal will be under the same terms unless a further reference fee is paid and suitable references obtained to confirm monthly rent payments via Standing Order Mandate are acceptable.
Q What about Data Protection?
A Information supplied will be held on our computer system in accordance with the Company’s notification under the Data Protection Act 1998. Please note that we will release certain of your details in advance of the completion of the letting to certain third parties such as utility providers and facilitators to ensure that all arrangements are in place for the provision of electricity, gas and other services from the date the Tenancy commences. Data may be held outside the European Union.
Should you have any further question or need to clarify any of the above, please contact us:
email@example.com, +44 020 7284 1222.
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