3 Simple Steps to a Tenancy
1. Holding Deposit and References
- Holding Deposit. The Tenant pays a Holding Deposit and the Landlord suspends marketing activities for the property. The Tenant provides all details required for References to be obtained. The property will be held for up to 14 days
- References and Tenancy Agreements. The Landlord provides a specimen Tenancy Agreement and the government’s How to Rent document to the Tenant. If satisfactory references are obtained a start date for the Tenancy can be agreed. The Landlord will arrange for formal Tenancy Agreements to be drawn up
2. Payments and Start of Tenancy
- Security Deposit, Tenancy Agreements. The Tenant pays the Security Deposit (less the Holding Deposit) and the Tenancy Agreements can be signed
- Rental Payment. The Tenant pays the first month’s rent before the agreed Tenancy start date
- Inventory. The Landlord has the Inventory prepared and both parties sign before the Tenancy starts
- Tenancy Begins. The Tenant takes possession of the property on the agreed Tenancy start date
(All events in this step can happen on the same day, by prior arrangement)
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3. TDS and Standing Order
The Landlord protects the Security Deposit under a government-approved Tenancy Deposit Scheme (TDS). The Tenant sets up a Standing Order for payment of rent from month 2 onwards