Tenant Info and Charges

ADMINISTRATION DEPOSIT

After an offer has been accepted by a Landlord, which will be subject to contract and receipt of satisfactory references, it is normal for the prospective Tenant to place with Colet Estates a holding fee as a sign of their good intent. Should the Tenant decide not to proceed with the tenancy or if a satisfactory credit assessment and references are not obtained the Tenant will forfeit their holding fee. Should the Landlord decide not to proceed the holding fee will be refunded. If the tenancy goes ahead this holding fee will be deducted from the initial monies payable.

REFERENCES

Each named Tenant will be required to provide the originals of the following documents (copies will be taken in the office):

Professionals:

  1. Two forms of picture ID (driving licence, passport etc)
  2. Employers’ references
  3. Three months bank statements (with address clearly stated)
  4. Previous landlords’ reference letters
  5. National Insurance Number / Work visa
  6. Complete Tenant Particulars Form (Colet Estates will provide you with this form)
  7. Complete Tenant Agreement Form (Colet Estates will provide you with this form)

Students:

  1. Two forms of picture ID (driving licence, passport etc)
  2. College / university proof of study or acceptance letters
  3. Guarantor’s letter (a template is available), copy of ID and three months bank statements
  4. Previous landlords’ reference letters
  5. Complete Tenant Particulars Form (Colet Estates will provide you with this form)
  6. Complete Tenant Agreement Form (Colet Estates will provide you with this form)

PAYMENT

The initial payment will consist of the first installment of rent, the deposit, administration and inventory checking fees. Payment may be made by any of the following methods:

Direct transfer of funds to our bank account

Personal cheque (payable to K. A. K. Limited ) – please allow 7 working days to clear

Cash

Colet Estates must be in receipt of cleared funds in full settlement of the amount shown on the initial invoice before the start of the tenancy.

Rent:    Upon signing the contract Colet Estates will advise you where future rent payments will need to be made. Rent is normally payable monthly or quarterly in advance. Please note the rent payable is calculated as follows:

Monthly payments = (£ Rent/week x 52) / 12
Quarterly payments = (£ Rent/week x 52) / 4

Deposit: An amount equal to six weeks rental is required. Colet Estates are members of the my|deposits.co.uk which operates to safeguard your deposit and to ensure that any dispute over the return of the deposit after the tenancy has ended is resolved swiftly, inexpensively and impartially. Further details are available on its website www.mydeposits.co.uk.

TENANCY AGREEMENT

The cost of the preparation of the Tenancy Agreement is shared between the Landlord and the Tenant. The Tenant’s contribution to this will normally be £180* per flat for up to two Tenants.

SUBSEQUENT PAYMENTS

Please note that after the initial payment is made we will ask you to set up a standing order for all future payments. If there is more than one of you living in the property and you are sharing the rent between you, you are welcome to split the payment between you as long as the correct amount is paid by the rent due date. Please note standing orders must be set up to leave your account (or joint account) 3 working days before the rent due date in order for it to arrive on time.

TERM

Usually a minimum of 12 months initially with options to renew.

INVENTORY CHECK-IN AND CHECK-OUT

An inventory will normally be checked in at a pre-arranged time on the day the tenancy commences with an independent inventory clerk booked by Colet Estates. It is strongly recommended that the Tenant is present both for the check-in and check-out to avoid any disputes at the end of the tenancy. The charge for the inventory check-out will be covered by the Tenant. The amount of the charge is determined by the size of the property. Charges start at just £108* for a studio flat.

SERVICES

The Tenant is responsible for the gas, electricity, water, telephone, TV licence and council tax bills for the duration of the tenancy, unless otherwise stated in the contract. Either your Landlord or Colet Estates will contact the utility companies on your behalf and will instruct them to transfer the accounts into your name at the start of the tenancy. However, you should also contact the suppliers to make sure this has been done. Please do not arrange for any of the utilities to be transferred to a different supplier without letting us know.

Should the Tenant wish to have a telephone line or internet at the property it will be up to the Tenant to contact the relevant providers and activate an account.

INSURANCE

The Tenant is responsible for insuring their own contents and we strongly recommend that you do so by obtaining a quote through your own insurance broker.

EXTENSION OF TENANCY/CHANGE OF TENANT

If the Tenancy is extended beyond its original term, a charge of £84* will be payable by the Tenant for drawing up the necessary paperwork. If a Tenant in a shared property wishes to be replaced by a new Tenant during the tenancy (subject to the Landlord’s consent and receipt of satisfactory references) a charge will be payable by the Tenant for drawing up a new Tenancy Agreement or Deed of Assignment.

MANAGEMENT

At the commencement of the tenancy we will advise you who will be responsible for the day to day management of the property (this is not always Colet Estates) and provide you with the relevant contact details. Where we are not managing the property we are unable to arrange any repairs or maintenance on the Landlord’s behalf, nor can we control how quickly repairs will be carried out. Where we are managing the property it may be necessary in some instances for us to obtain the Landlord’s consent before arranging a repair.

* prices subject to change.

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