Things you should consider prior to renting your new home
- What monthly rental can you afford?
- What is the deposit payable prior to move in?
- What is the Agents fee payable prior to move in?
- Do I have enough left to pay the monthly bills?
Once you find a suitable property to rent – what happens next?
After viewing a property and you decide it is for you, a holding fee of £100 is chargeable per applicant so we can process your application. The status of the property will then be altered on our website to read “Let” subject to Conditions.
We will also ask you to verify your identity and current address requesting you provide two original identification documents (not photocopies faxes or internet printouts):
- Identity: either a current and valid full passport (certified copies must show nationality, place and date of birth, passport number, expiry date, photograph and signature) or photographic driving licence (both parts).
- Home address: for example a household utility bill (eg gas, electric, water or fixed line telephone but not a mobile phone bill). It must be no more than three months old and show your name and current address.
What fees can I expect to pay if I rent through Bowes Mitchell?
Whilst the fees below are an example, we will provide you with a breakdown specific to the property & your personal circumstances.
- Tenancy Fee: 50% of the monthly rent + vat
- Guarantor Fee: £50 + vat
What is the Tenancy Fee?
The fee covers referencing, affordability assessment of you, the applicant and a Tenancy Agreement to protect your legal rights and register your deposit with The Tenancy Deposit Scheme.
Once you are content that this is acceptable a non-refundable holding fee of £100 per applicant is payable which will cover checking your credit status, previous employer, current or past landlords as well as take into account any other information to help assess the affordability of your application. The referencing agent will contact you directly and some or all of the following documents may be required:
- References from previous landlords – you may be asked to give the details of where you have lived within the last 3 years
- A credit check – this will allow them to see if you have a good history of paying your bills
- Your bank details – including bank name, account number and sort-code
- Details of your employment – your employer, job title, payroll number, salary, previous employer, etc.
The referencing fee will be offset against the total amount payable on the day you sign the tenancy agreement and move into your new home.
Depending on the outcome from the referencing company for example your earnings or overall financial position may require you to provide a Guarantor. The guarantor will be required to undergo credit referencing – to ensure they have sufficient earnings to cover the overall rent commitments in the event that you, as the tenant, are unable to pay your rent.
A one off fee of £50 + vat will be payable in respect of each Guarantor to cover credit referencing costs and providing a Deed of Guarantee as part of the Tenancy Agreement, which details their obligations as a Guarantor.
To comply with the Money Laundering Regulations 2007, Bowes Mitchell reserve the right to use an on line anti money laundering service to verify the identity of a customer.
Electronic Verification does not require consent prior to a search taking place but does require notification. Electronic Verification leaves a non credit footprint of the search history on the customers credit file.
Please note: If you fail the referencing process or are not able to proceed with the tenancy, for whatever reason, you will lose any fee(s) paid to Bowes Mitchell. However, if the landlord decides not to proceed with the tenancy, for whatever reason, the fee(s) will be refunded back to you or if you would like to take another property through Bowes Mitchell the fee(s) can be transferred to the new tenancy.
This is payable prior to move in and is usually charged at 1 months’ rent. The deposit will be lodged with the TDS (Tenancy Deposit Scheme) or the DPS (Deposit Protection Service) and returned at the end of the tenancy pending the results of a check out report. Should any tenants smoke or have pets in the property, a larger deposit may be required and the final decision is at the Landlords discretion.
Rent in advance
Rent is always considered due in advance and the first month payment will need to be made prior to moving into the property. Upon taking a holding fee Bowes Mitchell will provide you with a pre-tenancy account statement advising you of all monies that will be due prior to a let proceeding.
Reducing your costs
At Bowes Mitchell, unlike other agents, we do not charge:
- Extra administration fees for permitted occupants in the property.
- For changes to the tenancy agreement.
- For renewing the tenancy agreement should you want to extend your stay.