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Guide to Renting

Our aim is to make your experience of renting through Archon Estates as stress-free as possible. Please take your time to read through this article and understand what the process is to rent with us and how we operate.

The first thing we would need to establish is your affordability, this will allow us to match you to properties that are within your budget. Tenants should be earning in excess of times 2.5 of the annual rent. This can be achieved by an individual, couple or group. Employer references, bank statements, accountant references (if self-employed) and or payslips will need to be provided for this step. For self-employed people completing their own tax return’s, you will need up to 3 years of your tax returns.

You would also need to provide us with two forms of I.D, one for your photo and one for the address. A credit check will be carried out using the provided I.D’s and we will also carry out a previous landlord reference check provided you rented in the past. If you have never rented, we will complete an affordability check. Once you find your desired property by searching through our available property list, we will present your offer to the landlord.

We will collect a holding fee of £500 from you which is later offset against the deposit. If the landlord accepts your offer we will have your reference checks carried out after which a report will be created and shown to the landlord. We aim to have this procedure completed within 24-48 hours.  A Digital copy of your photo I.D along with the final report will be kept for future reference. Sometimes there might be some delays with references, especially those coming from some HR departments as they sometimes take more than a week to complete. If you pass the reference checks you will be asked to pay the remaining balance and sign the tenancy agreement. The tenancy agreement is a contractually binding document, by signing it you agree to the terms of the tenancy.

Deposits

It is a legal requirement in the for the landlord or agent to register your deposit with a recognised tenancy scheme. Failure to do so within 30 days can result in you being able to sue for three times the amount of the deposit. When we are provided a deposit to register, we do so with My Deposits.

Paying Rent on Time

As soon as all the paperwork is complete and you are ready to move in, we will set-up a standing order for you to pay the rent. This will be done either directly to the landlord or through us if we are managing the property. This helps us ensure the rent is on time, every time.

Reporting Issues

If you notice any issues at the property please refer to your inventory report. If the issue is not stated on the inventory you can give us a call on 0203 034 1112. Should you have a gas leak or water leak do not call us first! call either British Gas or Themes Water and then call us.

10 Steps to Renting

In order to make sure you understand the whole process, we have split it into 10 easy to understand steps.

Affordability

The first step is to establish your affordability. We do this by calculating your earnings in relation to your the rental figure. As a tenant, you are required to earn at least 2.5 times the annual rent. (Guarantors require 3 times the annual rent) These figures are used by almost 90% of the referencing agencies, therefore, we use it as our baseline in order to ensure you pass. Any shortfalls in rent will need to be paid upfront.

Registration

Register your details with us. This will allow us to update you on any new instructions we get based on your requirements.

Find a Property

Once we know what you are looking, we will start to look for properties that meet your requirements. Be ready to attend viewings during this time!

Holding Fee

Once we find you a property that you like, we will proceed to take £500 holding fee from you. This money is offset against the final deposit you make. Should the landlord decide they do not wish to accept you after this stage your money will be returned, however, should you fail your reference checks  or decide you do not want to proceed, you will lose the money.

Reference Checks

Once reference checks begin, you will no longer be able to change your mind without losing your holding fee. Referencing usually takes between 24-48 hours and is a crucial stage in renting. Sometimes this can take longer depending on three contributing factors, your employer, your landlord or how long it takes you to provide us with the correct information.

Final Deposit

Once all checks have been completed and the reports have been approved by the landlord, we will proceed to collect the final deposit.
This includes:

The six weeks deposit which is registered with My Deposits or given to the landlord to register
One month’s rent
Our fees

The holding fee you gave us at the start is offset against the total from this amount.

Tenancy Agreement

We use a standard tenancy agreement for all our clients and needs to be signed by both the landlord and all tenants moving in. This can be done either in our office or digitally. We strongly advise you to read through the tenancy agreement before signing the document.

As we are not solicitors we cannot change our tenancy agreement unless the landlord has agreed to do so, however, even at this stage we will not add any new clause’s as these should be written by the tenant and landlord(s) legal representative and agreed upon by the other party. Archon Estates takes absolutely no responsibility for any additional clauses written within the tenancy agreement so please seek legal advice.

Inventory Report

Once everything has been finalised we will carry out an inventory report before you can move in. This will be completed by an independent company and a full report that usually consists of up to 100 pages will be provided to you. You will have seven days to go through this and dispute any issues.

The inventory report will be sent to the landlord as well and a copy will also be kept by our office on your file.

Utilities Change Over

In order to make your new home truly yours, you will need to change overall utility supplies to your name. You can do this by either contacting suppliers yourself or going through uswitch. You will also have to inform the local council that you have moved into the property so they can set up your council tax. 

Moving Out

If you have decided to remain at the property and we are the managing agents, we may need to carry out a new credit check to ensure you still have the affordability. This is particularly true if your rent has been increased. Should you, however, decide to leave the property, we will require a two months written notice informing us of your decision to leave. Failure to do this will result in you not being able to move out. If no notice has been provided we will assume you have decided to remain at the property.

Please make sure you download and read the following PDF from the government’s website as it will help you with any rental questions or issues you may have.

How To Rent – Download