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Categorías
Accommodation

Fees for renting in the UK

What are the fees for renting in the UK? Only My Share explains what cost you are required to pay to rent property in the UK. We explain how the upfront cost of renting in the UK can be much higher for international tenants. Plus we discuss the government policy to try and prevent tenants from being conned into paying more in rental fees than is required or fair!

WHAT ARE THE COSTS OF RENTING IN THE UK?

Typical Fees for renting in the UK that new tenants can expect to pay include deposits, referencing fees, credit checks holding deposit and admin fees.

DEPOSITS

A deposit is required of new tenants to cover against damage to the property or the rent arrears. This may be refunded in full at the end of tenancy if no damages a made, the property in left in a reasonable state to be rented for the next tenant and paid all rent is paid.

REFERENCING FEES

Reference fees are the checks run by the letting agent to check they are good tenant. This will likely be contacting a previous landlord and /or a current employer. This can cost between £75-£100 per tenant.

ADMIN FEE

This (as the title suggests) is a fee to cover any admin costs. This will mainly be the cost of drawing up the contract but may also include general admin costs related to a tenants application such as inventory recording, photocopying, phone calls and key cutting.

HOLDING DEPOSITS

Holding deposits can usually range between £200-£500 but they are usually based on a portion of rent so depending on the rental property could be higher. The good thing about this cost is that it is subtracted from the deposit. Tenants aren’t required to pay twice for deposits. The only way this will be a cost on its own is if for some reason the tenant cannot rent the property.

UPFRONT COST OF INTERNATIONALS LOOKING TO RENT IN THE UK

Internationals looking to rent in the UK should be aware of the upfront costs they are likely to face. If they are unable to provide a UK rent guarantor then they will be required to pay 6-12 months rent up front. With Housing Hand UK Guarantor Service tenants are able to pay rent in monthly installments. No 12 month upfront cost! If you are an international in need of a UK Guarantor, get a quote or give us a call to apply today.

Follow this link for more information on internationals looking for rental property in the UK.

Categorías
Tips

5 Tips when renting in the UK

Are you planning on renting in the UK? If yes, then read our top 5 tips for how to get the best property…

1. Be sure you know what you’re looking for when renting.

When it comes to finding a new home, we always have a special image in mind, built from our dreams or from what we’ve seen on TV. But in the end, many of us just don’t know what we want. This can get even more complicated if you are in a shared property as you may not all have the same idea of what is best when renting in the UK.

The best way to avoid being lost in your research is to start with a list of the elements which are the most important for you. If you are new in the city, you will need to do some research about the local area such as; local facilities, security issues, transportation options, and rental price to help set a budget…Don’t forget the bills and the agency fees!

2. Ask the locals.

Whether you are new to the city or not, a student or a working professional, you might be able to find friends, colleagues or people from the uni or even groups on Facebook to help you with your property hunting.

3. Considering shared accommodation.

Sharing a flat or a house with friends or other people is a good way to save money. In a case you move in with people or someone you don’t know, you will need to meet them first to talk about details such as; who is cleaning and how, if you or they party oriented?

Your life will be so much easier if you are moving in with the person who shares the same interests as you. Be sure to check if your tenancy contract is joint and several, as you may end up having to pay your housemate’s rent in case he/she doesn’t pay or leaves unexpectedly. To prevent ending up in this kind of situation, OnlyMyShare (Housing Hand group) is an assurance that divides the contract and covers you in case of non-reliable housemate (from £99) www.onmyshare.com

4. Be organised.

Renting a property in the UK might sometimes be a bit tricky and requires ample organisation.

you should write down all viewing appointments in a diary and note down the time, address, the name of the person you are meeting and any other important details.

Also, keep a record of all the questions you need to ask the landlord or letting agent. Be sure you ask the accommodation provider what their requirements are guarantor wise. Finding a guarantor or applying for one through Housing Hand, usually takes at least a day or two. so if you don’t want to be in a position where you are stressed or may lose a property you like it’s best to leave enough time to arrange a guarantor or have a guarantor in mind.

5. Prepare yourself.

Be sure you have all the documents usually required by letting agents or accommodation provider in general. Some accept international proof of ID whilst some will only accept passports so be sure all your documents are scanned and readily available to be sent quickly.