A Guide to Renting Your Property with Flick & Son Organise Viewings & Applications
When you find a property you would like to view, we will create you as an applicant on our system and make arrangements for yourself and a Flick & Son staff member to visit. After, if you would like to proceed with a tenancy at the property, we will provide you with application forms. Each person aged 18 years or over that will be living at the property will have to complete a form.
The completed application form must be returned along with these requirements:• Proof of identity – Passport or any other official form of ID• Proof of residency – Not more than 3 months old• Immigration & Visa Confirmation• Financial Information – e.g. Employment Contract, Savings, Pensions, Universal Credit• Details or your current Agent or Landlord, if applicable
In line with the Immigration Act 2014, we are legally bound to check all applicants have the Right to Rent in the UK and we will require documentation to prove this. We also require proof of address of where you are living at the time of application e.g., a bank statement or utility bill no more than 3 months old. For the specific documents required for proof of identity for Continuous Right to Rent, please get in touch with us.
Calculate Income to Rental Ratio
Included in the reference checking process is the income to rental ratio calculations; this refers to the applicant’s income and their ability to pay the rental on a regular basis. Sufficient income to cover the requested rental has to be officially verified. Here is a table illustrating the income to rent ratio we refer to, depending on various scenarios:
|Income to Rental Ratio||Outcome – subject to all other references being satisfactory|
|If your gross annual income is less than 1.5 times the annual rental (e.g., £500 rental x 12 months x 1.5 – £9000)||You will be declined|
|If your gross income is between 1.5 and 2.49 times the annual rental||You will be acceptable with a guarantor|
|If your income is more than 2.5 times the annual rental||You will be acceptable|
|If your income is more than 3 times the annual rental||You will be acceptable as a guarantor – if you are a UK resident with a clean credit history|
If you are working on a part-time basis, of independent means or retired and relying on your pension to pay, we have some other guidelines and proof that will be required – We will go through this with you to make it as smooth and as stress-free as possible.
When completing the application form, there is a small section which addresses your credit history. If you have had (or think you may have had) any problems with credit in the past, if you have any County Court Judgements or Bankruptcy Orders against you, you must disclose them.
Collection of References
If your application is only accepted with a guarantor, a further set of forms will be issued for completion. Only when these application forms and information have been received, the application and referencing can proceed.
If there are multiple applications for the same property, we will provide
If there are multiple applications for the same property, we will provide the Landlord(s) with the applicants’ details and they will decide with whom they wish to proceed. If you are not chosen, your forms will be returned to you in full. If you are chosen, we will proceed with the collection of references and collection of a holding deposit.
Upon acceptance of your application by the Landlord, your details will be given to the referencing Agency, Rent4Sure. They, in turn, will contact you and ask that you input your details to their system – They will provide log-in details. Once received, they will take up the references on your behalf and provide a full written report to Flick & Son.
Prior to instructing Rent4Sure, we will require payment from you to the equivalent of 1 week’s rent as a holding deposit. The deposit is non-refundable, unless the Landlord is not able to proceed with the Tenancy due to their circumstance. Should you withdraw or fail the referencing process, this holding deposit will be retained by the Agency towards cost.
Once confirmed and the Tenancy Agreement has been created, the holding deposit will them form a part of the 5 week’s security deposit. This will be registered with the Tenancy Deposit Scheme and a Certificate of Registration provided.
Security Deposits & Payments
Before the commencement of your tenancy, you will be required to pay your first month’s rent and security deposit:• Security Deposit (per tenancy. Rent under £50,000 pa.): 5 weeks rent – this covers damages or defaults on the part of the tenant during the tenancy• Security Deposit (per tenancy. Rent over £50,000 pa.): 6 weeks rent – this covers damages or defaults on the part of the tenant during the tenancy.
For properties in England, the Tenants Fees Act 2019 means in addition to rent, Lettings Agents can only charge Tenants a deposit equivalent to five week’s rent. We are members of the Tenants Deposit Scheme (TDS); this legislation means Landlords will no longer hold a Tenant’s deposit unless they have subscribed to a government-approved scheme. So, all deposits are held by us and are safeguarded by this new legislation.
If there should be a dispute about the return of your deposit at the end of your tenancy, the amount in dispute must be passed over to the TDS adjudicators who will act as arbitrators and confirm their decision to both parties. You can find further information of this scheme here: www.tds.gb.com.
Renting Your Property with Flick & Son
Our Tenant’s Guide has all the key points of your buying journey and we are on hand if you need further help or information, including with End of Tenancy and Early Termination issues. If you have any queries, please do not hesitate to contact our trusted Lettings Department.
Flick & Son’s branches in Aldeburgh, Leiston, Saxmundham and Southwold have an excellent selection of property covering the Suffolk Heritage Coast and many thriving communities further inland.
Please take a look at our area guides for more information on some of the key towns and villages served by Flick & Son. One of them could be the perfect place for you to settle in Suffolk.