Before you start searching for your new home it’s a good idea to write down a budget. What are your current outgoings and what money do you have left each month to spend on rent? Take into account that, when you first move in, you will need to front a deposit as well as the first month’s rent and tenancy set up fees.
If you haven’t already, make sure you go and view the property. If it’s a house-share, meet all the people you’ll be moving in with. The letting agent will ask you to sign a Tenancy Fee Declaration form which lists the services they will provide and the fees expected from you. The agent will then begin the referencing process to ensure you’re in a position to rent the property.
The landlord needs to be sure that their tenant won’t have any problems paying the rent on a monthly basis and that the tenant will take good care of their property.
Referencing is nothing to worry about. Tenants applying to rent need to give details of their employer and income, their previous address, and some bank account details. These will be checked to ensure they are able to commit to monthly rental payments.
As part of the referencing process we need to be sure a tenant is who they say they are. We will require a proof of residency (such as a utility or council tax bill from the last 3 months) and proof of ID (such as a passport or driving licence).
In some circumstances, a tenant may not be approved immediately via referencing. Obvious examples are students without a regular income, or someone leaving their family home for the first time with no renting history. This is not uncommon, and there are still options for tenants in this position. They could pay the rent for the full term up front, or seek out a guarantor.
If a tenant is not fully approved by the referencing process, they can ask a guarantor to support them. A guarantor (usually a parent or guardian) will agree to take joint responsibility for the rent for the property if the tenant fails to. Guarantors are required to pay any rent arrears (if the tenant does not pay) and for any damages costing more than the deposit.
A guarantor needs to go through the same referencing process as a tenant. The normal requirement is that they are employed and a UK resident, with sufficient earnings to cover the tenant’s rental commitment.
In the case of a house-share, the tenancy agreement makes all tenants jointly responsible for all rents and responsibilities. There is no individual ‘share’ of the rent written into the agreement. The guarantor therefore has the same responsibility.
The landlord trusts the tenant to keep the property in a good condition and in good order. The deposit is held to ensure that any damages (over and above fair wear and tear) can be corrected at the end of the tenancy.
Landlords and letting agents are required to register your deposit with an approved Tenancy Deposit Scheme. Your Move landlords register their deposits with a scheme such as My Deposits. The deposit is then either held by the landlord, the agent or the deposit scheme itself. You should receive details of the scheme, explaining where the deposit is held.
A Tenancy Deposit Scheme like My Deposits will protect the money for you and can offer assistance should there be a dispute about the deposit at the end of the tenancy.
A tenancy agreement is a contract signed by both the tenant and the landlord. It outlines all the rules to which both parties must comply.
Your landlord or letting agent will regularly schedule visits to the property. They want to make sure that the property is being looked after and maintained in a good condition, and they’ll be looking for any maintenance issues.
The landlord is responsible for maintaining the property in a good state of repair. They will either take care of this directly, or do so via a letting agent – make sure you know who to go to when there’s a fault at the beginning of the tenancy. Check your ‘Welcome letter’ to find out what service level your landlord has. If it is Tenant Find or Rent Collect, then you will need to talk to your landlord directly. It it is Fully Managed then the agent will help. If you do damage to the property you are expected to cover the cost of putting this right.
In most cases, a tenant can only decorate or make changes to the property with the express permission of the landlord. We recommend receiving this permission in writing.
Don’t worry – accidents happen. Tell whoever is responsible for the property maintenance (either the landlord or letting agent) as soon as possible. You will be expected to cover the cost of putting it right. Don’t try to ignore or hide damage because it could get worse, and it will only come out of your deposit at the end of the tenancy.
If a tenant believes the landlord is not keeping to their side of the agreement – for instance, not maintaining the property in a fit state of repair – then the first thing the tenant should do is speak to their letting agent. The letting agent has a duty of care to the tenant, and may be able to help to resolve issues depending on the service type the landlord has with the agent. Look at your ‘Welcome letter’ to find out the service level of your landlord. Alternatively, a tenant can find independent advice from The Citizens Advice Bureau.
A landlord has to give the tenant notice before entering the property, unless it’s an emergency.
If you are tied into a fixed term contract, you will be liable for the rent until the fixed term is finished. If you are no longer in a fixed term contract (ie. a rolling contract) your tenancy agreement will define the notice you need to give.
There are three main costs involved in selling a property:
Estate Agent Fees will either be a percentage of the purchase price, or a fixed fee. When estate agents visit to value your home, make sure they outline their fees so you can take these into account.
You are legally required to provide an EPC when you market your property for sale. This outlines the energy efficiency rating of your property. Your Move can organise this for you. Contact your local branch for a quote for how much this will cost. In Scotland you will need a Home Report which includes an EPC.
‘Conveyancing’ means the legal transfer of your property to the buyer, and you will need to employ a solicitor to make this happen. Prices will vary depending on your circumstances. Your Move can introduce you to a solicitor and offer a no sale no fee conveyancing service with a guaranteed fixed price to keep everything easy. Contact your local branch to receive an accurate quote for how much this will cost.
You may also decide to pay for extras such as professional photography or advanced web positioning. And don’t forget about removals. Ask your agent to outline all these costs at the start of your sale so that you can budget your move.
Your estate agent should accompany all viewings, but you may decide that you’d like to be present. It’s really up to you.
This partly depends on the conditions of the offer. Remember, neither the buyer or the seller is bound to the purchase or sale until the contracts are signed and exchanged (in Scotland at conclusion of missives), so it’s worth keeping your options open.
Every sale is different. Both your position and the buyer’s position needs to be taken into account before this question can be answered accurately. If your home has been realistically valued, you should expect to receive offers within the first four weeks. Then, assuming your buyer has to apply for their mortgage, the exchange of contracts normally takes between 4 and 6 weeks and then completion is between 2 and 4 weeks later. So in total you should expect 12-14 weeks to complete the sale. Please note that in Scotland conclusion of missives normally takes between 6 and 8 weeks.
In England, all sellers are required to purchase an EPC for a property before they sell it. Estate agents must display the EPC rating whenever they market the property.
In Scotland, the seller is required to purchase a Home Report, which is a more complete report detailing the condition of the property. An EPC is included in this report.
‘Conveyancing’ is everything that needs to happen to legally transfer your home to the buyer. You will need a solicitor to make it happen. Your Move can introduce you to a solicitor. It’s a no sale no fee conveyancing service offered at a fixed price so you know where you stand.
No. The buyer is responsible for paying Stamp Duty.
In England you do not need to arrange a survey, but it is likely that the buyer will, and so a surveyor will arrange an appointment to visit you home. The five key things a surveyor will be looking for are problems with utilities, damp, cracking, problems with roofs, and timber defects. In addition, your buyer’s mortgage lender will organise a mortgage valuation to confirm that the property is worth the money being leant.
In Scotland you must organise a Home Report for your property. A Home Report is a pack of three documents that give buyers a clear picture of the condition of the property for sale: the Single Survey which details the condition of the property; the Energy Report which gives the property an energy efficiency rating; and the Property Questionnaire which outlines other key information such as the property’s council tax band.
As part of the conveyancing process, your buyer’s solicitor will perform searches of Land Registry and Local Authority information in relation to your home. They will be checking for planning history, and any potential developments around roads, drainage and mining near the property.
Once the sale has been agreed, your solicitor will draft a contract. The seller’s solicitor will confirm the details of the property and perform searches. At the same time, the buyer’s mortgage lender will conduct a mortgage valuation and send a mortgage offer to the buyer. When all of this is complete, you will be ready to sign the contract and agree the completion date.
The seller or the buyer can pull out of the sale at any time and for any reason until the point that both solicitors have receive signed contracts from both parties.
When both contracts have been signed, the buyer’s solicitor will request the mortgage from the buyer’s lender. Once these funds are released, then your solicitor and the buyer’s solicitor will consult both parties and agree a completion date.
Your title deeds give proof of ownership of the property and will need to be transferred to the buyer as part of the conveyancing process. These are usually held by your mortgage lender, and it will be your solicitor’s responsibility to obtain these.
You are not required to leave any furniture or furnishings in the property, but you may agree to include some as part of the negotiations of the sale.
The contract will specify the completion day, and usually the buyer will be asked to collect the keys to their new home from the estate agent. In most cases the seller is asked to vacate the property by 12pm
Every purchase is different, and your position and the seller’s position needs to be taken into consideration before this question can be answered accurately. If the seller has already vacated the property and you have already secured a mortgage, exchange of contracts and completion can happen relatively quickly.
However, if you need a mortgage and the seller is still in the property, the exchange of contracts normally takes between 4 and 6 weeks, the completion takes between 2 and 4 weeks. So in total you should expect up to 10 weeks to complete the purchase. Please note that in Scotland conclusion of missives normally takes between 6 and 8 weeks.
‘Conveyancing’ sounds like boring legal stuff, but it’s everything that needs to happen to make the property officially yours. It can be a confusing process and you need a solicitor to make it happen. Your Move can introduce you to a solicitor and offer a no sale no fee conveyancing service with a guaranteed fixed price to keep everything easy (this excludes disbursements). Contact your local branch to receive an accurate quote for how much this will cost.
When you buy a property in the UK over a certain price you have to pay Stamp Duty Land Tax (SDLT). In December 2014 the way stamp duty is calculated changed and now you only pay the rate of tax on the part of the property price within each tax band – like income tax. For further details visit https://www.gov.uk/stamp-duty-land-tax-rates.
From April 2015 different rates apply in Scotland as SDLT is replaced by the Land and Building Transaction Tax (LBTT).
From April 2016 buy to let and second home buyers have to pay a 3% surcharge on each stamp duty band.
Your mortgage lender will arrange a mortgage valuation that you will have to pay for in order to secure a mortgage. A mortgage valuation merely confirms with the lender that the property is worth what you are being loaned and will not give details on the condition of the property.
We recommend that you arrange your own survey whenever you purchase a property. It allows you to see the current condition of the property, reducing the chance of nasty surprises further down the line. There are three main types of surveys with varying costs and your local Your Move branch can introduce you to a local surveyor from our sister company e.surv Chartered Surveyors.
In Scotland there will already be a survey as part of the Home Report which is available to you.
The deposit is paid to the seller’s solicitor, usually upon exchange of contracts. This is not applicable in Scotland.
The mortgage will be requested from the lender by your solicitor. It usually takes around 4-5 working days for the lender to release the money being loaned. Your solicitor will take this time into account when advising you of the earliest possible completion date.
We recommend organising home and contents insurance shortly before you sign the contract. Your Move has an Insurance Services department who offer a range of competitive products from a panel of lenders. To keep things easy we’ll be in contact with you to discuss your needs. Don’t forget, you need all relevant insurance policies to begin from the exchange of contract date.
You should also consider organising mortgage protection so that your family isn’t pressured to meet your mortgage payments in the worst case scenario of illness or death. This should be arranged when you complete you mortgage application.
Your solicitor will perform searches of the Land Registry and Local Authority information. They will be checking for planning history, and any potential developments around roads, drainage and mining near the property.
After the sale is agreed, the seller’s solicitor will draft a contract. Your solicitor will confirm the details of the property and perform searches. At the same time, your mortgage lender will need to conduct a mortgage valuation and send you a mortgage offer. Once all of this is complete, you will be ready to sign. Please note this is different in Scotland.
Until both solicitors receive signed contracts from the seller and the buyer, either party can pull out at any time and for any reason without cost or penalty until the contracts are exchanged. Please note this is different in Scotland, refer to the Scottish buying process.
Once both parties have signed the contracts then your solicitor and the seller’s solicitor will consult both parties and agree a completion date. If you require a mortgage then after the contracts are signed, the mortgage will be requested from the lender by your solicitor. The mortgage lender will let your solicitor know when the funds will be released, then your solicitor and the seller’s solicitor will consult both parties and agree a completion date. Please note this is different in Scotland, refer to the Scottish buying process.
Once the seller’s solicitor has confirmed receipt of funds to confirm the transaction has completed, the estate agent will be able to confirm where and when you may collect the keys. Please note this is different in Scotland, refer to the Scottish buying process.
Even after you’ve received the keys to your property, there is still a significant amount of work to be carried out by your solicitor. The title deeds of your property will remain with your solicitor for some months before finally being sent to your Lender for storage. They will hold the deeds until such time as you repay in full the mortgage you have with them.
Ask a letting agent to value your home. At Your Move, we’re experts in the market, so we can tell you how other rental properties are doing in the area, and what kind of yield you can hope to expect.
This really depends on how much support you need. At Your Move we offer three main service levels: Tenant Find, Rent Collect and Fully Managed. Each involves a different degree of service from Your Move and the fees we charge reflect this. Be sure you understand an agent’s fees and exactly what you receive for your money when you ask them to conduct a lettings valuation.
Choosing a fully managed service allows you to completely relax. You never have to worry about the let. It creates a professional distance between you and the tenancy, and means you can avoid having to deal with all the bad bits like rent arrears and deposit disputes.
Landlords and letting agents are required to register tenants’ deposits with an approved Tenancy Deposit Scheme. At Your Move, we register deposits with a scheme such as My Deposits. The deposit is then either held by the landlord, the agent or the deposit scheme itself. The Tenancy Deposit Scheme is there to protect the tenant’s money and help to resolve any disputes at the end of the tenancy.
An inventory is a detailed list of the contents and condition of your property taken before the tenant moves in. It is important that if there is a dispute over damage at the end of the tenancy, you have proof of the original condition of the property and its contents.
An Energy Performance Certificate, or EPC for short, is a report detailing the energy efficiency of a property. It gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and is valid for 10 years.
All landlords are required to purchase an EPC for a property before they let it and, from 1st April 2018, the property must have a minimum rating of E on its EPC. It will be unlawful to rent a property which breaches this requirement with a penalty of up to £4,000.
A Gas Safety Record (GSR) is in place to ensure that all gas appliances, pipes and flues are in safe working order. It must be carried out by a qualified Gas Safe Register engineer. This needs to be checked every 12 months.
You are required to ensure that any electrical devices within the property are safe for use. We recommend an Installation Survey or Portable Appliance Testing (PAT) so you can be sure you are compliant.
You must ensure that all furnishings comply with furniture and furnishing regulations. All compliant furniture must display standard labels in a prominent position. This is to reduce the risk of fire within the property.
If you choose a Rent Collect or Fully Managed service, we will organise for the tenant to pay the rent via standing order or direct debit. We will then transfer the money to your account minus our commission and any outgoings or fees (such as maintenance work fees). You will receive a statement every month.
If you have chosen a regulated agent like Your Move, then your money will be protected through the Protection Bonding Scheme. Not all agents are regulated, but Your Move choose to be. We are members of ARLA Property mark and TPO.
All landlords could be liable to pay tax on their rental income, whether they live in the UK or are based overseas. Further information can be found on the Inland Revenue’s website.
You need to give the tenant appropriate notice before you enter the property.
The tenant is responsible for the council tax (unless you decide to include this in the rent) but this needs to be clearly stated in the tenancy agreement. If the property is standing empty, it is the landlord’s responsibility to pay.
Usually the tenant, though this should be stated in the tenancy agreement. However, if the landlord furnishes the property with a TV, they would be expected to pay the licence.
The landlord or the letting agent gives the tenant notice that they will be visiting the property to check it is being looked after, and to check for any potential maintenance issues.
Either the tenant pays to fix the damage, or the cost for fixing the damage is removed from the tenant’s security deposit at the end of the tenancy. However, fair wear and tear should be allowed for.
It is sensible to insure yourself against non-payment of rent. Your Move’s rent protection insurance pays 100% of your rent for up to 12 months if your tenant is unable to pay for any reason.
Terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of this product.
If your tenant refuses to leave the property then legal action will be necessary. Your Move’s rent protection insurance covers legal fees up to £15,000 including any legal costs arising from regaining possession of your property from a tenant (providing there are rent arrears or the tenant has failed to vacate the premises at the end of a tenancy agreement).
The ARLA Property mark is the leading professional and regulatory body for letting agents in the UK. ARLA Property mark is dedicated to protecting consumers by improving standards and professionalism within the lettings industry. Remember, letting agents are not regulated by law. Your Move choose to be members of a regulatory body.
The Property Ombudsman (TPO) is an independent body to which landlords can refer any complaint should the agent fail to address it to their satisfaction. We are founder TPO members.
The Right to Rent scheme, which helps to make sure that people renting property in the UK have a legal right to be here, was rolled out across England in February 2016. At Your Move we’ve been doing this as part of our referencing process for many years, but if a landlord carries out their own checks they will now need to get an acceptable proof of residency or risk a fine. If we don’t currently handle tenant checks for you, we’d be very happy to discuss how we can help you with this.
There are a few easy and cheap ways to improve your property’s EPC rating. Ensuring all your lightbulbs are energy savers is a simple change. Check your loft insulation is at least 270mm too, and if you have cavity walls ensure these are filled with insulation.
More expensive ways to improve your property’s EPC rating include replacing an old, inefficient boiler; adding modern controls like room thermostats; or adding renewable technologies like solar panels to the property.
The Client Money Protection (CMP) Scheme provides compensation for landlords, tenants and other clients when agents misuse or misappropriate their rent, deposit or any other client funds. Your Move has CMP cover through ARLA: Propertymark.