Buckinghams Guide for Tenants

The Offer

All offers are submitted to the Landlord for his/her consideration. Acceptance of an offer should not be construed as a Contract.

Administration Fees

An administration fee of £60 including VAT per applicant is payable at this stage to enable us to process the references. There is an additional charge of £180.00 including VAT for the preparation of the tenancy documentation. If a guarantor is required there will be an additional charge of £60 including VAT.

Should you decide to withdraw your offer or if your references prove to be unsatisfactory, or if you are unable to proceed in accordance with the terms of your original offer, the administration fee is non-refundable.

In the event that the Landlord withdraws from the transaction, both the Administration and Holding Fee will be refunded to you.

Holding Fee

As an indication of your commitment, a Holding Fee equivalent to 25% of the first month’s rent is required. On the signing of the Tenancy Agreement this sum is deducted from the initial month’s rent. (Please note that this money paid in advance does not constitute a tenancy or offer of a tenancy but is required as proof of your serious intention to proceed).

Tenant Application/Proof of Identity

All persons over the age of eighteen will complete a Tenant Assessment Form and be required to produce two forms of identification. Either passport, Driving Licence, or Birth Certificate plus recent bank statement or utility bill.

References

Each applicant will be assessed for an equal share of the total rent payable for the property. The Tenant Assessment Form(s) will be submitted to a specialist tenant referencing company who will contact your bank, employer/accountant and current Landlord

Deposit

A deposit equivalent to one and a half months rent is held by Buckinghams Ltd as Stakeholder in our client account. No interest is payable to either party. The deposit is held against any damages expenses or rent arrears arising during your tenancy and will not be released until after your vacate the property and the keys returned to our office and agreement has been reached between the landlord and the tenant on any deductions for damages. The Deposit is held under the terms of the Tenant Deposit Scheme (TDS) more information on this can be found at www.tds.gb.com If the tenant has pets the deposit may be increased to two months rent

Signing the Agreement

On the signing of the Tenancy Agreement by all Tenants, the initial monies should be paid by bankers draft, building society cheque or direct bank transfer. Personal or company cheques will not be accepted unless a period of seven full working days is allowed to clear the banking system prior to the commencement of the tenancy. All cheques must be made payable to Buckinghams Ltd. Please note we do not have the facilities to accept cash or credit cards.

Inventory and check in

An inventory and Schedule of Condition of the property, its contents, furniture, fittings and effects will normally have been prepared (The Landlord pays this cost). This will be checked and agreed with you at the commencement of the tenancy. It is important that you take care in agreeing the Inventory and Schedule of Condition at this stage as it will form the basis of any claim for damages by your Landlord at the end of the tenancy.

Inventory and check out

At the end of the tenancy, the Inventory and Schedule of Condition will be checked again. We strongly recommend that you are present at both the check in and check out. (The cost of the check out is charged to you). A full and detailed report is prepared, a copy is given to both the Tenant and the Landlord.

Rental Payments

All rent is payable in advance by standing order. Standing Order payments should leave your bank 3 days prior to your rent due date to allow for clearance at our bank.

Tenancy Agreement

Once references have been approved, the terms of the Tenancy Agreement will be finalised and documents prepared for both the Landlord and Tenant’s signatures. This is a legal document and you may wish to discuss this with a solicitor or legal advisor.

Tenancy Terms

All tenancies, unless otherwise stated, will be for an initial term of between six and twelve months, which may be extended for a further period, subject to contract and agreement by both parties. Extended periods after the initial 12 months are normally subject to an annual increase in rent usually in line with the increase percentage in the Retail Prices Index (RPI) with a minimum of 3% and a maximum of 8%.

Smokers

Unless otherwise stated, smoking is not permitted in a rental property

Pets

If you have pets we would advise you to check with us for any restrictions prior to viewing a property. We will need to obtain permission from the Landlord and specific clauses would be incorporated in the Tenancy Agreement regarding cleaning and fumigation of the property at the end of your tenancy.

Property Visits

All properties managed by Buckinghams are subject to regular visits. The purpose of these is to check the condition of the property. A mutually agreeable appointment will always be made in advance with the Tenants.

Maintenance Problems

At the commencement of the tenancy, you will be given contact details in the event that you have any maintenance problems.

Utilities and Council Tax

Tenants are responsible for all charges for the provision of gas, electricity, water, sewerage, telephone and Council Tax unless otherwise stated. The purchase of a Television Licence is the responsibility of the Tenant.

Maintenance Problems

At the commencement of the tenancy, you will be given contact details in the event that you have any maintenance problems.

Special Conditions

All properties are offered and taken as seen. If you have specific concerns or requirements then you must clarify these when making the initial offer, as we are unable to improve or alter a property after you have moved in other than normal maintenance.

Stamp Duty

With effect from 1st December 2003 Stamp Duty (Land Tax) has changed. The liability for payment of the duty and submitting the relevant declaration form to the Inland Revenue now falls with the Tenant. To establish whether Duty is payable, please refer to the Inland Revenue website – www.hmrc.gov.uk where you will find assistance to calculate whether Stamp Duty is due.

Tenant’s Contents Insurance

The Tenant is responsible for insuring his/her own personal effects and furnishings. Should you require insurance Buckinghams Ltd can provide you with details of the Letsure Tenant Policy.

Keys

Buckinghams will normally hold a set of keys for properties which they manage. In the unfortunate event that you are locked out of the property, Buckinghams reserve the right to charge £50 plus VAT for an out of office call out to assist you in regaining entry to the property