TENANTS INFORMATION

Prestige Estates are recognised as one of the Leading Letting Agents in Milton Keynes

We let and manage furnished and unfurnished flats, apartments and houses.

Guide for Tenants

The first step is to contact us to provide brief details about yourself and about the accommodation you require. We then search our database for suitable properties for you to view. It is wise to start looking about a month before you wish to move as the nicer properties are viewed and reserved quickly. Our tenancies are granted for a minimum term of 6 months.

Viewings will be arranged at times to suit you and you will always be accompanied by a member of staff who can give advice and answer any questions you may have.

Once you have decided on a property you will need to reserve it by following the guide to letting given to you at the property.

Rents are normally quoted calendar monthly and payable monthly in advance. The tenant is usually also responsible for Council Tax, Water Rates, Gas, Electricity, Television Services and Telephone/Internet costs. All rents are payable by bank standing order to our company bank account.

A security deposit will be required. This deposit will be treated in accordance with the Tenancy Deposit Protection regulations and you will be informed of which protection scheme is utilised. The deposit is held to cover damage, breakages and any other liabilities under the terms of your tenancy agreement. Please note that under no circumstances can the deposit be used by the tenant to cover rent.

APPLICANTS GUIDE TO REFERENCING

As part of your rental application process, your letting agent will ask Let Alliance to carry out certain references. There are 3 parts to the process:

Credit Check

We check for bad credit, IVA's, Bankruptcy order and CCJ's. If you have any adverse credit it is important that you declare this and make us aware of it.

Current Landlord Reference

We will contact the landlord or agent who you are renting from at the moment and obtain a reference from them.

Verification of Earnings

We need to verify that you can meet the rental obligations and to do this we will check what income you have at present.

We will take a reference from your current employers. It is important to give the name of your line manager or indicate that we need to contact the HR or Payroll department if this is the case. We can provide a letter of authority for you if necessary. If you are employed by your own company, please complete the Accountants Reference section of the application as well since we classify this as self-employment for referencing purposes.

We will need to obtain a reference from your accountant or have sight of the following:

Your last 2 year’s accounts
Your last two to three years’ worth of SA302’s / SA100’s / CIS Vouchers

We also request bank statements to support your application

If your income is in the form of independent means, then we will require your last 6 month’s bank statements and may take a reference from your accountant if you have one. Independent means can include savings, pensions and investments. Please submit to your agent or to us copies of documentation which you feel supports your application. This could include:

  • Savings statements
  • Premium bond certificates
  • Investment statements
  • Bank statements
  • Accountant details

We will require either your annual pension statement or a reference from your pension provider. Please submit a copy of your most recent pension statement with your application

If your income is in the form of independent means, then we will require your last 6 month’s bank statements and may take a reference from your accountant if you have one. Independent means can include savings, pensions and investments. Please submit to your agent or to us copies of documentation which you feel supports your application. This could include:

If you have any additional income please make this clear when you apply. Additional income could include:

Tax credits – please provide a copy of this years tax credits statement to your agent

Savings – please provide bank statements

Additional job – please provide details of who we may contact for a reference or provide copies of 6 months payslips

Permitted Payments

HOLDING DEPOSIT

Before your application can be fully considered you will need to pay a holding deposit equivalent to one weeks rent for the property you are interested in. Once we have your holding deposit, current legislation stipulates that the necessary paperwork should be completed within 15 days or such longer period as might be agreed mutually in writing. The 15 days will begin from the date we receive the holding deposit. If at any time during that period you decide not to proceed with the tenancy, then your holding deposit will be retained by our firm. By the same token, if during that period you unreasonably delay in responding to any reasonable request made by our firm if it turns out that you have provided us with false or misleading information as part of your tenancy application or if you fail any of the checks which the Landlord is required to undertake under the Immigration Act 2014 your holding deposit will not be returned. It will be retained by this firm and your Landlord. However, if the Landlord decides not to offer you a tenancy for reasons unconnected with the above then your deposit will be refunded within 7 days. Should you be offered and you accept a tenancy with our Landlord, then your holding deposit will be credited to the first months’ rent due under that tenancy.

Reviewing our AST (Tenancy Agreement):

You will be asked to confirm your acceptance of our tenancy agreement and terms before agreeing to rent a property from us. If you wish a copy to be emailed to you or would like to collect a sample hard copy from our office please contact us to arrange this before proceeding to pay your holding deposit. Alternatively, if you wish a copy to be emailed to you or would like to collect a sample hard copy from our office please contact us to arrange this before proceeding to pay your holding deposit.

Before You Move In:

You will need to pay your first month’s rent in full (minus the 1 weeks holding fee if you have agreed to use this as part payment). Ongoing rent payments will be made on the same day each month unless agreed otherwise in writing. The deposit of 5 weeks rent must also be paid to us. Once received the 5 week deposit will be submitted to the DPS ( Deposit Protection Service) custodial deposit scheme and you will receive a formal registration certificate shortly after registration via email. Where check in is within 3 weeks of signing the tenancy agreement rent and deposit payments must reach us in cleared funds at least 24 hours before check in to avoid delays to check in times. Where check in is more than 3 weeks after signing the tenancy agreement you must pay the first month’s rent in full when signing the tenancy agreement and pay the deposit at least 24 hours prior to check in.

COMPANY / CORPORATE APPLICATIONS: Where the tenancy is to be by way of a company let a fee of £500 + VAT will apply and will be used to hold the property in lieu of the holding deposit. This fee will be non-refundable should the company fail financial checks or the applicant withdraw from the tenancy after the fee has been paid. PETS: Any pets should be declared and should be discussed with us prior to viewing the property and will be subject to landlord approval. Please note that not all landlords will accept pets and you must have prior written consent from the landlord and a longer minimum tenancy term may apply. Where any pet is agreed a sum of £25pcm will apply in addition to the advertised monthly rent to compensate the landlord for additional wear and tear of the property. RIGHT TO RENT: From 1st February 2016 all tenants will be asked to prove that they have the right to live and rent in the UK. For all British and EEA / EU passport holders we will need to see your original passport. All non-EEA / EU passport holders will be asked to provide additional documentation and copies of VISA’s showing right to remain in the UK. Please note that any applicant who holds a limited time visa will need to have their VISA’s re-checked under UK law every renewal or 12 months (whichever the sooner). TENANT FEES SCHEDULE: Holding Deposit (per tenancy) — One week’s rent. This is to reserve a property. Please Note: This will be withheld if any relevant person (including any guarantor(s)) withdraw from the tenancy, fail a Right-to-Rent check, provide materially significant false or misleading information, or fail to sign their tenancy agreement (and / or Deed of Guarantee) within 15 calendar days (or other Deadline for Agreement as mutually agreed in writing). Security Deposit (per tenancy. Rent under £50,000 per year) — Five weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy. Security Deposit (per tenancy. Rent of £50,000 or over per year) — Six weeks’ rent. This covers damages or defaults on the part of the tenant during the tenancy. Unpaid Rent: Interest at 3% above the Bank of England Base Rate from Rent Due Date until paid in order to pursue non-payment of rent. Please Note: This will not be levied until the rent is more than 14 days in arrears. Lost Key(s) or other Security Device(s) Tenants are liable to the actual cost of replacing any lost key(s) or other security device(s). If the loss results in locks needing to be changed, the actual costs of a locksmith, new lock and replacement keys for the tenant, landlord any other persons requiring keys will be charged to the tenant. If extra costs are incurred there will be a charge of £15 per hour (inc. VAT) for the time taken replacing lost key(s) or other security device(s). Variation of Contract (Tenant’s Request) — £50 (inc. VAT) per agreed variation. To cover the costs associated with taking landlord’s instructions as well as the preparation and execution of new legal documents. Change of Sharer (Tenant’s Request) — £50 (inc. VAT) per replacement tenant or any reasonable costs incurred if higher. To cover the costs associated with taking landlord’s instructions, new tenant referencing and Right-to-Rent checks, deposit registration as well as the preparation and execution of new legal documents. Early Termination (Tenant’s Request) Should the tenant wish to leave their contract early, they shall be liable to the landlord’s costs in re-letting the property as well as all rent due under the tenancy until the start date of the replacement tenancy. These costs will be no more than the maximum amount of rent outstanding on the tenancy. REDRESS & CLIENT MONEY PROTECTION INSURANCE: OUR REDRESS SCHEME: In line with Government regulations we are members of The Property Ombudsman redress scheme. Our membership can be checked at www.tpos.co.uk OUR CLIENT MONEY PROTECTION SCHEME: In line with Government regulations we hold client money protection with ARLA-Propertymark, part of the National Federation of Property Professionals. You may check our ARLA-Propertymark membership by going to ARLA and carry out a search under the find a member section or email compliance@nfopp.co.uk.

We use cookies to ensure that we give you the best experience on our website. If you continue we assume that you consent to receive all cookies on our website. ok