Ahead of your property search, getting to grips with this essential information will ensure you’re prepared for a successful application when you find the right house.
It helps to review your finances to work out what deposit and monthly rental level you can afford prior to looking for a property.
If you are a student or unemployed you will need a guarantor. You may also require a guarantor should your income fall short of the required figure. To determine this, check that your annual salary is at least 30 times the monthly rent. For example, a rent of £500pcm would require a minimum of £15,000 annual salary. Each guarantor will need to complete an application form and be referenced before a tenancy can be considered. The guarantor will also have to sign the deed of guarantee before the tenancy can proceed.
An advanced payment of a month’s rent and the security deposit must be paid before the keys can be released. Your initial payment can only be made by banker’s draft or building society cheque.
Tenants Admin Fee
We ask you to pay this fee to cover the administration costs of preparing the tenancy documentation and costs of gaining satisfactory references. The fee is payable at the time of submitting the application. Please contact your local Reeds Rains branch for information relating to charges. Please note that if your application fails or is withdrawn, the cost is non-refundable. Be aware of any other fees that you may be charged when renting.
Discover more rental terminology and useful information in our Rental FAQs.