Introduction: Patrick Collinson, Money Editor of the Guardian newspaper in a public lecture offers some tips for renting a property in a hassle-free manner. The tips are useful in avoiding the common pitfalls involved in a house hunt.
London has millions of properties to rent. But It is quite common to see disputes arising between landlords and tenants on many issues because proper due diligence was absent while finalizing the rent deal.
To avoid such pitfalls, follow a method. So if you are looking for an apartment to rent in London, it is better to go methodically. There are many letting agencies and estate agents who can be of assistance to rent apartments in London.
Credit Check:
The landlord is entitled to do a tenant screening through reference checks, credit records by verifying bank statements or pay slips from the employers.
Tenancy Agreement:
The fulcrum of any tenancy contract is a tenancy agreement that lays down the roles and responsibilities of both the landlord and tenant. The tenancy agreement will make sure both parties are clear on their responsibilities and will not infringe their limits. The rental agreement will include many important elements starting with the name of the parties, tenure, security deposit, rent value, inventory, exit clauses, eviction and other details.
Tenancy Term:
The contract document will include the starting date and the ending date. Leases have a term of one year and short tenancies have 6 months of duration. It must state the provision on security deposit and how it is being protected by locking in one of the state run instruments. The contract must be very specific on the clauses of eviction.
Rent:
It must state the amount of rent due each month, when and where it is due, and the acceptable forms of payment.
Deposits and fees:
The contract or agreement must mention the details of the security deposit and its return under the law. It can also mention the associated legal rider on the landlord regarding his forfeiture of the right to evict in case the deposit is not protected through a state owned scheme and sending the valid intimation about the same to the tenant within three weeks from the start of the tenancy.
Landlord Visit:
There must be 24 hours notice from the landlord before entering the tenant’s premises. He cannot come at will. This information must be included in the lease or rental agreement.
Termination of Tenancy:
There will be a statement of significance as to how termination of tenancy can happen by virtue of the violations of the lease or rental agreement by the tenant leading to termination of tenancy as per procedures established by state or local laws.
