Once you have found a suitable property to rent, you are now in the position to make an offer for the approval of the Landlord in order to apply for the tenancy.
On application, a reservation/holding deposit will be required which secures the property for you subject to referencing and landlord consent. This is normally equivalent to half of the security deposit and payment must be made by cleared funds, for example cash or BACs.
Assuming the rental proceeds, the holding deposit will be set against the first month’s rent and the security deposit due, both of which are payable before you move in.
This Holding deposit will be refunded if we or the landlord decides before the deadline (15 Days after receipt of the holding deposit, unless agreed otherwise) for agreement not to enter into a tenancy agreement relating to the housing, or the landlord and the tenant fail to enter into a tenancy agreement relating to the housing before the deadline for agreement.
If the tenant notifies the landlord or Gracechurch Property Services before the deadline for agreement that the tenant has decided not to enter into a tenancy agreement.
For further information on Treatment of holding deposit please refer to the Government website here: http://www.legislation.gov.uk/ukpga/2019/4/schedule/2
As soon as your offer has been accepted by the Landlord, we will apply for references and draw up the relevant documentation which will form the basis of the agreement between you and the Landlord.
The following documents and procedures must be provided and followed before your tenancy begins
The tenant application form will need to be fully completed before we can proceed. This will require you to provide all the information that we require in order for us to carry out credit checks and obtain any necessary reference. Normally these will include your employer, any former landlord and a character reference.
The tenant application form will need to be fully completed before we can proceed. This will require you to provide all the information that we require in order for us to carry out credit checks and obtain any necessary reference. Normally these will include your employer, any former landlord and a character reference.
Once the aforementioned has been completed we will require the guarantor to sign the guarantee agreement and have it witnessed by an independent witness (not family, relation or tenant). When the guarantor has entered into an agreement, this means that in the event of a tenant being unable to meet their obligations under the tenancy agreement, the Guarantor is legally bound to accept the liabilities on behalf of the tenant (and your partner if you are moving in to the property with some one else), for the entire occupancy of the property, not just for the period of the initial tenancy term.
We will also contact your employer and your landlord (if you are in rented accommodation already). Your previous employer will also be contacted if you have recently changed jobs. If you are self employed we will need to contact your accountant. A credit check will also be conducted.
To assist us in collating the necessary references, it would be advantageous for you to notify the above individuals in advance that references are required so these can be return to us as quickly as possible.
Please note that the same criteria applies to the guarantor and, furthermore, the guarantor must earn the equivalent of 3 times the yearly sum of the rent, be in full time employment or be able to prove by bank statements that they have “independent means”. All tenants should be able to provide a guarantor and should the tenant be unable to provide one, we will decide that the tenant has withdrawn their application. The tenant will therefore forfeit their deposit.
Client Money Protection (CMP) is provided by Client Money Protect.
Independent redress provided by The Property Ombudsman.
A deposit (or 'bond') is required prior to occupation. This is normally equal to one month's rent, but may be more. Where we are managing the property, we will protect the deposit under one of the two types of schemes (custodial or insurance-based) in accordance with the Tenancy Deposit Scheme, which came into force on the 6th April 2007. More information on these schemes can be found at www.direct.gov.uk/en/TenancyDeposit.Where we are not managing the property it will be passed over to the Landlord and the Landlord will be advised of his duties and obligations under the Tenancy Deposit Scheme.
The deposit is held to cover any breakages, damage, or other tenant liabilities. Where we are managing, at the end of the tenancy we will check the property in the presence of the Tenant and assess any damages and deductions due.
Please note that the deposit cannot be used by the Tenant to cover rent.
Following satisfactory replies to our reference enquires and credit checks will confirm our offer of a tenancy on the property, subject to contract. In addition, we will arrange a mutually convenient appointment, to sign the tenancy agreement, and to pay over the necessary deposit and advance rental.
Please note that if you wish the tenancy to commence within 14 days, the balance will need to be made in the form of cleared funds.
Get in Touch
info@gracechurch-property.co.uk
13 Empire Parade, Edmonton, London, N18 1AA
Company Register No: 8527796
Working Hours
Monday & Friday : 8:30 am - 6:00 pm
Tuesday to Thursday : 8:30 am - 6:30 pm
Saturday : 9:30 am - 3:00 pm
Sunday : Closed
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