Tenants - Making you feel perfectly at home
As a Tenant it's imperative to all at Arkade that you get the very best possible from your property.
Of course, we insist on meeting the very highest industry standards and we subscribe to trade institutions and the government bodies who actually lay down legislation for your protection.
So Arkade Property is:
- Registered with the Property Ombudsman
- An accredited member of NALS (National Approved Letting Scheme)
- A registered member of Mydeposits
- An accredited member of Safe Agent
These respected organisations ensure that we comply with defined service standards having Professional Indemnity Insurance in place, Client Money Protection cover, access to Tenancy Deposit Protection, and have a customer complaint procedure.
Once you have chosen a property to rent, you will be required to pay a one-week rent holding deposit and to complete an online referencing form.
In some instances we'll require a holding deposit. This deposit will be refunded in full if the landlord decides not to proceed with letting the property, however the holding deposit will not be refunded if you decide not to proceed.
Arkade Property is regulated under the UK Money Laundering Legislation, which is why we require a copy of tenant's passports or driving licence (with photo) and a copy of a recent utility bill. Though we are happy to discuss alternative forms of identification with tenants who can’t provide these documents.
These are obtained via an independent referencing agency. In some cases (such as students lettings) a guarantor will be required who will also need to complete an online referencing form.
Tenants (and the guarantor if needed) will be required to sign the Tenancy Agreement prior to beginning the tenancy. If the Tenant has any queries regarding the terms of the Tenancy as set out in the agreement, they can contact our office and/or seek legal advice from their solicitor. Most tenancies are ASTs (Assured Shorthold Tenancies), where the rent is under £100,000 per year and/or the tenant is an individual and not a company. The minimum term for a let is 6 months though some tenants/landlords will prefer 12 months minimum.
Deposit and rent
A 5-week deposit (to be paid in advance) is required for most tenancies, though, depending on references or if you have a pet, the deposit may be a 6-week deposit.
Under current legislation, the deposit must be registered either by us or by the Landlord and details of the registration will be sent to the Tenant. The deposit is held in a separate account until the end of the tenancy against dilapidations, it cannot be offset against the last month’s rent.
Prior to the Tenancy
- To reserve a property, an initial Holding Fee equivalent to one week's rent will be charged that will be taken into account and deducted from the first month's rent subject to acceptable references.
- Referencing fee to be paid to referencing company £50 + VAT per application.
- When the Applicant has been successfully vetted and referenced prior to the handover/ commencement date of the tenancy, we will require one calendar months' rent in advance plus a deposit equal to 5 weeks' rent. 6 Weeks may be required if there is a pet
- Company Application Fee - £350.00
During Tenancy Default Fees
Overdue rental payments will be subject to interest at the rate of 3% per annum above the Bank of England annual percentage for each day that the rent payment is outstanding.
In addition an administrative charge of £100.00 plus VAT will be payable by the Tenant for each chasing letter if rent has not been paid within 14 days from the due date or if Arkade Property need to contact you concerning a breach if covenant.
Pay a fee of £50 plus VAT, being the reasonable costs of the Landlord's Agent for each letter the Landlord's Agent, acting reasonably, has to send to the Tenant concerning breaches of the tenancy agreement.
Pay for reasonable costs for lost keys or fobs for entry to a block or car park. This amount not to exceed £100 + VAT.
If one Tenant or all parties decide to vacate the property before the end of their tenancy it is the responsibility of the Tenants to find a new resident to take over the tenancy, this is to be with the Landlord's consent which will not be unreasonable withheld. A charge representing the Landlord's re-letting fee, the costs associated in amending the TDS registration and agents associated costs will be payable such sum not to exceed £600 + VAT.
We are registered with the Ombudsman Scheme, Safe Agent and have received NALS accreditation and subscribe to the NALS Client Money Protection Scheme
Arkade Property Requirements
** Guarantor requirements include must be home owner, UK citizen with a clear credit history and earning approx. £25,000 per annum.
Deposit -Range between a month and a half rent and 3 months' rent (Depending on references)
Identification will be required from prospective tenant, guarantor and any additional persons living in the property e.g. Passport, VISA, driving licence and proof of address. This will be requested at offer stage and will be required to be certified as per the Immigration Act 2014.
One months' written notice will be required at the end of the tenancy.
If you would like any further information please Contact Us