Sunday, 12 May 2019

Dos and Don'ts of Renting

All sorts of people at all sorts of ages end up renting accommodation (students, singles, divorcing couples, and more), so here is a what you need to remember.

Length of tenancy agreements
Today (Oct. 2018) usually last for six to twelve months. However, new goverment plans could see the introduction of minimum terms of three years, giving renters more security.

Protect your deposit
Deposits are often four to five weeks rent in advance. The landlord is required to place your deposit in one of three government-approved Tenancy Deposit Protection Schemes within 30 days of you paying it. They should give you proof of this. tenancydepositscheme.com

Protect your goods
You are not responsible for buildings insurance, but you should get contents insurance for your possessions.

Write an inventory.
When you move in, agree a checklist with your landlord of everything included in the tenancy, and list any faults and damage to the property, furniture and fittings. Take photos of existing damage to avoid being penalised for existing problems.

Fees
Find out exactly what you are being charged for by letting agents. They can't charge you for registering or showing you a list of properties.

Protect your credit score
As long as you are a good tenant who pays their rent on time, you can make it count towards improving your credit history. CreditLadder will report your rental payments to credit reference agency Experian.

Don't forget the bills
Unless specified otherwise, you are responsible for paying bills, including council tax, TV licence and telephone bills.

Source: Feature in Good Housekeeping, Oct. 2018