Lettings Jargon Buster
Finding a property to rent can be difficult when you’re new to the process so hopefully this handy blog post of terms that our negotiators may use on a viewing with you will be just what you need!
Simply, the agency fee is the fee paid to the agency to reserve the property and take the property off the market. On receipt of the fee, we let the landlord and any other agencies that may be marketing the property know that you have now reserved the property. This fee covers the referencing process and the completion of your contract.
A reservation form will be sent to you after your viewing by one our lettings negotiators. This will be sent by email and will outline the lettings process, fees and referencing documents that will need to be provided to ourselves.
Put simply, referencing is the umbrella term for the variety of documents that you will provide to ourselves that we use to ensure that you are a suitable tenant and have the ability to pay your rent. Both tenants and guarantors (should you require one) will be referenced and this is covered by the agency fee. Documents that will need to be provided include application forms, proof of ID, proof of address and proof of income / proof of student status.
A deposit, also referred by some as a ‘bond’, is a sum of money paid to ourselves that we transfer to a government protection scheme until you vacate the property. Most commonly, your deposit is equal to 1 months rent and will be paid to ourselves within 7 working days of paying your agency fee. You will receive an email once the deposit has been protected.
Deposit Protection Service
There are 3 government approved schemes for rental properties in England and Wales. Here at Lettings Angels we use the ‘Deposit Protection Service’ and throughout the process you may hear one of us refer to this as the DPS. Once your deposit has been protected in the DPS you will receive an email once the deposit has been protected.
A tenancy agreement, also sometimes referred to as your ‘contract’, is a legally binding document that outlines the rental terms of your tenancy. These details include: the property address, the tenants who will be living in the property, the dates you allowed to reside in the property between and your payment terms. This will be signed by both the tenants and the landlord. This agreement will be sent to tenants electronically and once the first tenant has signed the agreement it will be sent to the next tenant and so on.
If you are a student renting in Cardiff, it is typical that you will be required to pay summer rent for your property. This payment is most commonly half or three quarters rent for the months of July and August. This payment does not allow you to live in the property but does allow you to drop belongings off (at the landlord’s discretion!).
A check in inspection is a report that will be carried out by one of our inspection agents at the start of your tenancy. This report will include an inventory of all items in the property along with their condition. Our check in inspections are carried out before the first tenant moves into the property. Once it has been completed it will be sent to all tenants and the landlord for your records.
We carry out regular interim inspections, every 3 months, throughout your tenancy, of which we will give notice for. This allows us to maintain regular contact with yourselves regarding the maintenance of your property. It will also allow us to make any suggestions for improvements that could hinder your deposit return at the end of your tenancy.
A checkout inspection is a report that will be carried out by one our inspection agents at the end of your tenancy. This report will be an updated list of the condition of the property in relation to your check in inspection. This will be used for any deposit claims that may need to be made.
Whilst you are one of our tenants, we will provide you with 24 hours notice of any visits to your property. Property visits can include property viewings, maintenance repairs and/or quotes and inspections. We always maintain a set of keys for our properties in the office so you will not be required to be in your property when we need to attend.