Renting a property is not just about choosing the best places to live in London, it is about ensuring that all your boxes are ticked before you sign on the dotted line. Whilst it is easy to get swept away with the excitement of house hunting, viewing, negotiating, and imagining what colour to paint your new living room (if the landlord allows that of course), you also need to be sure to keep a level head. Failure to do so can result in costly mistakes for both you and the landlord, as well as sometimes even rather sticky legal situations.
With rental prices in London on the rise and the demand for property in London increasing exponentially, you need to make sure you are getting value for money, and not rushing into any decisions. Here is the D&A Group guide to what to look for when negating the rental market in London.
Before you look
1. List of your requirements
Knowing exactly what you want and need before you hit the tarmac is incredibly important. You need to gauge what your priorities are and then see if you can fit this within your budget. Consider whether you want a room/flat/house in London, or whether you are looking for a studio on the outskirts. Consider proximity to transport links, security requirements, and facilities and make sure that you are being realistic in terms of what you expect to spend. Whilst we all may want a four-storey townhouse in Knightsbridge, if your budget is more two bed in Tower Hill, then be sure to get this in your head before you start contacting agents.
2. Find an agent you trust
The world is full of real estate agents, agencies, and freelance consultants who all claim to be able to offer the best service. So much comes down to personal choice however and finding someone that understands you and your needs and is able to provide you with options that meet your requirements is very important. Also be sure to consider fees as these can quickly add up and could end up taking you way over budget.
3. Be flexible
Whilst you might have your heart set on a particularly glamorous neighbourhood, realistically it could be out of your price range. There are many other locations in and around London that offer a range of perks and attractive features that could well suit your needs, if you only give them a chance. Don’t stick to your guns and be prepared to think outside the box and consider other options.
When you find a property you like
4. Be savvy about money
Ideally it is recommended to pay deposits and similar via card or transfer- this way if you loose your receipt, you still have a record of the transaction. Make sure that your deposit is transferred into a tenancy deposit protection scheme by the landlord or agent and that you have a receipt for everything that you pay.
5. Ask the right questions
It can be easy to forget all of the sensible questions you need to ask when you find your dream home, but these could cost you dearly in the future. You need to ask questions about the length of the tenancy, rules on children, smoking, and pets, refuse and recycling arrangements, and who is responsible for paying bills including water, electric, internet, and council tax. You should also ask who actually owns the property and whether it is mortgaged.
6. Use your eyes
When you are looking at your potential property, you need to delve a bit deeper under the surface- are there any marks or signs of damage on fixtures and fittings? Are there smoke alarms and carbon monoxide detectors? Is the building structurally sound? Is there mould or damp that is visible? Can you see any obvious or potential hazards? All of these things require your questioning and if the agent or landlord cannot answer, just move on.
When you read the contract
7. Check the contract
Unless you are familiar with rental contracts, it is smart to get someone with legal training to check your contract for you. Be sure you understand your rights and responsibilities and make sure that there are no unreasonable clauses within and that you are not liable for
8. Inspect the property
Agree for an inventory to be provided, checked, and signed by yourself and the landlord. In addition to this be prepared to take photographs of the entire property and everything in it to avoid disputes at the end of the rental term.
Before you sign
- Make sure you have your landlords contact details including full name and address and more than one way to contact them.
- Ensure that you take meter readings so you don’t end up paying the last tenants bills.
- You are required to be given all paperwork pertaining to the deposit and all monies paid. This must include details of the tenant deposit scheme, receipts, and any other agreements that you have entered into, signed by all parties.
- Get a copy of the gas safety certificate and the Energy Performance Certificate, both of which your landlord is legally obliged to provide.
- Make sure you are completely and 100% sure about the property – remember, once you sign it is difficult to go back and you are then obliged to stay in the property as per the terms of your contract.
For any other questions or for assistance in finding your perfect property, you can contact a member of our team. If you are a landlord looking to rent your property or properties, we can also provide assistance by taking care of most of the things on this list for you.
