At Stadium Residential, we may find and rent a property to you almost immediately so it is important you understand the rental process before finding a private property to rent.
Once you have received the best advice we can offer on renting, our Consultants will help you every step of the way. We don’t just organise viewings; we help you at every stage of the rental process, including making and negotiating an offer.
To protect both tenant and landlord rights you will have to complete a series of checks, credit referencing, provide proof of your identity and sign tenancy agreements.
There are times and circumstances where it may be necessary for a tenant or group of tenants to have a guarantor. This is because without a suitable income, track record of employment or reliable financial “Blueprint” it is unclear how a tenant might be able to meet the rental payments they contract to make.
So a guarantor is a representative of a tenant, a relative or friend for example, who agrees to co-sign a tenancy agreement and becomes jointly and severally liable for any tenant obligations. This means that if a person who has a guarantor doesn’t pay their rent, the guarantor would be expected to do so.
To be a guarantor on behalf of a tenant a person must be:
A UK resident
In full-time employment
In a position whereby their income must be able to cover the costs associated with the rent for the entire tenancy period
If the person you propose as a guarantor meets these criteria then we will regard them as an applicant guarantor and we will then check their financial referencing in the same way as would be the case if they were applying to be a tenant.
We then ask the Guarantor to sign the Deed of Guarantee at which point they take on all the obligations assigned within the tenancy agreement. This means that the Guarantor would have to pay the full monthly rent should any of the named tenants fail to pay.
The Guarantor will remain associated with the tenancy agreement for the full duration of the tenancy and for any renewed terms unless the tenants are re-referenced satisfactorily and an agreement is made that they can be removed from the tenancy and their obligations associated with it.
Usually, a guarantor is sought in the cases of shared student accommodation and sometimes where sharing professional tenants’ who don’t know each other, take a property together. The important thing to remember is that tenancy agreements of this type are jointly and severally liable which means you need to be confident about anyone with whom you plan to share. It is not possible to modify the terms of our tenancy agreement to alleviate this liability by limiting the liability of a guarantor to just one proposed tenant.
For more information about Guarantors just call us and we can provide you with everything you need.
Costs of renting a home
There are three types of costs you need to budget for when renting a property. The first is the bills you have to pay on top of the rent. The second to budget for is the deposit you have to pay - usually the equivalent of between 6 to 8 weeks rent. The third is for reference checks and the cost of the inventory. Not all letting agents or landlords will explain costs up front but we believe it is important to be clear from the outset.
Reference checks per tenant (by independent specialist) £50 (inc VAT)
Reference checks for a guarantor (by independent specialist) £50 (inc VAT)
Deposit - Usually equivalent to 6-8 weeks rent
Inventory check out (paid at end of tenancy by independent company. Landlord pays for your check-in. Dependent on size of property, usually a maximum of £245 including VAT and as little as £99 including VAT for a small studio apartment.
Cancellation or change to inventory appointment £60 (inc VAT)
Stadium Residential are affiliated and participating members of the leading regulatory body for the industry, ARLA Propertymark and subscribe to the National Federation of Property Professionals Client Money Protection Scheme