What is the £50 holding deposit?
- Holding Deposits Explained:
Before your application can be fully considered, you will need to pay to us a £50 holding deposit for the property you are interested in. It is important that you know your legal rights and accordingly you should feel free to seek independent legal advice before signing this or indeed any other document which we might put before you.
- Once we have your holding deposit, current legislation stipulates that the necessary paperwork should be completed within 15 days or such longer period as might be agreed.
If at any time during that extended period you decide not to proceed with the tenancy, then your holding deposit will be retained by our firm. By the same token, if during that period you unreasonably delay in responding to any reasonable request made by our firm, and if it turns out that you have provided us with false or misleading information as part of your tenancy application or if you fail any of the checks which the Landlord is required to undertake under the Immigration Act 2014, then again your holding deposit will not be returned. It will be retained by this firm and your Landlord.
However, if the Landlord decides not to offer you a tenancy for reasons unconnected with the above then your deposit will be refunded within 7 days. Should you be offered and you accept a tenancy with our Landlord, then your holding deposit will be credited to the first months’ rent due under that tenancy.
Where, for whatever reason, your holding deposit is neither refunded nor credited against any rental liability, you will be provided with written reasons for your holding deposit not being repaid within 7 days.
You will not be asked to pay any fees or charges in connection with your application for a tenancy. However, should you be offered and you accept a tenancy with our Landlord, then your holding deposit will be credited to the first payments’ rent due under that tenancy. Also, if your application is successful under our standard assured shorthold tenancy agreement, you will be required to pay certain fees for any breach of that tenancy agreement in line with the Tenant Fees Act 2019. In consideration of us processing your tenant application, you agree to pay those fees to us on request.
When will the rent be due?
- Your first instalment will usually be due the week before you move into the property. (e.g if the tenancy starts on the 1st July, your first rent instalment will be due on the 24th June). The three remaining quarters will fall as close to your student finance as possible, our standard payment dates are 24th October, 24th January, 24th April.
- Your rent is advertised at a weekly amount, please remember there are not 4 weeks in a month!
- To work out your monthly quarterly average please use the below method
52 x £***pppw / 12 (Months) (x4 for quarterly total)
- We would recommend setting up a standing order to pay your rent. All details are documented on your tenancy agreement.
- If a rent payment is missed you may be liable for a late payment charge.
- We appreciate that the initial payment due is usually the hardest payment for students to finance. When you sign your contract, please be mindful of the rent you are due to pay and ensure you have the funds to make the first instalment.
Joint And Several Liable Agreement
Throughout the tenancy, the tenants are viewed as a household, not as individual tenants.
How does this affect your contract?
- All reservation fees MUST be paid in order to take the property off the market
- All rents will be calculated for the household total and not individual rents
- We require all tenants to sign the contract before it is legally binding
The documents required to allow the household to move in must be returned by EVERY member of the household before keys can be released. This includes
- Student ID
- Right To Rent Documents
- Guarantor Form
- First instalment of rent
During your tenancy, you will continue to be viewed as a household, this means you will all be equally liable for the following;
- Ensuring all rents and utilities are paid on time
- The condition of the property is looked after by all tenants – we would recommend coordinating a cleaning rota for the household!
- Leaving the property how you found it! Deposits are deducted from the household so even if one housemate is messier than anyone else, the deductions are taken from the total deposit!
What is a guarantor?
- Our student tenancies require a guarantor as standard procedure. This is an adult who is over the age of 18 and either working full time or a homeowner in the UK.
- If for any reason you do not make your rental payment, your guarantor will be pursued by our arrears department to pay your rent.
- They will be sent a separate agreement to sign and return to us once you have reserved your property
What if I don’t have a guarantor?
You must inform us ASAP if you do not have a guarantor. In this case the landlord normally requires 6 or 12 months’ rent upfront before the start of the tenancy, but some landlords MAY have a different policy.
- This is a period over the summer months in which you will pay a reduced rent (July or August) for non-occupancy.
- We are aware that a lot of tenants do not want to stay at the property for the whole of summer, by offering the retainer it helps to make the first instalment of rent more manageable.
- Often tenants will want to move their belongings in during over the retainer in order to avoid transporting everything home. Tenants are more than welcome to leave their belongings at the property, we will ask them to leave everything on their bed and also label their possessions.
- If tenants want to move in during the retainer, they will have to pay the rent in full, if this is the tenant’s intention, they will need to contact the office ASAP to make the arrangements.
- If your property has a retainer period this will be clearly stated at the bottom of the property description on the advert
- The deposit varies from property to property, the most common amounts will either be £250 per person, the equivalent of a month’s rent or four weeks rent,
- Please refer to the description for the deposit amount for the total per person.
- Deposits are normally due to be paid on card when you sign your tenancy agreement, and are paid through our website on your credit or debit card.
What happens is your plans change and you want to leave your tenancy?
We understand that sometimes our tenants plans change and they no longer need the room they have signed to
What steps do you need to take?
Do Nicholas Humphreys currently manage your property? If so;
- Notify your property manager that you are no longer wanting to take occupancy in the property
- As per your contract, there is a £50 change of sharer fee to be released from the contract. This can be either be deducted directly from your deposit or you can make the payment upfront.
- Nicholas Humphreys will proactively advertise your room, carry out viewings and draw up paperwork accordingly.
- As it is in the interest of you and your housemates to find a suitable replacement, we would recommend advertising the room on as many platforms as possible including social media, SpareRoom, universities forum etc. Ideally we would recommend sourcing a friend to take your place so the transition is as easy as possible for you and your housemates.
- Once a replacement is found and all of your housemates have confirmed they are happy with your replacement, a new contract will be signed and you will be released from the contract.
*Please remember, you are liable for the property until a replacement is found and will still be pursued for rent payments
Does your landlord manage your property?
- Your first step will be to notify your landlord. They will be able to advise you on your next steps.
Nicholas Humphreys Bills Inclusive Option!
Nicholas Humphreys are now offering a Bills inclusive package to our managed houses!
Why should you consider our bills inclusive option?
- The bills are set at a fixed price to help our tenants manage their money throughout the year. The standard monthly price will remain the same so you don’t face any nasty shocks during the winter months!
- You will also have the assurance that you will not be pursued if they’re housemates fall behind of payments. Tenants are only responsible for their portion of the bills, this means that if any of your housemates fall behind on payments, there is no risk that it will affect you or your future credit rating.
Did you know that mould is one of the most common issues to arise in student properties and is generally down to lifestyle rather than structural issues at the property?
By using our bills inclusive package we have found our tenants feel more at ease heating and ventilating the property accordingly without fear of spending too much money. In turn this automatically becomes a preventative measure surrounding mould build up, this helps our tenants to avoid any charges relating to mould in the property – remember all charges are Joint and Several liable and therefore ALL tenants must be heating and ventilating the property accordingly
For more information on mould please refer to our ‘Exisitng Tenants Page’