In previous articles this week, we have discussed moving to London and the basic types of London rental apartments that you can find on the market. There are a number of details that you need to know about renting property in London, and how to go about it so you can be settled into your new home as soon as possible.
If you are renting privately, or through a letting agent, there will be a certain amount of paperwork and documentation that is required before you can sign the contract. Renting from a private landlord may be easier if you have just moved to London, and do not have an English bank account or a credit rating on England yet. If you are going through a letting agent, then you will have to provide traceable references and proof of income.
In London there may be a number of agents that handle a property, and the one who gets the contract in first will get the London apartment. If you find a property that you like and wish to rent it, then you may have to pay a reservation fee. This will ensure that no one else can rent the apartment while the paperwork is being done. The property market can be cut throat and aggressive so you’ll need to move fast on your new home if it is a place that you especially love. The reservation fee will be deducted from the deposit fee, and it is usually the value of about two or three weeks rent. If you do not pass the credit checks or change your mind then the fee will not be refunded.
One of the biggest checks that a letting agent will do is on your references (which must be contactable) that say you are a trustworthy tenant, and that you are able to pay the rent without any financial struggles. You may have to provide up to three years worth of references, and certainly you will have to give your proof of address for the last three years at least. You will also have to provide proof of employment or funds on a regular basis to be able to pay the rent. If you have just moved to London, then you must ask your new employer to provide you with all of the documentation that you need to satisfy a letting agent. You will have to give them your bank account details, as some agents prefer to set up a debit order that will automatically deduct the rental from your account every month.
The problem is not providing proof of income or getting the paperwork together; it is finding the perfect rental. Property varies considerably in price and quality across London and it might be best to get a professional letting agent find your new home, or even better: Use the services of a relocation agent who can have a property available for you as you arrive. Get settled as soon as possible so you can get out and enjoy London.