We show you around the property, and if you want to take it, we ask you to pay one week's rent as a 'holding deposit' to show your commitment. If the property is a shared house (HMO), this amount is split between the tenants and not one week's rent each. There are no other hidden costs or admin fees. Please note that the holding deposit is non-refundable if you change your mind, if your guarantor changes their mind, or if your guarantor doesn't pass the checks or fulfill our criteria (e.g., does not own property in the UK). This is because once paid, the property is taken off the market, and no one else is shown around. If you pull out, we would have to re-advertise and could lose out on rent and time. This is within the law and standard practice. Once the tenancy is signed, the holding deposit will be deducted from your first month's rent.
We will provide you with a copy of our tenancy agreement for you to read upon request. Alternatively, it will be emailed to you or printed out for you to read in our office prior to signing.
We do not take deposits; however, all tenants are required to provide a guarantor. The guarantor must be a property owner, pass a credit check, and show proof that their income could cover your rent if there is a problem. Typically, this means they should be earning at least £20,000 per year (this amount may need to be higher for more expensive properties). If the guarantor is not employed, they need to show they have at least £3,000 in savings. Ideally, the best people to act as guarantors are family members or close friends who know you well, trust you, and are willing to take full responsibility for any rent or damage caused if you fail to pay.
You and your guarantor will need to complete our online application form. We will then conduct credit checks and land registry checks and arrange for you and your guarantor to sign the agreement.
To move in, you need to pay one month's rent into our bank account (we do not accept cash payments for rent), deducting the holding deposit. You will also need to set up a standing order for direct bank payment each month (we can assist you with this). The rent must be in cleared funds in our account by the first of each month, which means you need to arrange for the standing order to be processed three days before to allow for transfer time. Your rent is paid into a 'Client Account' that protects it from Davison Property's insolvency.
We will accompany you to the property to assist with the move-in process and invite you to take part in the video inventory that we film. This inventory serves as evidence of the property's condition for both you and the landlord when you move out. Pictures and video footage may be taken, along with meter readings.