Tenants
At Three Sixty Living, we’re doing lettings differently and that means being as much an advocate for tenants as we are for landlords.
Renting for tenants
Tenants are one half of the equation when it comes to renting, but often lettings agencies put all the focus on the landlords.
At Three Sixty Living, we’re doing lettings differently and that means being as much an advocate for tenants as we are for landlords.
Below, we’ve put together a guide for tenants with everything you need to know to get started.
Budgeting
A lot of landlords and letting agents use professional referencing companies to carry out credit searches and affordability checks on tenants. Most companies will specify a minimum gross household income of 30 times the monthly rent in order to pass the affordability criteria. For example, if the rent was £600 per calendar month, your gross income would need to be at least £18,000 per annum.
Advance payments
You could be asked to pay a holding deposit of up to 1 week’s rent to secure the property. You will also need to have funds available to pay the remainder of the deposit as well as the first month’s rent in advance before you move in. Up to 5 weeks’ rent is the maximum cash deposit amount that can be charged.
Deposits
If you have paid a cash deposit, your landlord should put your deposit in a government-approved scheme within 30 days of receiving it. You should also receive information about the scheme they’ve used.
Zero Deposit Companies
These companies offer an alternative to paying a full cash deposit. Please ensure you read through their full terms and conditions before deciding on this. Remember, fees will apply. You should also speak to your potential landlord or letting agent to check if this option is available.
Reposit Scheme
If you are thinking of renting a property through us, you can choose to pay a cash deposit of 5 weeks’ rent or you can choose to use Reposit, who offer an alternative to paying the full deposit, subject to landlord approval.
Research
Do your research before you start looking for a rental property. Look at different neighbourhoods and areas that you’re interested in and find out what the average rent is in those areas.
Viewings
When you’re viewing a rental property, make sure you ask plenty of questions. If you are viewing through an agency, find out about the landlord as well as the tenancy agreement and any other important details.
Tenancy agreement
Make sure you read the tenancy agreement carefully before signing it. If there’s anything you’re unsure about, ask the landlord or letting agent. You can also check out the government’s latest How to Rent Guide here.
Inventory
Make sure you check the inventory when you move in and take photos of any damages or issues that are already present.
Repairs
If there are any repairs that need to be made during your tenancy, make sure you report them to your landlord or agent as soon as possible. If you let your property through Three Sixty Living, please go here to report your repairs.
End of tenancy
When your tenancy comes to an end, make sure you leave the property in good condition and follow any instructions from your landlord or agent.
Our fees
We strive to do all we can to help keep renting affordable for tenants. The only fee you’ll pay as a tenant is for amendments to tenancy agreements which is £60 including VAT.