Renting a Property
At Oak Estates, we are dedicated to helping you find your ideal property. We know that one size doesn't fit all and we understand that you're looking for more than just a property to rent; you're looking for your next home. Follow our guide to renting in these easy steps;
Set Your Budget
Review your finances to establish how much you can afford to spend every month on rent. You will need to earn on average, two and a half times your annual rent to qualify for a property. This basic method is a good way to determine the affordability of not only your rent, but other mandatory and discretionary expenses as well.
Start Your Search
Register with Oak Estates for property alerts so we can let you know as soon as new properties become available. We can find you the right home based on your requirements, whether you're looking for a house with a garage/garden, close to transport links or good schools.
Arrange Your Viewings
We will accompany you on all viewings, scheduled around your availability.
Secure Your Home
Once you've chosen the home you want to rent, you need to be prepared to act quickly. Ensure you have all the necessary documents ready, including a form of identification.
References & Credit Checks
You'll need to provide your prospective landlord with references as well as undertake a Right-to-Rent Check.
Pay Your Deposit
Paying a deposit is normal practice when renting a property, normally equivalent to a months' rent. Oak Estates protect all deposits held with the government approved Tenancy Deposit Scheme (TDS).
Sign Your Tenancy Agreement
You will need to check and sign your Tenancy Agreement. This legally binding document sets out the terms of the tenancy, to protect both you and your landlord. Your property manager will give you all the details you need, including when to collect the keys to your new home.
During The Tenancy
Once you have signed the Tenancy Agreement and paid your initial rent and deposit, we will meet you at the property to agree the inventory and schedule of condition. We will also arrange regular inspections throughout the tenancy to make sure everything is on order.
End of Tenancy
The property will be inspected one final time at check-out before your deposit is returned, which is dependent on the condition of the property. It must be in the same condition (with the exception of fair wear-and-tear) as when you moved-in. Your deposit will be returned within 14 days of check-out.
Tenant Fees and Permitted Payments
- Holding Deposits – a maximum of 1 week's rent
- Tenancy deposit capped at no more than 5 weeks' rent where the total annual rent is less than £50,000, or 6 weeks' rent where the total annual rent is £50,000 or above
- Payments for a variation, assignment, novation or change to a tenancy agreement - £50
- Payments associated with early termination of a tenancy, when requested by the tenant – capped at the landlord's loss or the agent's reasonably incurred costs
- Interest payments for the late payment of rent – can be charged up to 3% over the Bank of England base rate
- Reasonable costs for the replacement of lost keys or other security devices