As soon as a suitable property has been found, you will need to complete our simple online reference application. We utilize the services of a credit-referencing agency to take up the following references, here is an example of just a few of the references sought:
A holding deposit of the equivalent to 1 weeks rent will be required to secure the property.
This is in order to reserve the property and remove it from our availability list. The holding deposit will be deducted from the first months rent due, should the tenant withdraw from the proposed letting, through no fault of the landlord or the agent, all or a proportion of the 'Holding Deposit' will be retained in order to cover any reasonable costs (which will be outlined in full). None of the Holding Deposit will be retained should the Tenant's withdrawal be due to a breach of the proposed letting agreement by the landlord or managing agent.
The holding deposit shows good faith on the part of a prospective tenant enabling the landlord to take further action in the confident knowledge that the applicant is serious and fully committed to the property:
All administration/holding fees are typically due at the start of the application process once the offer has been verbally agreed and will secure the property for you subject to satisfactory references being received on behalf of all applicable tenants.
At Cambridge Property Investments Ltd® we run what we call a Fair Tenant Policy meaning NO unruly tenant fees, we do not charge our tenants any move in fees as we like to make the move in process as simple and easy for you as possible - there are no hidden fees and no other charges for you to worry about - We don't even charge our tenants a renewal fee!
Tenant deposit - from 1 June 2019 landlords in England are limited to the equivalent of 5 weeks rent for new and renewed tenancies (or 6 weeks if the annual rent is £50,000 or more). This is calculated by dividing the annual rent by 52 and multiplying by 5 (or 6 if rent is £50,000 or more) and will be required to be paid at the start of the tenancy. This is subject to referencing
Default fee for late payment of rent - £0.00
Chargeable from 14 days arrears calculated on the interest at 3% above Bank of England base rate on the late payment of rent for each day that the payment is outstanding.
Loss of a key or other security device - Upon Request
Landlords and letting agents can charge a tenant a fee to cover the cost of replacing the lost key or security device (e.G. Fob, electronic device for garage doors / security gates).
Payment on variation, assignment or novation of a tenancy - £50.00
When a tenant has requested it, landlords and letting agents can charge to vary, assign or replace a tenancy. Fee charge Â£50 (including VAT).
Payment on termination of a tenancy - Upon Request
Landlords and letting agents can require a tenant to make a payment for an early termination (surrender) of the tenancy agreement at the tenant's request.
Company application fee - £100.00
£100 including VAT
Negotiating and Agreeing a renewal / extension to your tenancy - £0.00
Here at CPI we don't charge for Tenancy renewals, we would much prefer to keep a great tenant.
Rent Arrears Letter - £30.00
Cost of each rent arrears letter resulting from rent not being paid, remaining unpaid, and requesting payment
Breach of tenancy agreement letter - £30.00
Cost of breach letter resulting from the tenant breaching the tenancy agreement and requesting that the breach be stopped and remedied
Change of Sharer - £0.00
Fee to be paid where a landlord agrees to an existing joint tenants request to leave the tenancy and be replaced with a new joint tenant, to include cost of referencing new tenant and replacement tenancy agreement. If we can do this upon request from the existing tenants and keep everyone happy then we will not charge for this service.
PLEASE NOTE THAT SHOULD YOUR REFERENCE APPLICATIONS BE UNSUCCESSFUL THEN THE HOLDING FEE/S IS NON REFUNDABLE.
It is imperative that you disclose all relevant facts that may adversely affect your reference outcome, prior to entering into the above. It may save you money.
Both the Landlord and tenant/s will be required to sign a tenancy agreement prior to the tenancy commencing, the agreement outlines both tenant and landlord obligations.
Generally, most tenancies run for a period of twelve months, we will contact you at the end of the tenancy to see whether you wish to renew your agreement for a further period and will liaise with the landlord to organize the documentation. It is important you note that the agreement is made between landlord and tenant, we act for the landlord only.
By legal requirement we will issue you with a sample template agreement which we ask you read very carefully, should any questions arise regarding this legal document we advise you to seek independent legal advice.
Once a moving date has been agreed and references have all been approved by the landlord, the tenancy agreement will need to be signed by all parties and the initial monies in full will become due less any holding deposit previously paid:
This is made up of the following:
The above monies need to be in a cleared form before the tenancy is able to commence, payment by means of either a bankers draft, cash or paid directly into our client bank account and showing as cleared.
We do get instructed to fully manage some of our landlord's properties, if this is the case, with your tenancy we will inform you prior to your tenancy commencing. If we are managing then any faults with appliances or problems within the property will need to be reported to us and we will deal with the problem as quickly and efficiently as possible. Failure to report an ongoing problem may turn the onus onto you; please report any problems you feel need attention.
Rental payments are always made by standing order from the tenants' bank account to the landlord's bank account, with the exception of managed properties whereby the rental payment is made to us.
To terminate your tenancy subject to term, you will normally be required to give us at least one month notice in writing of your intention to leave, unless otherwise specified in your specific tenancy agreement.
The responsibility for your belongings are down to you, you must ensure you have adequate contents insurance, the landlord accepts no responsibility and cannot be held responsible for any loss or damage to tenants possessions.
A well-prepared inventory and check-in report protects landlords and tenants alike, providing an accurate description of the condition and contents of a property at the start of a tenancy.
The condition of the property and its contents at the end of the tenancy is then compared back to this report in the form of a check-out report. The inventory clerk will also provide an opinion on whether any damage that has arisen during the tenancy is attributable to the tenants, to 'fair wear and tear' or to the landlord as required maintenance.
It is in a landlord's interest to ensure that inventories are prepared for properties that they own. In the worst case scenario, should you end up in court, the judge will tend to look more favorably on an impartial, unbiased inventory prepared by a third party unconnected to either the landlord or the tenants. Inventories prepared by landlords could be viewed as biased and one-sided.
Normally an inventory of the property condition, furniture and fittings and effects will be prepared by the landlord, or an independent inventory clerk instructed by the landlord prior to the tenancy commencing. The tenancy is checked and agreed between the tenant and the landlord at the tenancy commencement.
When your tenancy ends, an inspection of the property will be carried out, either by the landlord or an independent inventory clerk instructed by the landlord.
The responsibility for the property lies with the tenant during the period of tenancy, always ensure that the property is fully secured and that during the winter months steps are taken to prevent freezing of the water and heating system.
If we are instructed as managing agents for your property, we will carry out quarterly inspections to assess the condition of the property and that everything is being kept in a satisfactory condition. We will always arrange this with you at a mutually convenient time.
It is the tenant's responsibility to inform the utility companies of their occupation of the property at the commencement of the tenancy, and to pay council tax to the local authority. Students, who may be exempt from the payment of council tax, are responsible for informing the Local Authority of this.
Wherever applicable VAT will be charged at the current VAT rate.