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Before you proceed any further, have you checked your affordability? In order to pass referencing your annual income must be at least 2.6x the annual rent and you should have no County Court Judgments (CCJ), Bankruptcy orders or Individual Voluntary Arrangements (IVA) held against your credit history. If you are self-employed you have to have been self-employed for a minimum of 12 months. Unless verified by Open Banking referencing your accountant needs to provide confirmation of your gross annual turnover and net profit before tax for the most recent financial year or the most recent year’s audited accounts. If you have been self-employed for less than 12 months, please speak to the branch to see what options may be available.
Credit Worthiness
The lead applicant who is paying the holding deposit should, to their best of their abilities, ensure that any co applicants declare to Leaders any adverse credit they may have before paying the holding deposit. If such data is found during the referencing process, the holding deposit paid in these circumstances would be non-refundable. If your co applicants wish to contact the branch to discuss this matter in confidence, please ensure they do so before paying any monies.
A holding deposit equivalent to one week’s rent is required whilst we complete the referencing process, obtain the landlord’s consent to proceed and prepare tenancy agreements. Please ensure that you respond to communications promptly. To comply with the Tenant Fees Act 2019 the holding deposit may only be held for a period of up to 15 days unless an extension is agreed by both parties in writing. By signing this What Happens Next, if the tenancy proceeds you agree that the holding deposit will be credited to the first month’s rental invoice.
Once all your satisfactory references are back, and the landlord has agreed to proceed, your tenancy agreement and other documents will be sent to you electronically, via DocuSign, to sign. Make sure you check everything is correct before you sign.
When both parties have signed the agreement, it will be dated and will become legally binding until the tenancy ends. A copy will be automatically forwarded to you.
Leaders
