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RENTING A FLAT IN LONDON

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Together with Repit, a turn-key property search service, we've compiled all the useful information on renting an apartment in London. Read away to find out what to look out for when renting, what fees to pay, and what the average price range is.

RENTING A FLAT IN LONDON

13/07/2022
Together with Repit, a turn-key property search service, we’ve compiled all the useful information on renting an apartment in London. Read away to find out what to look out for when renting, what fees to pay, and what the average price range is.
CONTENT
1. Side-occupation evidence
2. Evidence about innovation
3. Amount of supporting documents
4. High level of achievements
5. Letters of recommendation
6. Correlation between ‘Talent’
and ‘Promise’

HOW RENTING WORKS

IN THE UK

In the UK, it is not the tenant who chooses the landlord but the other way round. So, if you like a flat, you send the landlord an offer including the price you’re willing to pay, the length of the contract (e.g., 2-3 years) and the "aggravating circumstances" (e.g., pets). The landlord receives several offers at once and chooses which one to accept.


References from your former landlords are also very important – they can confirm your tidiness, on-time payment and attest to you being a responsible tenant.

HOW RENTING WORKS IN THE UK

In the UK, it is not the tenant who chooses the landlord but the other way round. So, if you like a flat, you send the landlord an offer including the price you’re willing to pay, the length of the contract (e.g., 2-3 years) and the "aggravating circumstances" (e.g., pets). The landlord receives several offers at once and chooses which one to accept.


References from your former landlords are also very important – they can confirm your tidiness, on-time payment and attest to you being a responsible tenant.

AVERAGE COST

Landlords in the UK usually prefer to quote a price per week rather than per month.

The formula to find out how much you’ll need to pay is:


Monthly rent = Weekly rent * 52 (number of weeks) / 12 (number of months)


So, if you see an ad for £300 per week, you’ll pay up to £1,500.

When renting an apartment, the deposit can be up to 6 weeks rent and in addition, you will probably have to pay up to a month's rent in advance. This could amount to up to £1,500 depending on the value of your tenancy.

AFFORDABLE LONDON NEIGHBOURHOODS

WHAT TO PAY ATTENTION

TO WHEN CHECKING IN?

WHAT TO PAY ATTENTION TO WHEN CHECKING IN?

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EVERYTHING ABOUT DEPOSITS

Holding Deposit


Holding Deposit is an amount of money, usually not more than the weekly value of the rent, that is given in order to reserve a property (since apartments go off like hotcakes). Once all your information is verified and you sign the contract, the deposit will be returned to you.


It is not a good idea to "book" several options this way. Use Holding Deposit only if you are sure you want to rent a flat.


Also, always talk through the terms of the deposit return:


  • What is the deposit for?
  • What happens to the deposit if my application is successful?
  • What happens to the deposit if my application is not successful?
  • How and when will I get it back?

Tenancy Deposit


Tenancy Deposit, or simply a deposit, is the amount the landlord keeps in addition to the rent.


If your annual rent is less than £50,000, the deposit will amount to the payment for 5 weeks' rent (max).

Monthly rent x 12 ÷ 52 x 5 = Max Tenancy Deposit

If your annual rent is more than £50,000, the maximum rental deposit is limited to 6 weeks' rent.


Who guarantees the safety of the deposit?


The landlord must safeguard the deposit with one of the three official agencies and must also tell you about it.


1. Deposit Protection Service

2. Tenancy Deposit Scheme

3. mydeposits


When will the deposit be returned?


  • The deposit will be refunded when you terminate the contract;
  • The landlord is only obliged to return the deposit in full if they have no claims against you, e.g. in the form of breakdowns that are your fault;
  • If the landlord decides to withhold the deposit – ask for an official reason for the withholding;
  • It’s also a good idea to take photos before you move in – this way, you’ll have proof in case of a dispute.
Repit recommends:

1. Zero Deposit Schemes


Instead of paying a deposit, you can reach out to certain UK companies that insure the flat. The landlord doesn't pay for it. For you, the cost will come to about a week's rent + service charge. However, these schemes don’t cover the damage that’s been done after the end of the tenancy.


2. Fronted


Fronted is a company that lends money when the old deposit hasn’t yet been refunded, but you already need to pay a new one. To apply for Fronted’s help, you must have a deposit protected with a government-approved scheme. Also, if your new deposit is larger than your old deposit, you must pay the difference.

If you want to evaluate your chances of obtaining a Global Talent Visa — take our scoring test and receive detailed feedback from the Immigram team afterwards.

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