There are advantages to renting. You can test out if the area is right for you without committing a large financial amount. Your landlord will be responsible for fixing the property when things go wrong. You can often move in to an available property at short notice.
Finding a property to rent
There are a number of ways in finding the suitable property to rent. You can go to the branch offices or websites of various letting agents and look at potential properties. But, more effectively, you can go to a property website, such as Rightmove, where you can search for property to rent listed by different letting agents on one single platform. To search for property to rent on Rightmove, you first enter a location or postal code that you are interest to move in. Then you can set filters to refine your search, such as search radius to your initially enter location, price range, number of bedroom and property type.
The process to rent
You must first call the letting agent who listed the property and request a viewing. There usually is a quota for viewing, so it is recommended to call as soon as the property is first listed on the website. After viewing, you need to make application (providing necessary personal details and information) and an initial offer in order to proceed with the renting process. Letting agents will usually provide instruction on how to apply and make offer. The Government has provided a useful checklist “How to rent” guidance for people who are looking for a house or flat to rent.
A holding deposit is a payment to a landlord or letting agent to pull the property out of the listing market and reserve it. You have to pay after the landlord accepted your offer. The amount is equivalent to one week’s rent. The landlord or letting agent may retain the holding deposit in certain situation subject to the holding deposit agreement, so make sure you are committed to rent that property before paying the holding deposit.
Is the holding deposit a payment additional to the total amount of rent and tenancy deposit?
No. The holding deposit is one week’s rent which means you have already paid the first week’s rent if you successfully signed the tenancy agreement.