Students' guide to renting property
Thursday, 25 August 2011 10:45 AM
Renting a property for the first time as a student can be daunting. It's hard enough finding the perfect flat or house, but once you've done so you then have the contract, inventory and insurance to deal with.
The Association of Residential Letting Agents (ARLA) has come up with a set of guidelines for students on how to make sure the tenancy contract is above board and what to do once the agreement has been signed.
Follow these simple steps and the only thing you'll have to worry about is how much beer to buy for your housewarming party...
1. Do your research
ARLA urges house-hunting students to speak to other students already renting in the area and consult university advice websites and the students' union. This will give a better idea of where (and where not) to live and how much you can expect to pay.
2. Be careful who you rent from
Anyone can become a landlord and in the current market, people who can obtain the finance are keen to snap up buy-to-let properties without gaining a proper understanding of what being a landlord entails. Unfortunately, some of them may not have their tenants' best interests at heart.
For that reason, it's advisable to rent your property through a lettings agent that's affiliated to a professional body such as ARLA. All ARLA agents offer client money protection and redress schemes, and this means that if something goes wrong, your cash is protected.
In England and Wales (and hopefully Scotland soon), it's a legal requirement for your deposit to be put into a deposit protection scheme by your landlord.
3. Read the contract
When faced with a lengthy tenancy agreement, it can be tempting to just sign on the dotted line without reading the smallprint. Don't.
For starters, if you're embarking on a shared tenancy, the contract may contain a joint and several liability clause. This means that you are responsible for the actions of your flatmates in all respects of the tenancy, not just the rent.
While this sort of clause is common, it's worth having a think about whether you know the people you'll be sharing with well enough to take on this sort of legal responsibility.
Also, if you're going to be living with other tenants, make sure that the landlord has a Homes in Multiple Occupancy (HMO) licence.
4. Find out what would happen if you wanted to move out early
Tenancies are generally for a fixed term (often for nine months or a year with a student property). If you decide that you want to move out prior to the end of the contracted period, find out what ongoing liability you'll have.
Don't forget that you'll have to give notice, the period of which will vary according to your contract. If you move out before the end of that notice period, you'll still have to pay rent.
5. Beware of hidden costs
Moving house is an expensive process and the rent is only the start of it: the deposit you'll have to pay prior to moving in is generally the equivalent of six weeks' rent, plus you'll need to budget for utilities bills, TV licence and internet access.
The good news is that, if all of the tenants are students, you'll be exempt from council tax.
6. Ask which items of furniture will be included
Even if a property is advertised as being 'furnished', the landlord is under no legal obligation to include all the furniture you see when you view the house. In fact, many professional landlords purposefully 'dress' a property prior to showing it to prospective tenants in order to make it look more appealing, and then remove some of the furniture and accessories before the tenants move in.
Make sure that you check exactly which items of furniture are to be included in the property to avoid any nasty surprises.
7. Check the inventory
When you move in, your landlord or agent should give you an inventory listing everything that's in the property and the condition of each room.
It's imperative that you check this thoroughly and highlight any discrepancies the minute you move in. If something is broken, or in worse condition than described in the inventory, take dated photos and send them to the agent and landlord as soon as possible.
The inventory is there to protect both you and the landlord, so it's important that it's accurate in order to avoid any disagreements and delays in getting your deposit back when you move out.
8. Get insured
While your landlord is legally obliged to have buildings insurance, you are responsible for obtaining contents insurance so you're covered if any of your belongings get stolen or damaged.
Your parents' contents insurance will sometimes cover you but you must check the policy wording. If you're not covered, many insurance providers offer student-specific deals, so shop around and it shouldn't cost you too much.
By Ele Cooper
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