Application
Ferris & Co will take a holding deposit equal to one-week’s rent as your commitment in securing the property.
Upon receipt of the holding deposit, the property will be withdrawn from the market and no further viewings will be conducted.
Upon successful application and completion of the referencing process, the holding deposit will be deducted from the first month’s rent due.
*PLEASE NOTE: WE MAY ONLY ACCEPT A MAXIMUM PAYMENT OF £250 BY CREDIT CARD.
Application Process
Ferris & Co will require the following documents to enable us to carry out the correct credit checks and Right to Rent checks;
- Copy of a current and valid passport for each tenant (alternatives: residence permit, EEA/Swiss identity card, UK immigration status document).
- Proof of address from within the last 4 weeks (letter from employer, UK birth or adoption certificate, letter from UK or higher education institution, letter from police force, letter from Government or local authority, letter from private rented sector).
- Eligibility criteria: single/joint tenants will need to have an income of 30x the monthly rent in order to pass our credit checks.
- We are only able to submit your referencing up to 30 days before your lease start date.
- We are unable to give you a time frame for referencing at the current time however we will always update you with any news we have regarding your referencing.
Ferris & Co will have the rights to withhold your holding deposit for the following reasons:
- The applicant pulls out of the proposed tenancy.
- The applicant fails the Right to Rent checks.
- Applicant exceeds the 15 calendar day time limit – this can include not providing information/documentation in the given time and 3rd parties holding up reference checks (e.g. landlord or employer references).
- The applicant gives false or misleading information (e.g. County Court Judgement (CCJ) is found but not declared, incorrect earnings disclosed).
REMINDER: Eligibility criteria: an annual household income of 30x the monthly rent will be required to in order to pass our checks.
A guarantor will be required for the following circumstances;
- You are under the age of 18.
- You are unable to prove your affordability to cover the rent.
- You have adverse credit history (e.g. CCJ, IVA, bankruptcy).
Ferris & Co do not accept candidates on Housing Benefit or accept the Council Bond scheme. The reason for this is the council can stop or change your payment at any time; this will not be classed as a permanent income.
*We use FCC Paragon to conduct our reference checks, only electronic application forms are accepted by them.
Pets
An agreement with the landlord must be sought for any pets before commencing the referencing procedure and accepting the holding deposit.
Our policy (as advertised within marketing particulars) will show rent at a minimum of £35 a month higher figure to applicants wishing to take on a property with a pet.
Security Deposit
A maximum security deposit, equivalent to 5 weeks rent will be taken upon moving into a property. This will not be refunded until the end of the tenancy, provided all the terms of the tenancy and inventory are met, all rent has been paid, and the property is returned in the same condition, less fair wear and tear.
All of our deposits are lodged with The Deposit Scheme (DPS).
You may be given an option of a ‘zero deposit’ tenancy, but this will only be offered at the discretion of the landlord. Please be advised Ferris & Co receive a nominal 10% referral fee for this policy.
NOTE: keys will not be handed out on day of moving until either 5 week’s deposit is received or the recommended zero deposit scheme policy is set up.
Rent & Utilities
The first month’s rent is due in full by the day before you move in. Subsequent payments are to be paid monthly on the same date of each month by standing order.
NOTE: This must be set up to leave your account 3 days before your due date, to ensure it is in our landlords account.
All further costs such as council tax, water rates, utility bills, broadband, TV licenses etc are met by you - the tenant - unless otherwise advised by Ferris & Co.
We will instruct South East Water, the local Council Tax authority and gas/electricity suppliers to transfer all accounts to your name when you move in. It is your responsibility to set up accounts with all suppliers and to cancel them at the end of the tenancy.
Tenancy Agreement
Once you have successfully completed the referencing process we will contact you to arrange a secure moving date.
We will then provide you with the tenancy agreement and any other relevant moving-in paperwork. This will all be sent to you via our electronic signing system Property file for your completion.
NOTE: If there is more than one person on the tenancy agreement, each person will have ‘joint and severable liability’ for all the rent being paid, any costs (e.g. damages, cleaning etc) at the end of the tenancy and any breach of other tenancy terms.
IMPORTANT NOTE: ALL TENANCY AGREEMENTS ARE LEGALLY BINDING AND CANNOT BE TERMINATED DURING THE TERM STATED BY EITHER PARTY.
Quarterly & Closing Inspection
Ferris & Co conduct 12 weekly property visits to all Fully Managed properties on behalf of the landlord, we are looking for any maintenance issues e.g. dripping taps, carpet thresholds etc. We will also check whether the property is being maintained to an acceptable standard.
Renewals
We will first obtain the landlords instruction before we are able to offer a renewal. We aim to contact you 4-6 weeks prior to the end of your current lease.
It is at the landlord’s discretion as to what terms are presented for renewing the tenancy and/or if they allow the tenancy to become periodic in nature.
Insurance
We strongly recommend insurance is taken out to cover your contents and the landlord’s fixtures and fittings in case of accidental damage.
Additional Permitted Costs
Under new guidance, Ferris & Co are permitted to make a £50 charge the following costs incurred:
- Adding a pet to a tenancy agreement part way through the tenancy.
- Adding a new addendum to a tenancy agreement part way through the tenancy (e.g. permission for decorating or other works with terms etc).
- Adding/swapping/removing a tenant part way through a tenancy agreement.
Under new guidance, Ferris & Co are also permitted to make the following default fees:
- In the event a rent payment is 14 days overdue or more, Ferris & Co may charge 3% over the Bank of England base rate (such interest to be calculated on a daily basis) on all outstanding monies.
- Cost of replacement keys if lost.
- Cost of change of locks if required as a result of the tenants actions.
- Sending of letters with regards to rent arrears may be charged at £25 plus VAT.
- Should a member of Ferris & Co be required to make a ‘personal visit’, this may be charged at £75 plus VAT.
Please note: Ferris & Co do make a charge of £25 to providers/agents should we be asked to complete a living reference.
