Now that you’ve found a student house, it’s crucial that you don’t take the tenancy agreement lightly.
You must read through it thoroughly and raise any concerns or questions you may have to your landlord. Tenancy agreements can seem quite daunting or confusing, but don’t worry, this will help you with what you should check before signing!
So, what should you be checking?
Inventory
An inventory is a checklist for the tenant and landlord that lists any furniture provided by the landlord, as well as any faults with the property before you move in. This makes sure that tenants aren’t charged for any damage that was already there.
It is best practice and will save you a lot of money, to create a full photo inventory. Find out more here!
Both tenant and landlord sign off on the inventory, so make sure that you check all of the details before signing. At the end of the tenancy contract, the house is checked against the itinerary and the deposit is paid back if no damage occurred during the tenancy.
However, it’s quite common now that inventory checks are carried out by an independent company. This is good as it means the person carrying out the check is unbiased as they have nothing to gain by favouring the landlord or tenant. This makes them much more likely to be fair or honest in their assessment.
It’s also a good idea to take photos of the rooms in the property and take notes of any faults as well as taking a photocopy of the inventory. This will act as extra evidence if there are any claims made against you at the end of the contract.
Rent
Try and have a discussion with your landlord about the rent they’re asking for, and don’t be afraid to negotiate the amount if you think a lower price is more appropriate.
However, if your property is in good quality and located in a tight housing area, it may not be worth asking for a reduction to your landlord.
Summer Holiday Period
If you’re planning on going away for the summer or just back home, it’s worth knowing that most landlords will expect at least half rent during July and August if you want to secure a place.
If you think that the house won’t be in high demand, you might be able to get away with not paying, but this is a risk.
Make sure that you read this part of the contract carefully as some contracts specify that you can’t live in the property during the summer which could be due to repairs taking place.
Guarantors
Most student landlords require their tenants to have a guarantor. This is someone who agrees that in a very worst case scenario, they will pay your rent if you can’t make the payments.
This is more of reassurance for the landlord if you reach a point where you can’t keep up with rent. However, if the landlord has to chase up the guarantor for rent payments, they can be taken to court.
Some universities such as UCL or the University of Sheffield offer guarantor schemes. Under these schemes, the university offers to act as your guarantor. Normally, they will come with certain requirements such as demonstrating that you have the proper funds in place to cover your rent.
If your university does pay out, you are often required to pay it back within a limited time period.
Certain universities, such as the University of York, also require you to "have good academic standing". It’s unclear what counts as good academic standing. If it is based purely on grades then some may argue this is unfair.
University guarantor schemes are the best option for many students as they rarely have any up-front costs and therefore do not unfairly penalise disadvantaged students.
Some properties do not require a guarantor; however, these are rare and often require an employment history. Many students do not have enough experience and cannot provide sufficient background.
Deposit Protection Schemes
Deposits usually amount to around one month’s rent and collected prior to the tenancy commencing. This is in case of late rent or damage to the property during your stay.
By law, all deposits taken by landlords must be registered with a government backed deposit protection scheme within 30 days.
In the U.K there are only 3 approved deposit schemes, the Deposit Protection Service (DPS), MyDeposits, and Tenancy Deposit Scheme (TDS). You should double check that your landlord is a part of one of these schemes and that they’ve submitted your deposit to be protected.
Tenancy Agreement Small Print
Contracts are usually quite long, causing most students to overlook the small print! But, it’s always important to read the small print, here are some main key points that you should look out for:
- Check for any agreed repairs you want your landlord to do.
- Make sure the contract allows for general wear and tear of the property.
- Check the rent amount and who is liable to pay it.
- Look at your obligations and make sure you agree with them.
- Make sure every tenant’s name is in the contract and the landlord’s name.
- Check the start and end date of the tenancy.
If your landlord has agreed to a repair or purchase something, make sure that you have this information in writing so it gets completed. If you don't get it in the contract, the landlord can deny that they ever promised it.
Type of Tenancy Contract
Student contracts usually involve an assured shorthold tenancy contract for a fixed term of 12 months. Although, there are 2 main types of contracts that a landlord can offer to students.
There are individual contracts between a landlord and each student. With this type of contract, if one person leaves the house for any reason or pays rent late, the rest of the students will not be liable to cover for them.
A joint tenancy agreement holds the whole group responsible for the property and collective rent payments. This also means that if any joint tenants decide they want to end the agreement and move out, all tenants may be asked to leave unless they can come to an agreement with the landlord.
Hopefully you now feel more prepared when it comes to reading through your tenancy contract. It can be a daunting experience but an exciting one! Do you have any questions? Comment below!
Share Your Thoughts. Join The Conversation Below!