Tenant Terms of Business

1. Introduction

Once you have had an offer accepted by a Landlord, there are various procedures and requirements that need to be undertaken in order to prepare the tenancy.  Below we set out the terms applicable to you as a Tenant in progressing your application from offer stage to tenancy.

Please read this document carefully as it contains important information. We will need you to sign and return this guide before we can move on to the next stage in the process.

MyLondonHome (Property Management) Ltd are a private limited company registered in England & Wales (08758921) whose registered office is MyLondonHome, Scott House, Suite 1, The Concourse, Waterloo Station, London, SE1 7LY. We are members of The Guild of Letting and Management (535), Clien Money Protect (CMP013008). Independent redress is provided by The Property Ombudsman. To view our current certificates, please visit mylondonhome.com/certificates.

2. Holding deposit

Once your offer has been accepted by the Landlord, subject to contract and satisfactory references, you will need to pay a holding deposit. As soon as the holding deposit, together with a signed copy of this guide, is received, marketing of the property will cease and any future viewings with prospective tenants will be cancelled. You will then have 15 days (Deadline for Agreement) within which to sign and return the Tenancy Agreement, unless an extension to this deadline is agreed in writing by you and the Landlord.

The holding deposit payable will be the equivalent of one weeks’ rent, and upon satisfactory completion of your application and the granting of the Tenancy, the holding deposit will be off-set against your first rent payment. We will provide you with an invoice detailing the amount due and the amount already paid.

Your holding deposit may be retained if:

• You provide false or misleading information during the application process
• You fail a Right to Rent check
• You withdraw from the proposed Tenancy during the Deadline for Agreement
• You fail to return the signed Tenancy Agreement or pay the initial Rent and Deposit monies by the Deadline for Agreement
• signed Tenancy Agreement or pay the initial Rent and Deposit monies by the Deadline for Agreement

Your holding deposit will be repaid to you if:

• The Landlord withdraws from the application process before the Deadline for Agreement
• The Landlord fails to return the signed Tenancy Agreement by the Deadline for Agreement

3. Fees and charges

Where applicable, the following charges will be payable:

Change of Occupier (Deed of Assignment)                   £150 (inc VAT)

Change of Tenancy Terms (Deed of Variation)             £150 (inc VAT)

Ending Tenancy Early (Deed of Surrender)                     £150 (inc VAT)
For the preparation of the Deed of Surrender. Additional charges may apply, including a proportion of the Landlord’s lettings fee, depending on what is agreed with the Landlord and how many days early the Tenancy is terminated. These costs will be confirmed upon request.

Interest on late rent payments is payable at 3% above the Bank of England Base Rate once the rent is overdue by 14 days, calculated on a daily rent from the day the rent fell due.

Reasonable costs may be charged for the replacement of keys and locks should you misplace or lose keys during the course of your tenancy.

4. Payment of rent

The first rent payment must be received in cleared funds prior to the start date of the Tenancy. Further rent payments must be made by standing order to be received by us in cleared funds by the rent due date. You should arrange for the standing order to leave your account three days before the rent falls due to ensure it is received on time.

5. Deposit

A deposit equivalent to between five and six weeks rent must be paid in cleared funds prior to the start date of the Tenancy.  The deposit will be held as stakeholder by My London Home (Property Management) Ltd and held under the Tenant Deposit Scheme. A registration certificate will be sent to you on or shortly after the commencement of your Tenancy.

The deposit is held against any damages or expenses arising during the Tenancy and will only be released following the end of the Tenancy and once agreement has been reached between the Landlord and Tenant on any potential deductions.

The Deposit is held in an interest-bearing bank account and all interest accrued will be retained by us to cover administration and bank charges (National Westminster Bank, PO Box 2153, 1-4 Berkley Square House, London W1A 1SN, Bank Sort Code 60-02-36, Account Number 67934390 in the name of My London Home (Property Management) Limited Client Account.

6. Right to rent

The Immigration Act 2014 requires that all adult occupiers aged 18 or over have the right to rent in the UK. In order to verify your Right to Rent status, you will need to provide us with suitable identity documents such as a passport, permanent residence card or travel document. We will need you to show your documentation to us in person. Where your right to be in the UK is time limited, follow up checks will be required.

7. Referencing

We require that all tenants are referenced as part of the application process. Referencing is undertaken by an external provider, details of whom we will provide once the application process commences. You are required to complete the referencing application immediately on receipt of the relevant information to avoid unnecessary delays.

Should it be necessary for you to have a guarantor to satisfactorily pass your references, they will be required to undertake their own reference check. In acting as your guarantor, they will need to enter the Tenancy Agreement or enter in a separate Deed of Guarantee.

We use an independent credit reference company to carry out referencing on our behalf. The referencing company will ask for information relating to your employment, bank account and previous landlord references.

When you complete your reference application you consent to us, the Landlord and any associated party or representative to see your reference results. The Landlord has the right to accept or decline your offer to rent a property regardless of the outcome of your referencing application.

8. Tenancy agreement

Until the Tenancy Agreement is signed by both parties and dated there is no contract in place between you and the Landlord. My London Home (Property Management) Ltd are not party to the Tenancy Agreement; it is a contract between you and the Landlord. The agreement will be prepared by My London Home (Property Management) Ltd or its partners in most cases, although the Landlord may supply their own agreement should they wish.

9. Key release

The keys for the property can only be released once all pre-Tenancy requirements have been completed, namely:

• Tenancy Agreements have been signed and returned by both parties
• The initial rent and deposit payment has been received by My London Home
• References have been approved by the Landlord
• Satisfactory Right to Rent checks have been carried out

If any of the above are outstanding the release of keys will be delayed until everything has been correctly executed.

10. Inventory

Prior to your occupation of the property, an inventory and schedule of condition will be produced to record the condition of the property at the start of the tenancy. The report will be provided by an independent inventory company.

At the end of the Tenancy, a check-out inspection will be arranged and report compiled to record the condition of the property at the end of the Tenancy.

The cost of the inventory, check-in and check-out appointments will be borne by the Landlord.

11. Utilities

When you move in or out of a property, we work with a third-party company called Muuvo to inform your current suppliers, such as the local council, water supplier, and energy providers, about your arrival and departure dates. During your stay, you can pay any energy supplier of your choice, but you must provide regular meter readings if a smart meter is unavailable.

Additionally, Muuvo offers a range of competitively priced products that can help you save money and enhance your moving experience. These products may include broadband and TV packages and energy tariffs. By accepting our terms and conditions, you formally consent to Muuvo contacting you through email, SMS, or telephone.

12. Management

Prior to the Tenancy commencing, we will advise you who will be managing the property during the course of your occupation. Where My London Home (Property Management) Ltd are not providing management services, we will provide you with the relevant details of those persons who are providing the service.

Where My London Home (Property Management) Ltd are managing the property, you will be contacted by the Tenancy Manager assigned to the property, who will assist you with all property and tenancy related matters. Should you have a maintenance issue during the course of your tenancy, please ensure that this is reported as set our in your welcome documents.

We may require your Landlord’s consent to proceed with repair and maintenance works and as such cannot guarantee the speed in which given issues may be resolved.  If we hold keys for the property, we can make arrangements for our contractors to attend in your absence, should you authorise us to do so.  Where we do not hold keys, you will be required to provide access as and when required.

Please note that your Tenancy Manager will not be able to attend the property and supervise contractors undertaking repair and maintenance works.

13. Renewal

During the last three months of the term of your Tenancy, we will get in touch to see if you wish to renew for a further term, subject to the Landlord’s approval. It is usual for the rent to be reviewed annually and should you wish to continue in the property we will agree a revised rent amount for the new term. We may need to complete new Right to Rent checks prior to the renewal date.

14. Insurance

It is your responsibility to ensure that you have appropriate insurance in place for your possessions, including third-party cover, as they will not be covered by the Landlord’s insurance policy.

15. Proof of address

In order to comply with the Money Laundering Regulations 2007, we are required to verify your identity and address. To do so, along with the documentation required for your Right to Rent check, we will also need proof of address in the form of a utility bill or bank statement issued within the last three months.

16. Sharers

If you are going to be sharing the property with others you should be aware that you will be letting the property on a joint and severally liable basis. This means that you are all jointly liable for all terms of the Tenancy, including payment of rent, and if one of you defaults on a term of the tenancy agreement then you will all be liable for the default.

In order to bring the Tenancy to an end, all the sharers will need to serve notice of their intention to do so.

17. Stamp duty

You may be liable to pay Stamp Duty Land Tax on the rent paid under the Tenancy Agreement subject to current legislation. This is your responsibility as a Tenant. Further information is available at https://www.gov.uk/stamp-duty-land-tax/residential-property-rates.

18. Terminating your tenancy

The terms upon which you can end your Tenancy will be detailed in your tenancy agreement. On occasion, a Landlord and Tenant may agree to terminating the Tenancy earlier than the tenancy agreement allows. In such a circumstance you would be responsible for covering certain costs incurred by both the Landlord and My London Home (Property Management) Ltd. These costs will be provided should this circumstance arise.

19. Non-resident landlords

In the event that you are required to pay your rent directly to the Landlord, you should be aware that if the Landlord is deemed a Non-Resident Landlord, you would be responsible for payment of tax to HMRC if the Landlord does not have approval to receive the gross rent payable. Further information is available at https://www.gov.uk/guidance/paying-tax-on-rent-to-landlords-abroad.

20. Data

All personal data that My London Home (Property Management) Ltd may use will be collected, processed and held in accordance with the provisions of The Data Protection Act 2018 (DPA 2018).

For complete details of My London Home (Property Management) Ltd’s collection, processing, storage and retention of personal data including, but not limited to, the purpose(s) for which personal data is used, the legal basis or bases for using it, details of Your rights under the GDPR and how to exercise them, and personal data sharing (where applicable), please refer to our Privacy Policy available on our website, www.mylondonhome.com/privacy-policy.