There are no fees to pay to apply for the tenancy of a property via Payne Associates.
Once you have viewed the property that interests you, you will be required to complete tenancy application forms relevant to the personal circumstances of the proposed tenant(s). From these we need to take up references in order to satisfy our client as to your suitability as tenant. The extent and depth of enquiry will vary dependent on the individual landlords requirements, but all applicants will need to complete an application form which will normally be sent to you by way of an emailed link to the company that conduct referencing on our behalf. They are a reputable national tenant referencing company who adhere to strict standards. Forms will generally need to be completed by each proposed occupant over 18 years of age. We are unable to consider anyone for a tenancy that is not 18 at the time of application. It is critical that all appropriate sections of the form are completed; especially contact details for existing/previous landlords and employers. Failure to do so will cause delays in processing beyond our control.
You will be given 2 working days to complete your application forms to the extent sufficient for us to make an initial assessment and recommendation to the landlord. Once provisionally approved, the reference checking process will commence, and a further 5 working days will be allowed for completion of the enquiries. Failure to adhere to these time limits may result in other applications being given priority. NO RESERVATION OR HOLDING DEPOSIT IS REQUIRED.
In many situations, applicants will be asked to nominate a guarantor who will also need to be referenced and will have to agree to meet your obligations in respect of the tenancy in the event of your default. The guarantor will need to be employed with a verifiable income. Any adverse credit history such as County Court Judgments must be declared as failure to do so will result in the application automatically being rejected. Personal data obtained will be processed in accordance with the General Data Protection Regulations and the Data Protection Act 2018. A copy of our Privacy Notice can be provided on request or may be viewed on our web site at www.payne-cov.com.
THE COMBINED MONTHLY EQUIVALENT INCOME OF ALL APPLICANTS WILL NORMALLY BE EXPECTED TO EXCEED THREE TIMES THE PROPERTY RENT. ANY REQUIRED GUARANTORS INCOME WILL NEED TO EXCEED FOUR TIMES THE PROPERTY RENT.
SECURITY DEPOSIT (or BOND)
You will also be required to pay a Security Deposit or Bond at the start of the tenancy. This is usually the legally approved amount, equivalent to 5 weeks rent, rounded down to the nearest £5.00 below. We normally hold this in the capacity of Stakeholder for the duration of the tenancy in our Client's Account with HSBC Bank plc, 55 Corporation Street, Coventry, CV1 1GX in accordance with RICS Members' Accounts Regulations and it is covered by our membership of the RICS Client Money Protection scheme. The deposit will also be protected and handled in accordance with the rules of The Dispute Service Limited, a government approved body under the Housing Act 2006, of which we are members. Neither party to the tenancy will be entitled to any interest on the deposit and any interest accruing will belong to the stakeholder. In some cases, the deposit will be held and protected by the landlord, in which case you will be notified.
DETAILS OF OUR FULL APPLICATION PROCEDURE CAN BE OBTAINED ON REQUEST OR DOWNLOADED FROM OUR WEBSITE www.payne-cov.com
Payne Associates are members of the redress scheme administered by The Property Ombudsman.