Deadline For Agreement
The reference checks and supporting documents must be returned promptly to keep the reservation active.
Tenant Guide
Know the process before you reserve a home.
This guide explains how holding deposits, referencing, income checks, guarantors, and tenancy paperwork work so you know exactly what to expect before moving forward.
Holding Deposit
What you need to know before a property can be reserved in your name.
To reserve a property, a holding deposit equivalent to one week's rent is required. This deposit is non-refundable unless your references are successful, you pass the Right to Rent check, and sign the Assured Shorthold Tenancy Agreement within the required timeframe.
(Monthly Rent x 12) / 52 = One Week's Rent
The required checks and documentation must usually be completed within 15 calendar days from the date the holding deposit is received.
Refund Policy
If the landlord's circumstances change and the application is terminated, the holding deposit will be fully refunded to the applicant.
Complete The Process
Fast replies, accurate information, and timely paperwork all help keep the tenancy moving toward agreement.
Retention Rules
When a holding deposit may be retained.
The holding deposit may be kept by the landlord or letting agent if the tenant does not meet the required obligations or delays the process beyond the permitted timeframe.
01
Important Condition
Provides false or misleading information that affects their suitability to rent the property.
02
Important Condition
Fails the Right to Rent check.
03
Important Condition
Does not enter into the tenancy agreement by the deadline.
04
Important Condition
Fails to cooperate with the referencing process, causing delays beyond 15 days.
05
Important Condition
Withdraws from the property, unless the landlord or agent has imposed unreasonable conditions.
06
Important Condition
Does not take reasonable steps to complete the tenancy agreement while the landlord or agent has fulfilled their obligations.
Referencing
The financial checks and documents needed to complete your application.
Once More Homes Group has received the holding deposit, we will submit your reference applications through a professional referencing agency. Please complete and return these as soon as possible to avoid delays.
Income Requirement
To pass referencing, the combined annual earnings of all tenants must be at least 30 times the monthly rent.
Example
If rent is GBP 1,000 per month, tenants must have a combined pre-tax income of at least GBP 30,000 per year.
Self-Employed Applicants
Self-employed applicants must provide either their latest tax return or an accountant's reference confirming an income of 30 times the rent after expenses.
Important checks
Registering a business at the property is not permitted. Applicants with a County Court Judgement within the last six years, whether settled or unsettled, will automatically fail referencing and the tenancy cannot proceed.
Guarantors
What a guarantor must provide if the landlord agrees to accept one.
- Have an annual income of at least 36 times the monthly rent.
- Pass all reference checks.
- Provide valid photo identification and proof of address.
Tenancy start date and paperwork completion
If there are delays in completing reference checks or returning necessary documents, the tenancy will still commence on the agreed date. However, tenants will not be permitted to move in until all paperwork is satisfactorily completed.