Accepting a property
Properties are accepted on an ‘as seen’ basis and any issues raised will need to be dealt with prior to the references being undertaken. We will require a holding and administration fee to reserve a property, once this is paid the property will be removed from the market and the status will be changed to Let subject to contract. This payment does not constitute a tenancy, or an offer of a tenancy, it is required to show a serious intention to proceed. The property will be reserved for 7 days, if a property is to be reserved for longer in total up to one month, the equivalent of the first months rent will need to be paid.
Fees and Deposit
The asking rent does not include letting fees. Depending on your circumstances and the property you select, referencing and administration fee which covers the referencing process, credit searches, administration during this process, preparation of the tenancy agreement and serving statutory deposit information.
Please contact your local branch to confirm our fees
In addition to one month’s rent in advance, you will be required to pay a Deposit equivalent of one month’s rent or in some circumstances one and a half months rent (or more if requested by Landlord). Your deposit will be registered with the Tenancy Deposit Scheme if the property is managed by Oakfield.
Oakfield and our Landlords need to know that tenants who will be renting our properties are financially capable of meeting the monthly rent as well as being honest and trustworthy.
Therefore all tenants moving into a property through Oakfield need to meet the following requirements.
- Must be over the age of 18 years old.
- Pay a deposit that is typically equal to the monthly rent or a month and a half’s rent.
- Pay one months rent in advance.
- Pay an administration fee.
- Have no adverse credit, or rent arrears.
- Supply photos and address identification*
In addition to the above you will be assessed to your suitability as a tenant.
Identification and Proof Of Address
*Photo identification accepted.
- Photo card Driving Licence
Your proof of identity will need to match the name and date of birth on the application.
We also require proof of address which will need to match the current address listed on the full application and is dated within 30 days of the start date of the referencing process. We accept the following documents:
- Utility bill
- Mobile telephone bill
- Council tax bill
- House or motor insurance certificate
- Letter from income provider (pension / employment)
- Bank statements or credit card statement
- Letter from a government department (i.e HM Revenue & Customs)
- V5 registration document from the DVLA
We will look at your current financial position which will disclose any county court judgements, bankruptcy orders, voluntary arrangements or administration orders, thereby giving an indication as to whether you will able to meet your rental payments, reducing the landlords risk.
We will assess your ability to pay, looking at your earnings in relation to the proposed monthly rent, you are required to have a gross annual income of 2.5 times the annual rental amount. Where more than one person makes an application your combined gross annual income must be at least 2.5 times the annual rental amount.
This will give us an indication of your commitment to rented properties in the past and whether there was any dilapidation or arrears on the property during the tenancy.
Oakfield and our Landlords need to know that tenants who will be renting our properties are financially capable of meeting the monthly rent as well as being honest and trustworthy. We will take up references from your current landlord and employer, which will confirm your current rent, have you had any arrears, and have you looked after the property during your tenancy, salary, the position you currently hold and whether this position is permanent, temporary or a fixed term contract.
For applicants who are self-employed, a positive accountant’s reference will be required or your last 6 months personal bank statements.
We will consider students, homemakers or unemployed status applications on certain properties, however you will still need to meet our requirements listed above and we will require evidence of your income to be able to pay your rent.
If you are unable to meet the above requirements a guarantor will be required or 6 months’ rent in advance.