The Tenancy Agreement is a legally binding document and is drawn up to protect your rights to possession as well as detailing your responsibilities as a landlord and the tenants responsibilities. If you are in any doubt over its contents please do not hesitate to contact us. We use our own Tenancy Agreement except when a Company or Relocation Agency requires the use of their own.
The Agreement will usually be an Assured Shorthold Tenancy and will detail the length of the Tenancy, the amount of rent due and payment dates, inclusions, exclusions and anything else agreed, such as gardening services included, break clauses etc, as well as many ‘standard’ clauses required for the type of Tenancy involved.
The deposit will be payable by the tenant before the Tenancy starts. The deposit is the equivalent of one and a half months rent and is usually held by Cooke & Co on behalf of the tenant as ‘Stakeholders’.
The first month’s rent and the deposit are payable in advance by the tenant and will be collected by Cooke & Co prior to the start of the tenancy.
We will deduct our fees from this, together with any other costs incurred, such as the preparation of the inventory and the check-in. The balance will then be forwarded to you.
Return of Deposit
The deposit would be released when an agreement had been reached between the Landlord and Tenant regarding any compensation due for damages or cleaning etc. This is when the inventory report, and check-out reports become invaluable as it ensures that there is a fair, unbiased account of the condition of the property at both the start and the end of the tenancy. The Inventory Clerk acts as an independent third party, who can, if necessary act as an unbiased arbitrator in the event of a disagreement.
Tenancy Deposit Scheme
We are members of the Tenancy Deposit Scheme for Regulated Agents (TDSRA). This ensures that tenants deposits are protected during the tenancy and that should any dispute arise at the end of a tenancy they will be dealt with fairly by an Independent Complaints Examiner (ICE).
Under new legislation which will be implemented in October 2006, it will be illegal for an agent or landlord to hold a deposit unless they are members of a scheme such as the TDSRA.
The inventory is a detailed document that will highlight not just the contents of the property, but also the condition and cleanliness of the property and its contents at the start of the tenancy.
We would always advise using our lettings negotiator to provide an inventory of the property, whether it be furnished or unfurnished to avoid any unnecessary disputes regarding the condition and contents of the property at the end of the tenancy.
At Cooke & Co we can arrange for the inventory to be carried out by a local lettings negotiator.
We take the take meter readings, sign all legal paperwork and hand over keys. We will ask the tenants to sign a “check-in declaration” confirming that they agree to the description of the property and its fixtures and fittings as detailed in the inventory as necessary.
At the end of the tenancy, the letting negotiator will carry out a check-out and produce a check-out report. This will detail the condition of the property as well as the fixtures and fittings at the end of the tenancy. We do advise that the tenants are present for this.