Guide to Renting

Information for new tenants and standard conditions of lettings

Our tenancy agreement has been professionally prepared by the Association of Residential Letting Agents (“ARLA”) and The Office of Fair Trading (“OFT”). Our agreements have been checked and accepted by the majority of UK lenders and building societies for mortgage purposes, it is therefore with regret it is unlikely that we will be able to approve any alterations to the terms and conditions contained in our tenancy agreements. We recommend that independent legal advice be sought before entering in to any binding agreement.

For the avoidance of doubt, Madison Brook and their employees do not give such advice.

1

Offers

When you have made an offer on any property through Madison Brook you will be asked to pay a holding deposit of £500.00 in cleared funds. Once the offer is accepted the property will be removed from the market. Should the landlord withdraw from the proposed let, you will be refunded this holding deposit. However, should you withdraw your offer or be unable to provide satisfactory references or a suitable guarantor, this holding deposit is non refundable. It is imperative that if your offer is conditional upon any specific requirement that this be confirmed in writing when you pay your deposit.

2

Signing Contracts

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The letting contract or agreement must be signed by all tenants and, until such time, no contractual agreement, offer or obligation is deemed to exist. If tenants are unable to attend on the occupation day, a letter must be obtained from that person giving another tenant power of attorney to sign documentation on their behalf.

3

Guarantors

INTERNATIONAL ARRIVALS & UK STUDENTS

(a) It is highly likely that international arrivals, international students & UK students will require a Guarantor; a requirement of our reference company is that the Guarantor is a UK resident and is employed within the UK. All Guarantors will need to be referenced with FCC Paragon and will be required to have an income equal to 3.0 times your annual share of rent.

(b) Should it not prove possible to secure a UK Guarantor, it is common practice that the tenant pays a sum equal to six months rent in advance. If these requirements cannot be met, it is with regret that Madison Brook will not be able to grant a tenancy.

4

Moving In

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Before being allowed to move in to your new home, Madison Brook must be in receipt of satisfactory references, full balance of monies and a signed tenancy agreement. Occupation will net be granted without these.

5

Method of Payment

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For security & insurance purposes, Madison Brook requests that either a banker’s draft or internet transfer be made in lieu of a cash payment. We can also accept personal cheques but must have 7 working days clearance prior to move in. Alternatively cash is accepted at all branches.

6

Deposit

Madison Brook do not hold tenancy deposits, upon signing a tenancy agreement the transfer of your deposit is made to the landlord, who in turn has a stautory obligation to protect it in one of the following schemes:

7

Insurance

The landlord has a legal responsibility to ensure that the building is covered by sufficient insurance. However it is not the landlords responsibility to cover your personal assets, Madison Brook acts as an introduction agent through the Erinaceous group and should you require a quote please ask one of our consultants, who will happily obtain one for you.

8

Termination of your Tenancy

Your tenancy agreement (unless otherwise stated) will have a two month written notice period from yourselves and the landlord. Should you wish to terminate your tenancy, you must ensure we have received your notice the day before your rent becomes due. Should this not be received prior to your rent due date the notice period will start from the following rent due date.