If you wish to take a tenancy on a property with Cooper Adams you will need to pay a holding deposit and be referenced. Before moving in you will need to pay a month’s rent in advance and also five week’s deposit.
To pass referencing you will need to have a good history on any previous tenancies, good credit history, pass a right to rent check and joint income greater than 32x the monthly rent. So if the rent is £1000pcm a tenant (or joint tenants between them) should earn (1000×32) £32,000 pa. If the tenant’s single or joint income is less than 32x the rent a guarantor will be needed and their income needs to be 32x the rent. The guarantor could be just for the lowest paid tenant
COOPER ADAMS HOLDING DEPOSITS (in accordance with the Tenant Fees Act 2019)
On any tenancy before we reserve a property and commence referencing we require one week’s holding deposit to be paid by bank transfer or debit card. After this is paid we cease further viewings on the property.
Paying this deposit is entering a binding conditional contract between you and the agent. Under this contract, it is usual for you to agree and be bound to provide honest representations as to your income, tenancy history and references, and to enter into the tenancy under the terms agreed with the landlord. You must not provide any false or misleading information to try and obtain the tenancy – this could risk losing your holding deposit. You must carry out any reasonable requests made by the landlord or agent to progress the tenancy. Any information required to support your tenancy application must be provided in a timely manner.
If you are aware of any potential issues that may affect your tenancy application (i.e. previous County Court judgements), you should make the agent aware at the earliest opportunity.
The deposit is returned within seven days after moving in and usually taken off the first month's rent paid in advance.
Cooper Adams will usually have two weeks (14 days) to enter into a tenancy agreement with you once a holding deposit has been received by the agent. The ‘deadline for agreement’ is the 15th day after the holding deposit has been received. However, you may agree on a different ‘deadline for agreement’ with them in writing (which could be more or less than 15 days).
Cooper Adams will give you in writing:
• the amount of deposit you have paid
• the agreed rent
• the specified date for reaching an agreement (‘the deadline for agreement’).
• other agreed material terms you will be renting the property on
If the landlord withdraws for the tenancy your deposit will be refunded.
A holding deposit can be retained where you:
• provide false or misleading information which the agent can reasonably take into account when deciding to let a property – this can include your behaviour in providing the false and misleading information
• fail a right to rent check
• decide not to proceed with a tenancy (i.e. you ‘withdraw’ from a property)
• fail to take all reasonable steps to enter into a tenancy agreement (and the landlord or agent takes all reasonable steps to do so, for example, clearly requesting information required to progress the tenancy)
If a tenant wishes to change the tenancy such as adding names etc or an early surrender there will be a £50 charge.
Download a copy of our Propertymark Client Money Protection Certificate here.