RELOCATING TO THE UK ALERT
The rental market in London has become hotter and hotter. This means that, once an Assignee has chosen a rental home it’s important to move fast to secure it. There’s no longer time to dither over the decision!
At Saunders 1865 our particular methodology enables our Assignees to make an offer via our office-based negotiation team even while the Assignee continues with their accompanied home tours. This gives our clients an important edge over competing corporate tenants because other providers leave everything to the consultant who is out with the Assignee!
Normally the landlord’s agent will require a holding deposit to “reserve” the property. Before that’s paid over it’s important to understand clearly the terms upon which that deposit will be held.
In theory a holding deposit should secure the property for the Assignee but in practice it doesn’t. You are really relying on the ethics of the landlord and agent because, in reality, another party with a more attractive offer can come along after you’ve paid. That party might come, for example, through a letting agent other than the one you paid the deposit to! The agent can’t control the landlord’s behaviour and landlords often list their properties with multiple letting agents.
We do all we can to mitigate against the possibility of our clients’ Assignees losing their first choice of rental home. One of the ways we do that is by trying to find rental homes only through the most reputable letting agents. But sometimes the home our Assignee chooses can only be accessed via a less than ideal source!
Once an offer has been accepted in principle by the landlord, it’s important to get on with completing the Tenancy Agreement process as fast as possible. The only way of truly securing the home is to establish an Agreement that has been executed by both parties and “exchanged” so that it is legally enforceable.
We have to work very hard to shape landlords’ Agreements – and let’s face it they are all written to protect landlords! – into documents that take care of our clients and their Assignees’ best interests – even though it is now a landlords’ market. In this hot market, we have to do our work fast as well as diligently.
It improves our chances of securing the home if decisions from our clients and Assignees are made promptly as and when they are required.
Everything we say in this alert is true of all the major corporate destinations around the UK; but you can multiply our comments by a factor of 10 when it comes to central London!