Here are some of the most commonly asked questions from our tenants. If you can't find the answer you're looking for, please don't hesitate to get in touch.
A holding deposit is usually equivalent to one week's rent and is paid by prospective tenants to reserve a rental property. Once paid, the property will be taken off the market temporarily, while references and checks are conducted. Please note that the holding deposit is non-refundable if you decide to back out of the tenancy. However, it will be deducted from your moving-in costs.
The application process involves the following steps:
Typically, we request references from your current or previous landlord(s) up to 5 years housing history and employer(s) to verify your rental and employment history. These references help us ensure that you are a reliable and responsible tenant.
The application process duration can vary depending on the availability of referees and how quickly they respond. On average, it takes about 3-5 business days to complete the necessary checks and referencing.
We will confirm the move in date and then on the move in day the tenancy agreement will need to be signed and pay the remaining deposit and the first month's rent before moving in. The holding deposit you paid will be deducted from these moving-in costs. A standing order will need to be set up.
The deposit is protected under the Deposit Protection Scheme (DPS). DPS is a government-approved scheme that safeguards tenants' deposits throughout the tenancy. This ensures that you can claim back your deposit at the end of the tenancy, provided you haven't breached any terms of your tenancy.
A holding deposit is paid before the tenancy agreement is signed to reserve the property, while a tenancy deposit (or security deposit) is a larger amount paid upon signing the agreement, serving as protection against potential damages or arrears during the tenancy.
Before moving in, we will conduct a thorough inventory check, ensuring any existing damages are documented. Additionally, you will receive keys and relevant information about how to report repairs, emergency contacts, and essential services.
Any alterations or decoration to the property must be discussed prior to doing so.
If you need to end the tenancy early and you are not on a fixed-term contract, you will need to give two calendar months' notice, as per the tenancy agreement. Please note that early termination may be subject to certain conditions, which will be outlined in the agreement.
At the end of your initial term, the tenancy will automatically transition into a rolling contract, also known as a periodic tenancy. This means the tenancy will continue on a month-to-month basis, providing both you and the landlord with flexibility.
Rest assured, Lightning Estates Ltd is a proud member of PRS (Property Redress Scheme PRS027703) and CMP (Client Money Protection CMP011732), providing you with peace of mind and professional service.