|1.||Returning Home||2.||Supported Lodgings||3.||Staying Put Arrangement|
|4.||Social Housing||5.||Private Rent|
5. What is Private Renting?
Once you have turned 18, you are legally able to sign into a private rent tenancy.
Your Leaving Care Worker will help support you with:
- Advice about how to privately rent, pay bills, how to budget, and how to avoid rent or council tax arrears;
- Help you claim housing benefit/Universal credit;
- Practical support with moving into and furnishing your new home;
- Help you if you have a housing crisis such as losing your tenancy.
If you are about to rent your first home it is an exciting time, but it can also be more expensive than you think. To see what the average costs for private renting in Lincolnshire, plus how much you can afford, see our Rent and Bills section.
Every estate agent is different and their upfront costs can vary wildly. Costs are not regulated by Government so every estate agent can charge what they wish.
Some of the costings that are listed can appear scary and unachievable but most people will have to save before they can afford to move out. The costings given could vary and should only be used as a benchmark.
Before you move in
- Holding deposit (Sometimes called a retainer): Could cost £200-500. This is an amount of money an Estate agent can ask to 'reserve' a property and take it off the rental market (usually in a city where property goes quickly). The amount varies but is usually around one week's rent. This amount is normally taken off your deposit, which will be returned once you leave the property or end the tenancy. You MAY lose this money if you change your mind and never move in.
- Contract/administration fee: Could cost £350. This is a fee the estate agent will charge to create a contract between you and a landlord. This price also includes the work needed in administration phone calls/photocopying, etc.
- Reference Checks: Could cost £75-£100 per person. This pays for the cost of running checks on you. This is usually with your current employer and/or previous landlord.
- Credit Checks: Could cost £50-£100 per person. This is the cost for running checks on your credit history. A check is done via a credit referance agency like Experian or Equifax.
- Deposit: Could cost 4-6 weeks worth of rent. When you are renting a property you have to leave a deposit to the Landlord/Estate agent, which can only be used if you damage the property or have unpaid rent. This deposit is taken by the estate agent/landlord before you move in and kept in a separate account. It cannot be used by either the Estate agent or Landlord. This money is returned to you after you leave your tenancy.
Costs used are best example using the cheapest price shown in a shared house. Costing could be more or less and should only be used as a guide.
|£790.00||Total Upfront Cost|
After you have moved in
- Tenancy Renewal: Could cost £150-£180. You will have selected a period of time you wish to live at the property - this can range from 6 months plus. Once this time has passed, you will have to renew your contract. Please be aware this could also be the time your landlord decides to put your rent up;
- Changes to contract (Amendments): Could cost £100-£120. If you need to change your contract because a housemate has moved out or if you wish to change the contract period length;
- Unpaid rent: Could cost £30 per payment. If you have set up a standing order or direct debit and there is not enough money in your account when rent is due, your estate agent/landlord can charge you (your bank can too!);
- Early termination of contract: Could cost £300 per person. If, for whatever reason, you wish to cancel your contract before the agreed time period, then you can be charged the full amount of rent owed for the months remaining in your contract, plus a termination fee.