Renting a property in London

Like most major cities, the closer you are to the city centre, the more expensive it can be. There are some popular areas that expats tend to migrate to such as Notting Hill, Chelsea and Knightsbridge. For those relocating with family or who want a bigger house away from the city centre, areas such as Richmond, Barnes or Hampstead are popular because of the choice of schools and green spaces.

The current trend of renting versus buying has made London a landlord’s market in recent months. This means that the rental rates have increased, with very little room for negotiation.

We recommend seeking help from a London relocations company, especially if you are not familiar with London or if you do not have the time to search for your ideal property. A relocation agent works on your behalf to get the very best deal while handling all negotiations. They also help you decide the best location suited to your needs.

Finding the right place

The London rental market moves quickly! If you are lucky enough to find the place you want, chances are someone else is right behind you who is also thinking the same. The best places don’t stick around more than a day or two, so be prepared to act fast. In order to secure the property you have selected, a holding deposit of one week’s rent is recommended once your offer has been accepted. This gives you a week to get the tenancy agreement signed without the worry of someone else coming along and making a higher offer. Of course this is at your own risk as should you decide not to rent the property, you would lose your deposit.

Unlike some cities, London Estate Agencies don’t share their listings amongst each other. Therefore, it is necessary to talk to all the agencies that cover the postcode in which you want to live. One way of viewing property lists from estate agents is on the Internet. There are some popular websites which typically have all the current listings posted. These are very useful as long as you know what you are looking for and where in London you want to be.

Such sites are:

• www.primelocation.com
• www.rightmove.com
• www.findaproperty.com

 

Important things to know

Furnished or Unfurnished?

Because London is one of the largest, if not the largest, finance centres of the world, there are quite a few people who relocate here for work. Therefore, there are many property owners who keep their property furnished to make it easier to let to expats. Nowadays, most properties are refurbished to higher standards due to greater demand.

• An unfurnished property normally includes window treatments, carpet, built in wardrobes and appliances.
• A furnished property normally includes everything from the beds to the cutlery in the kitchen.
• A partly furnished property will have some of the basics but usually not cutlery, china, etc. this can vary from place to place.

If it is worth noting in the case of both furnished and unfurnished properties that it is not uncommon to find carpet throughout, even in the bathroom. Most expats are used to wood floors and sometimes find it difficult to find a place that is completely without carpet.

Expats are often surprised by the low water pressure in their showers etc. This is because a lot of London’s piping infrastructure is out of date. It is wise to check the water pressure when you are viewing properties.

Types of properties

• Flats - either part of a large development, or a conversion - which is a house that has been separated into flats.
• Detached houses - these can be old or new but are usually located outside of central London. They typically offer bigger spaces, more bedrooms and a garden.
• Mews houses -these are smaller quaint houses that at one time used to be stables or inhabited by the caretakers. The downside is the lack of light but they can be quite charming.
• Mansion blocks - these are grand developments from the turn of the l9th century that are high density but usually offer good space. This is a good choice for someone who doesn’t mind sharing a large building with their neighbours.

Bills NOT included

Be careful to know exactly what your rent covers. Typically there are many costs in addition to the basic rent, and utilities can cause monthly expenses to skyrocket.

Additional cost to consider when renting:

• Council Tax
• Gas/Electric
• TV Licence
• Water
• Phone line rental
• Broadband

Tenancy terms

Terms of the tenancy can be for short or long lets. A short let is less than six months and will generally cost 40 percent higher than a long let, which is six months or longer.

In most cases a tenant can negotiate a six month break clause which allows the tenant to give a 30 or 60 day notice should they decide to vacate early. A break clause usually works in both directions which means the landlord also has the right to break the tenancy as well. This would be rare but should the market fluctuate in the landlords favour, they might choose to exercise their right.

A deposit equal to six weeks of rent is typically required along with work and previous landlord referral letters.

A holding deposit may be required to take the property off the market while the contracts are being drawn up. This is then deducted from the final sum.

Inventory check

Invetory checks are required both during move-in and move-out. The former check is financed by the landlord, and the latter by the tenant. 

This service provides certainty to both parties about the condition of the flat or house, which in turn determines the amount of the deposit returned. It is highly recommended expats or a trustworthy representative be present for these checks.

This is to make sure that you are happy with the working order of the contents of the flat before you move in. Also, it is important that before you move out any discrepancies found are sorted out as fast as possible. You do not want to slow down your deposit being returned to you.