So, you’re looking to complete a full tenancy change over?
This means all current tenants will be leaving the property and a brand-new set of tenants will be moving in.
Great! Before you verbally confirm that the new tenants can move in, we strongly recommend that you look over the steps and references that we’ll need before we can approve a swapover. (If not all tenants are moving out and instead there’s someone who wants to stay in the property, you’ll find our blog on a partial swapover more helpful)
Preparing for a change over
Current tenants looking to end their tenancy agreement, need to give us 28 days notice. If the current tenants know people who would like to take on the property when they vacate, the current tenants should pass details onto their Relationship Manager; these prospective new tenants will be subject to the usual reference checks carried out on all new tenants.
The deposit required and references we need to carry out depends on each tenant’s individual circumstances. Each prospective tenant should complete our Offer To Let form so that we can understand their situation and what references they could provide/we require. If a tenant has lived in the UK for the past 3 years or more, has a good credit history, is moving out of another rental property and is working full time it’s pretty straightforward; we’ll need to carry out a credit check and will need to see a landlord’s and an employer’s reference. However if we’re unable to credit check a tenant (if they’re a student or they don’t have a UK bank account) we would require a minimum of a double deposit and, potentially, some rent in advance. If they have an international guarantor, we normally request a double deposit & 6 months rent in advance (of their share of the rent). Whatever the tenant’s situation, we will always require a copy of the new tenant’s ID, a Landlord reference, proof of address & proof of income or a guarantor. If they are a citizen outside EU we will also need a copy of their visa. Take a look at our other blog for more information on referencing.
Setting the rent
According to the Private Rented Tenancy, the landlord can review the rent at the start of each new tenancy. Therefore, as the new tenants will be signing a new tenancy agreement, we recommend the vacating tenants check with their Relationship Manager what the rent would be for the new lease, before offering the property to anyone. No one would want a sticky situation where the flat has been offered at the current rent, and the rent has increased in line with market rents.
What’s the next step?
Once the current tenants have informed their Relationship Manager that they wish to end the tenancy and have passed on details of the prospective new tenants, our team will email the new tenants our Offer To Let form which will need to be completed within 24 hours.
Using the information provided on the Offer To Let form, the Relationship Manager will discuss the changeover with the Landlord and confirm their approval, so it’s really important the information is clear and accurate. We can’t guarantee that a Landlord will approve the swapover. If the swapover is approved, the application will be sent over to our Letting Administrators who will be in touch to request the appropriate deposit, rent and references. Once all references have been received & deposit paid, the lease will be sent out to sign electronically.
Moving out → Moving In?
We follow the same process for any other tenants vacating a property with an expectation that the property should be left in the same standard as when the tenant’s move in, less any reasonable wear and tear. The property Relationship Manager will then carry out a check out inspection once the tenants have vacated the property to assess any damage/cleaning required and any follow up remedial work will be organised and carried out. A new inventory will be scheduled before the new tenants move in.