We aim to make the renting process as clear and straightforward as possible. The information below explains our referencing requirements, affordability criteria and any permitted payments or charges that may apply during a tenancy.
All prospective Contract Holders are subject to referencing and affordability checks prior to entering into an Occupation Contract.
As a general guide, a Contract Holderās annual income should be at least 30 times their monthly rental share amount.
If your monthly rental share is Ā£500pcm:
Ā£500 Ć 30 = Ā£15,000
You would therefore typically need to demonstrate a minimum annual income of Ā£15,000.
Examples may include:
Where an applicant does not meet affordability requirements through employment or regular income alone, savings may be considered as part of the referencing process.
For Contract Holders, available savings should typically equal at least 2.5 times the monthly rental share across the duration of the fixed-term Occupation Contract.
For a monthly rental share of Ā£1,000 on a 6-month tenancy:
Ā£1,000 Ć 2.5 Ć 6 = Ā£15,000
The applicant would therefore generally be expected to demonstrate accessible savings of approximately Ā£15,000.
Where a guarantor is required, the guarantorās annual income should generally be at least 36 times the monthly rental share amount they are supporting.
If a guarantor is supporting a monthly rental share of Ā£1,000:
Ā£1,000 Ć 36 = Ā£36,000
The guarantor would therefore typically need to demonstrate a minimum annual income of Ā£36,000.
Additional guarantor checks may include:
Where a guarantor is being assessed based on savings rather than income, the required savings threshold is generally calculated at 3 times the monthly rental share across the length of the tenancy term.
Example
For a guarantor supporting a monthly rental share of Ā£1,000 on a 6-month Occupation Contract:
Ā£1,000 Ć 3 Ć 6 = Ā£18,000
The guarantor would therefore typically be expected to evidence savings of approximately Ā£18,000.
Savings used for referencing purposes must usually:
A security deposit equivalent to one monthās rent will normally be required before the commencement of the Occupation Contract.
The deposit will be protected within an approved custodial tenancy deposit protection scheme, typically the Deposit Protection Service (DPS), in accordance with Welsh legislation.
Contract Holders will have access to the relevant tenancy deposit scheme dispute resolution service where agreement regarding deductions cannot be reached.
Where a holding deposit is requested, the amount will not exceed one weekās rent in accordance with the Renting Homes (Fees etc.) (Wales) Act 2019.
Full holding deposit information will be provided before any payment is requested.
Pets may be considered at certain properties subject to the landlordās written consent.
Any request to keep a pet at the property must be made in writing before the pet is kept at the property.
In line with Welsh legislation:
Some landlords may request additional pet-related insurance cover where appropriate and permitted by law.
Under Welsh legislation, landlords and letting agents can only charge certain permitted payments.
The following charges may apply where relevant and permitted under the Occupation Contract and applicable legislation.
| Permitted Charge | Details |
|---|---|
| Late Rent Interest | Interest may be charged on rent more than 14 days overdue at 3% above the Bank of England base rate |
| Lost Keys / Security Devices | Contract Holders are responsible for the reasonable replacement cost of lost keys, fobs or security devices |
| Lock Replacement | Costs associated with replacement locks where keys/security devices are lost |
| Breach of Contract Costs | Reasonable costs incurred as a result of a breach of the Occupation Contract where permitted by law |
| Arrears Recovery | Reasonable administration costs associated with serious rent arrears and enforcement action |
| Legal & Notice Costs | Costs associated with serving legal notices or enforcement action where permitted |
| Checkout Liabilities | Costs arising from damage, missing items, cleaning or breaches identified at check-out beyond fair wear and tear |
ā¢ Any applicable charges will always be explained in writing
ā¢ No prohibited fees are charged.
ā¢ All referencing and affordability assessments are subject to individual circumstances.
ā¢ Additional supporting documentation may be requested during the application process.
ā¢ Occupation Contracts are granted subject to satisfactory referencing and affordability checks.
We are members of an approved Client Money Protection scheme (CMP009744) and an independent property redress scheme (Membership No: PRS007668) in accordance with Rent Smart Wales licensing requirements.
Have a question, need more information, or want to explore how we can work together? Our team is here to provide answers, offer insights, and help you take the next step.
