Renting as a student is a significant responsibility, involving more than just choosing a space. In this article we uncover five common mistakes students often make when renting. It's important to be aware of potential issues when finding accommodation as a student. By understanding these challenges, you can make informed decisions and have a smoother experience.
Renting as a student is a significant responsibility, involving more than just choosing a space. In this article we uncover five common mistakes students often make when renting. It's important to be aware of potential issues when finding accommodation as a student. By understanding these challenges, you can make informed decisions and have a smoother experience.
1) Not understanding the implications before signing a joint tenancy agreement.
An individual tenancy agreement in a shared house is a rental arrangement where each tenant has a separate and distinct agreement with the Landlord.
In a joint tenancy agreement, all tenants sign a single lease or rental agreement together, sharing equal responsibility and liability for the entire property. This means that each tenant is collectively and individually responsible for fulfilling the terms and conditions of the agreement. This also means equal responsibility for the rent as a whole.
It's essential for tenants entering into a joint tenancy agreement to be aware of the implications of joint liability. This arrangement requires a high level of trust and cooperation among tenants, as everyone’s actions can have consequences for the entire group.
GreenPad have worked with Landlords to ensure their tenancies are individual tenancies, so one tenant is not reliable for the other person’s rent should the individual default in rent payment. On occasions, where GreenPad have joint tenancies they have a clause in their tenancy agreement stating tenants & guarantors are not liable for each other’s rent.
2) Starting the tenancy before the course start date.
Students may make the mistake of not considering the council tax implications when the tenancy start date is before the course start date.?Some students may assume that as students, they are automatically exempt from council tax without realizing that certain conditions, such as the course start date, must be met.?
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Students also assume that the landlord or property management will handle all aspects related to council tax, including exemptions. However, it's often the tenant's responsibility to provide necessary documentation to the council.
3) Failure to inquire about the tenancy deposit protection scheme
Students may make the mistake of not ensuring that their deposit is protected in a government-approved tenancy deposit protection (TDP) scheme. Students sometimes forget to ask their Landlords about the specific TDP scheme into which their deposit will be paid.
This lack of inquiry can lead to uncertainty about the security of their deposit and without deposit protection, tenants may be at risk of losing their deposit unfairly. In the absence of a TDP scheme, it may be more challenging for tenants to recover their deposit at the end of the tenancy.
4) Assuming the Landlord's insurance covers personal belongings
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Many students assume that their belongings are automatically covered by their Landlord's insurance or that content insurance is included in their rental agreement. However, it's crucial for students to understand that content insurance is typically not included in the Landlord's coverage, and they may need to secure their own policy to protect their personal belongings.
When signing a tenancy, students should ask their Landlord about the insurance coverage in place for the property. This clarifies what is covered and what is not. Students
should understand the importance of content insurance and consider purchasing a policy that suits their needs. Various insurance providers offer content insurance specifically tailored to renters, including students. Also check parent’s or other family member’s home insurance as they may have student content’s insurance already included on their policy.
5) Not speaking with existing tenants about their experiences.
When students are attending property viewings, a common mistake they might make is not taking the opportunity to speak with existing tenants about their experiences.
Current tenants can provide valuable insights into the day-to-day living experience, helping prospective tenants make informed decisions.
We hope the article has shown a light on some of the most commonly mistakes when renting a property. If you are looking to rent a property with GreenPad, go to our website – greenpad.co.uk, show your interest from hundreds of properties and get in touch with us by email at?enquiries@greenpad.co.uk?or call us on 01782 422300.?
Happy House Hunting!