TERMS

For the self contained flats, the leases are for 1 to 3 year terms.

The flatshare & houseshares are room licence agreements and are more flexible with 3 types of rent options:

(A)For 12 months plus Long Term lets. Rents quoted. 1 month’s deposit required.

(B)For 6 to 12 months Medium Term lets. Add 10% to rents quoted. Half month’s deposit required.

(C)For 1 to 6 months Short Term lets. Add 20% to rents quoted. NO DEPOSIT required.

Minimum of 1 month let.

This is very flexible and would appeal to short termers between properties, but is much more expensive than the long term rate.

Not sure which option to choose?

If you start with Option C Short Let and decide to stay on longer, then the extra rent you have paid can be refunded back into your deposit. The longer your stay the cheaper the rent.

For example, you want to move into a place but cannot commit to a medium or long term arrangement, so best to choose the short term option at the higher rent with no deposit. If you continue to stay on then you will move into the medium term rent after 6 months and get the refund of all the previous higher rent paid. If you continue to stay on beyond 12 months, then you receive all the higher rent paid for the previous 12 months so you end up paying the lower long term rate and have had flexibility as well. This generally means a Rent Free period in the 13th month!!!

In Options A Long term & B Medium term designed for a longer commitment, if you leave before the minimum period, then you pay the rent according to the time you have stayed.

Give 1 month’s notice to quit in Option C Short term or after the tie in periods in A & B.

Either way, the longer your commitment to staying the cheaper the rent will be!!!

 

Not sure?  Don't understand?

 

I will explain.

Say Long term rent A is £1,000 pm, B Medium term £1,100 pm (10% extra) & C Short term £1,200 pm (20% extra).

 

Month 1 -  C Short term rent payable £1,200pm

2

3

4

5

6

 

After 6 months, you move down to the B Medium term rent at £1,100 pm so you would have paid £100 pm extra over the previous 6 months so 6 * £100 = £600 refund due to you in the 7th month.

 

Month 7 - £1,100 pm B Medium term rent payable

8

9

10

11

12

 

After 12 months, you move down to A Long term rent of £1,000 pm so you would have paid £100 pm extra over the whole of the previous 12 months so 12 * £100 = £1,200 refund due to you in the 13th month.

 

Month 13 onwards - £1,000 pm A Long term rent payable etc...

 

You can adjust your deposit accordingly, but you will have had a very flexible arrangement and 2 great rent refunds or rent free periods!!!

What happens if I start long term and then need to pull out?

Do I loose my deposit?

Firstly give 1 month's notice to quit.

Your rent can be calculated on the short term rent scale up to 6 months. ie: you would be paying the 20% extra rent level.

If more than 6 months and less than 12 months then rent on medium term scale. ie: rent 10% above long term level.

You get your full deposit back held by the Deposit Protection Service.