Press Releases
Top Tips for Students Flying the Nest
Date: 19-September-2005
TOP TIPS FOR STUDENTS FLYING THE NEST
This month will see thousands of students flying the nest in search of a new home for the beginning of the academic year with their university or college.
To assist students find the right property, manage their budget and ensure that the legal implications and obligations of renting are understood, some tips have been compiled by David Hutton, Operations Director of Charles White Ltd, the residential property management and letting company.
David said: “Starting university or college and moving to the city is an exciting time for students and for many, after their first year in student halls, finding a suitable property in the private rented market will be their first home away from home. Students need to be aware of their options including property types, property location, rental and overhead costs and to take care when it comes to signing legally binding documents. Securing the right accommodation will allow students to take full advantage of their student life.
“Around 50% of our lettings are to students and in order to meet their accommodation needs we can provide extensive advice to help students in their quest to find a suitable home which will meet their living requirements during their academic year.”
•Your initial focus should be on properties in an area where your studies, part-time work and social life come together.
•Expect to pay between £260 to £320 per room per month for shared accommodation and an upfront deposit of one months rent plus £100 for the property as a whole.
•One-bedroom flats can be difficult to find and will generally cost in excess of £380 per month.
•You are likely to be required to provide a rent guarantee signed by a parent or guardian and also where applicable, a reference from a previous landlord or employer.
•Be aware that not all let properties are available to the student market. The type of mortgage and insurance policy held by the landlord may place a prohibition on letting the property to students. Therefore check the letting status with the agent.
•If you are sharing a property consisting of 3 or more unrelated people, you should ensure that your landlord holds a House in Multiple Occupancy (HMO) licence.
•Read the lease carefully before signing and be aware of the period of the lease and your rights and obligations, especially if you are sharing and the lease prescribes joint and several liability.
•Consider taking out house contents insurance for personal possession, accident, theft and damage to contents.
•Remember a deposit will only be returned at the end of the lease if, all rents have been paid up to date, there is proof of payment of utility bills and following an inspection of the property no damage has been done to items contained within the inventory list.
Established in 1840, Charles White Ltd is the oldest property management company in Edinburgh, specialising in property letting and the management of the communal parts of residential developments. Charles White Ltd has around 30 property professionals, currently based in offices in both Edinburgh and Glasgow.
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For further information
Lisa Nicholson
Beattie Communications
Tel: 01324 602563