The Wool Factory, Leicester

Your simple guide to securing your new student property

We understand that finding your next student home is a big decision. Once you’ve found the perfect place, we want the process of securing that property to be as easy and stress-free as possible.

That’s why we try to make the process as clear and straightforward as possible. That means no jargon, no fuss, no pressure! Here’s our guide to securing your new home.

Reserve your property
For most of our properties, we'll ask you to pay a Holding Deposit of one week's rent per person. You'll need to pay this fee via bank transfer.

The Holding Deposit will be used towards your rent if your application is successful. This Holding Deposit is refundable, but please note that it will not be returned to you if:

• You fail a right to rent check
• You provide false information in your application
• You back out of the tenancy agreement
• You do not respond to reasonable requests for information

Some of our landlords prefer you to sign a contract and pay the retainer before taking the property off the market. If you call us, we can let you know what you'll need to do to secure your particular property.

We’ll also let you know the time frames for completing each action. But it's important that you complete all of the steps, otherwise, the property may be put back on the market. The average time to complete the paperwork is five working days.

If, when you pop into the branch or call to reserve your property, not all of the group are present, it's important that you let us know the full name, email address, and mobile number for each tenant, as quickly as possible.

Please ensure we get these details within 24 hours of you making the reservation. We will need each person's name, as it appears on their ID. This will help cut down the time it takes to get the contract out to the whole group.

Pay your retainer

You will be asked to pay your retainer when you are signing your contract. Your retainer will become your deposit, once the tenancy starts.

What is a retainer?

A non-refundable retainer is paid when you wish to take a property, when you move into the property it becomes the deposit and will be protected through one of the government-authorized deposit schemes.

Where are my deposits/retainer protected?

When you sign your contract you will pay your ‘non-refundable retainer’; this is held by the landlord or his agent until you move into the property when it becomes your ‘deposit’.

Once the funds become a deposit your landlord has 28 days in which to protect it with a government-authorized scheme and provide the details to you. Your landlord is not obliged to tell you which scheme they will use until that time; the scheme fees paid by the landlord fluctuate so landlords will use the most appropriate of the three schemes at that time.

What happens if I want to drop out?

Once you have signed your tenancy agreement you are bound to it for the full term. If you don’t want to live in the property anymore you will still have to pay rent until you find someone to take over your liabilities. This is called a Novation.

There is a charge for us to organize your Novation. If you signed your tenancy agreement before Monday 20th May 2019, the charge is £150. If you signed your tenancy agreement on or after Monday 20th May 2019, the charge is £125 per tenant changing + £10 per tenant on the tenancy agreement over one. If you would like us to advertise your room, there will be an additional charge of 50% of one month's rent, at a minimum of £250