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- Letting Process Guide
This guide explains how our lettings process works and the important steps you need to take in becoming a tenant with us.
Entering a commercial property agreement is not a decision to be taken lightly and we strongly recommend that you seek professional and/or legal advice at the outset to help advise you on each step. We are not in a position to give legal advice ourselves.
Our Tenant handbook provides an overview of your responsibilities as a tenant. Information for prospective tenants, including an example tenancy agreement and draft Heads of Terms, is available on our website.
The lettings process should normally take around 4-6 weeks.
|Expression of interest
||Arranging a viewing
All available units are on our website. Lettings are either handled by Arch Co directly or an external representative. In either case a Letting Agent will arrange a time with you to do a viewing of the property.
You will be asked to fill in and return an application form. In your application please ensure you make a clear statement regarding the level of rent you are offering excluding VAT and any conditions to your offer. VAT is payable on charges including rent, insurance, service charge and deposit.
Applying for alterations
Your application should include an indication of any alterations you plan to undertake at the property. This is because we have an obligation under our head lease with Network Rail not to make any alternations that could undermine the structural integrity of the railway infrastructure.
|Processing your application
|If your application is successful, we will begin a conversation with you to discuss terms.
You will be required to undergo a credit check to determine your suitability and what level of rental deposit and/or guarantees will be required. This applies whether the application is being made under an individual or company name. Prospective tenants will be asked to show:
· A passport or other photo ID;
· A Utility Bill or Council Tax Bill; and
· Previous trading accounts.
Applying for alterations
If you are applying to make any alternations, you will be asked to fill in and return a Works Consent Form.
|Taking the property off the market
|Heads of Terms and Pre-Letting Notice
Once terms have been agreed you will be issued with a Heads of Terms and Pre-Letting Notice.
These documents set out the steps required to complete the transaction and your responsibilities as a tenant. We strongly recommend that you take out professional and/or legal advice to review these documents.
After reading the Head of terms and Pre-Letting Notice carefully, please sign and return them to your Letting Agent. This should be returned in PDF format. We will let you know when this has been acknowledged and the property will be formally ‘Under Offer’, subject to contract and the conditions in the Heads of Terms.
|Arch Company Board approval
All transactions require approval from the Arch Company Board in order to progress. We only appoint solicitors once Board approval has been obtained unless you cover us for our abortive costs.
If you are applying to make any alternations, we will review the information provided in the Works Consent Form. In some cases, Network Rail approval may be required. If applicable, we will advise in such cases and provide an anticipated timeframe.
With your submission of works, and where relevant, please provide supporting documents such as specification of works or plans. Please be as detailed as you can to avoid delays.
Any consented works will be documented via a Licence to Alter which costs you £350 + VAT.
|Once the above processes have been completed, the Arch Company will instruct solicitors and you will be issued with legal documentation to review and sign.
To cover our legal costs, you will be asked to pay £395.00 + VAT if you are applying for a Standard Tenancy or £795 + VAT for an Enhanced Tenancy. Costs will be higher for a Lease and we will advise on this on a case by case basis. Once legal documents have been issued you will be liable for this cost even if you withdraw from the negotiation.
· Ensure the Statutory Declaration is witnessed in front of a solicitor (you should contact us if this is not possible)
· Sign and return legal documentation
· Provide a Direct Debit mandate to The Arch Company
· Agree Completion Date
· Arrange for Completion monies to be sent. This will include (if applicable) deposit, rent, insurance, service charge and one-off charges
· Obtain a padlock for your unit
Once Completion monies have been transferred and funds have cleared, the transaction can complete, and the property can be handed over to you. We will provide you with a welcome pack and a list of useful contacts as part of your induction.