Before you start searching for a new place to rent, it’s a good idea to figure out your budget. What are your current outgoings and what money do you have left each month to spend on rent? Take into account that, when you first move in, you will need to front a security deposit as well as the first month’s rent and a refundable holding deposit.
The landlord needs to be sure that that their tenant won’t have any issues paying the rent on a monthly basis and that the tenant will take good care of their property.
If a tenant is not fully approved by the referencing process, they can ask a guarantor to support them. A guarantor (usually a parent or guardian) will agree to take joint responsibility for the rent for the property if the tenant fails to. Guarantors are required to pay any rent arrears (if the tenant does not pay) and for any damages costing more than the deposit.
If you are tied into a fixed term contract, you will be liable for the rent until the fixed term is finished. If you are no longer in a fixed term contract (ie. a rolling contract) your tenancy agreement will define the notice you need to give.