Once you’ve done all the leg-work in finding your London flat, you can then enjoy the pleasure of paying for it. In London, signing a lease agreement on a flat requires you to pay:
- 1st month’s rent in advance
- 6-week deposit
Bearing in mind that rent prices in London are quoted in weekly terms, to arrive at a monthly figure, you must multiply the weekly rent price by 4.33—i.e., times 52 (# weeks in a year) and divided by 12 (# months in the year). So, for example, if your negotiated rent price ends up being £300 per week:
1st month’s rent = £300 * 4.33 = £1,300
6-week deposit = £300 * 6.00 = £1,800
Total amount due to lettings agency/landlord = £2,100*
(*not inclusive of admin fees, which vary by agency. If you are placed through London Relocation Ltd., this fee is waived)
The best way to pay the amount due to the applicable agency/landlord, then, is by bank transfer, as it helps you avoid:
- carrying massive sums of cash around;
- waiting for a non-UK bank check (‘cheque’) or traveller’s check denominated in a currency other than GBP to clear, which can take several days if not weeks; or,
- incurring 3-5% charges for using a credit card.
To facilitate this process, part of London Relocation Ltd.‘s service is getting you set up with your UK bank account, so we’re a worthwhile investment!
