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How does the offer process work?

  • Updated

Table of Contents

  1. Sending an offer
  2. Holding deposit
  3. After sending an offer
  4. Offer negotiation
  5. Offer rejection
  6. Offer cancellation
  7. Expired offers
  8. Offer acceptance
  9. Tenant Referencing
  10. Tenancy Agreement
  11. Prepare for move-in
  12. Move-in!

Sending an offer 

You can send offers to landlords for properties you are interested in, provided that you have verified your ID. Offers are customisable so you can negotiate terms like rent price, move-in date etc. The listed rent price simply acts as a ballpark for what the owner would accept. Offers will also contain details about the potential tenancy, including who would live there and any special conditions you'd like to request. Basically, key things owners would need to know in order to make an informed decision on whether or not they should accept you as a tenant. 

You have the option to send your offer with or without the holding deposit pre-authorised. 

Lastly, you can only have one active offer at any time. Please be prepared to commit to a home when sending an offer. If you're not serious about the property then it may be a waste of your time and theirs. The renting process can be just as stressful or time-sensitive for owners, so we want users to respect each other's time. 

Holding deposit

A holding deposit reserves a property for you, should your offer be accepted. The deposit is 1 week's rent.

Example: a property that costs £1,700 / month will cost £393 / week. Your holding deposit would be 1 week's rent so, £393. For your convenience, all listings show both monthly and weekly rent prices. 

When submitting payment, rest assured that PropertyLoop does not share, sell, or disclose your payment information to any third parties without your consent. Furthermore, we use encryption services to ensure your information is protected.

Offer with deposit:

Send an offer with a pre-authorised holding deposit. In other words, you're saving your card information in advance. Upon offer acceptance, the holding deposit will be withdrawn from your card and paid automatically. This takes the listing off the market right away and reserves the property for you. You will not be charged if your offer is not accepted.

As a bonus, owners tend to gravitate to offers with deposits as it shows you are committed to the property. You've pre-authorised the deposit, which shows you are financially committed.

This is the best option for renters who are committed to a property and will not change their mind.

Offer without deposit: Send an offer without the holding deposit pre-authorised. If your offer is accepted, you must put down a holding deposit manually and as soon as possible. It will not be automated.

This increases the risk of losing the property as, until the holding deposit is paid, the listing will remain on the market and open to other renters. Owners don't prefer offers without deposits because it gives them less of a guarantee of your financial commitment. 

Example: You've made an offer without deposit on 7 Thalia House E14 9RU and it has been accepted. You are given 24 hours to pay the holding deposit and decide to pay it in a couple of hours when you are free. During this time, 7 Thalia House E14 9RU stays on the market.

Another tenant makes an offer with deposit which also gets accepted. Upon acceptance, the holding deposit is paid immediately and automatically. They have secured the home. While your offer was accepted first,  the property is still fair game to other renters until you submit a holding deposit. 

After sending an offer

After an offer is sent, owners have 24 hours to respond. They can either accept, reject, or counter (negotiate) the offer. We ask owners to respond within 24 hours because we understand renting can be stressful or time-sensitive, so we want the process to go as smoothly as possible. If the owner does not respond in 24 hours, the offer will expire. You may also cancel offers, should you wish to do so.  

After sending an offer, you will still be able to communicate freely with the landlord through the platform, as well as make unlimited offers on other properties. However, prepare to commit if your offer does get accepted. 

Can I send multiple offers?


You can only have one active offer at a time. If you'd like to make a second offer (whether that be for the same or different property), you must cancel your current offer.   

If your offer gets countered 

Similar to owners, you have 24 hours to respond to a counteroffer. You may either accept these changes and move forward in the application process, reject the counteroffer or continue negotiating. You can negotiate back and forth as many times as you’d like until both parties reach an agreement or someone decides to walk away. Learn more about negotiating during the offer process.

If your offer gets rejected 

If your offer is not accepted, you will not be charged. You will still be able to extend another offer on the listing, should you wish, and discuss with the owner any questions you may have. Otherwise, you can start exploring other new properties immediately. We understand that traditional estate agents can keep renters waiting or in the dark about their offers. That's why at PropertyLoop we make sure you aren't kept in the dark and are able to communicate with the owner directly about any questions you may have. 

If your offer gets cancelled 

An offer can only be cancelled by its sender, whether it be a renter or an owner.  Offers may be cancelled if was an accident, there was a mistake, you changed your mind, etc. Don't worry – once you cancel an offer, you can always initiate a new one. 

If your offer expires

Your offer may expire if the owner fails to respond within 24 hours. We set a limit of 24 hours to encourage punctual responses and a smooth renting process. If your offer expires, you can always message the owner or send them another offer. 

If your offer gets accepted 

Congratulations! If your offer without deposit gets accepted, you will be directed to submit payment information within 24 hours to reserve the property. If you sent an offer with deposit, the deposit will automatically be withdrawn from your account and the home is yours immediately. 

Once you put down the holding deposit, the property will be officially taken off the market and reserved for you. You'll then continue in the next step of the tenancy process, referencing. After securing the home, you'll get an email from our trusted referencing partner on how to get started and where to submit documents. During this time, you can still communicate with the landlord if you have any questions or concerns. Make sure to communicate only through the PropertyLoop platform to protect yourself from fraud, scams, or phishing. 

 

Tenant Referencing

Once you've paid the holding deposit, within 24 hours you'll receive an email from our referencing partner, Goodlord, requesting documents and personal information for verification. Please provide the requested documents and information as soon as you can to prevent any mishaps or delays.

Tenant referencing assesses renters' tenant suitability by verifying key information:

  • ID

  • Credit Check

  • Income

  • Residential Status

Our partners assess the information gathered for these sections to produce a report showing their findings and a recommendation of tenant suitability. Referencing typically takes 3-5 days on average. If you pass referencing, a tenancy agreement will be drawn up for you and the owner to sign. Occasionally, renters may be a conditional pass, in which you will be able to move to the next step provided you meet certain requirements. Learn more about the referencing process here.

 

Tenancy Agreement 

The tenancy agreement is a legally binding document that shall include the date of the contract, contact information for both you and the landlord, and property details (e.g., address, parking spaces, amenities, etc.) The document also contains specifics about the tenancy, such as the type and length of the tenancy.

A standard agreement will include the rental rights and obligations of each party, legal and safety regulations, rent details (e.g., the amount due, payment frequency, late fees, etc.) and any special conditions or terms agreed upon by both parties. 
In compliance with housing regulation and laws, attached to the agreement are necessary certificates and documents: 
  • Electrical Installation Condition Report (EICR) 
  • Energy Performance Certificate (EPC) 
  • Gas Safety Certificate
  • Landlord License, if applicable, 
  • Non-Resident Landlord (NRL) Scheme, if applicable 
  • Head Lease, if applicable 
If everything looks good, sign on the dotted line to finalise the deal. As a part of the agreement, you'll have to pay move-in monies like the security deposit and first month's rent, less the holding deposit. We encourage tenants to pay move-in monies within 24 hours, however, if that isn't feasible, discuss with your landlord ahead of time.

Prepare for move-in

Set up a move-in date with the owner and start preparing for the big day. Use our move-in checklist to stay organised and on top of things while packing.  

Move-in day

The big day's finally here. We're so excited for you to start living in your new home. The first few days can be tough, so don't be afraid to ask the landlord questions or just say hi!

 

 

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