ECONOMY

10 Things To Know About Applying For Housing In The UK

Published

2 years ago

10 Things To Know About Applying For Housing In The UK

One of the challenging aspects of moving to the UK is finding suitable housing. You will need to select whether you need a furnished or unfurnished apartment or house, depending on the length of your stay, the number of people living with you, and your budget. If you remain long enough, you might even consider purchasing a home. There are many distinct types of homes in the UK, including cottages, detached homes, end-of-terrace homes, apartments, semi-detached homes, and terraced homes. Prices will vary according to the city, neighbourhood, and house type you choose.

In this article, find all the details you require for apartments and houses for rent and sale in the UK.

Short-Term Rentals

You can find short-term rentals on websites like Airbnb, Homeaway, VRBO, TripAdvisor, Homestay, or Booking. Short-term lease apartments are much easier to find and typically come equipped. If you still need to wait for your delivered items to arrive or if you want to take your time to locate the finest permanent housing option for your needs, you could want to turn to this alternative.

These rentals are also available in less formal marketplaces like Gumtree or Facebook groups. Still, a risk is involved because many people are unlawfully subleasing homes in these places. For instance, even if their lease agreement prohibits it, renters frequently temporarily sublet their residences when they leave on vacation.

What Is The Average Price Of A Short-Term Rental In The UK?

A short-term tenancy is typically for less than six months, on average. Any rental agreement more extended than a year is a long-term lease. Typically, medium-term rentals are those given for six months to a year.

Even though short-term rentals are typically more expensive than their longer-term equivalents, they are often advantageous. For instance, you might require lodging while finishing a real estate deal or wish to rent temporarily while looking for something permanent. These furnished properties are available for short-term or monthly rentals. To give you an idea of the price variations, the Residential Landlords Association (RLA) reports that the typical cost for one night in a London residence listed on Airbnb is 137 GBP. While the median price for long-term rentals in the city is 1700 GBP, the average nightly cost is 56 GBP.

What Document Do You Need To Rent On A Short-Term Basis?

Broadly, a government-issued ID is a primary document required to achieve this, with a verified account on the platforms.

Understanding House/Apartment Rent

It’s crucial to understand how to rent a home or apartment in the UK. You may learn everything you need to know right here to ensure that you get to live in the UK home of your dreams. Despite the abundance of rental houses, prices on the market vary greatly and are primarily influenced by location. For instance, homes in a desirable area in London may cost multiple folds as much as homes of the same type in the north of England.

Renting In The UK As A Foreigner

The length of your stay in the country, the kinds of homes you are interested in, your budget, your commute, the cost, whether you want a furnished or unfurnished space, an apartment or a house, etc., are all things you will likely not be familiar with the system and will need to take into account when choosing where to live. If you want to rent, you will be free to try out several locations if you don’t immediately find something that suits you. The process will go much more smoothly if you are flexible. You might begin your search by travelling abroad and exploring the websites where properties are listed, along with their costs and availability.

However, Leatherback can ease some stress while planning for your relocation as you can pay in your local currency for an apartment of your choice in the UK.

How To Rent A House Or Apartment In The UK

The most excellent alternative for you will be a rental if you only intend to relocate temporarily to the UK. Renting a home is quicker than buying one, and the landlord takes care of most maintenance. They are required by law to ensure that the rental property is maintained to a certain quality since they owe a duty of care to the tenants. They are primarily in charge of repairs to:

drains, gutters and external pipes;

the structure and exterior of the property;

sinks, basins, baths, and toilets;

electric wiring; and

Gas appliances.

It also has the advantage of letting you explore various neighbourhoods to see which one best suits you. Renting first will help you better understand your new area if you later choose to buy real estate. You will better understand how everything operates once you have lived there for a few months, which will help you make a more informed choice when buying property.

What Is The Average Rent In The UK?

Depending on the area, rent costs per month can be very different. For instance, Greater London has a rate of approximately 1,700 GBP (2,200 USD), significantly more than the GBP 1,000 national average (USD 1,300 USD). The average monthly rent for a similar-sized house in London is around GBP 1,000 (USD 1,300), while a place at the upper end of the range will run you about 13,000 GBP (17,000 USD). A furnished apartment might cost up to 20% more than an empty apartment.

What Are The Rental Procedure And Rules?

Signing a rental agreement is the next step after finding a place you like. The majority of contracts last for a semester or a year, after which you have the option of extending your stay. Carefully read your agreement. A security deposit (often equal to one month’s rent) will be required of you. The following conditions and documentation may also be necessary for renting:

Proof of ID

Proof of earnings

Proof of legal work permit/visa

Copy of employment contract

Letter of confirmation of employment from your employer

References from previous landlords

Rental Contract And Deposit

The following information must be on your rental contract:

Your (and your landlord’s) name and contact details;

address of the rental property;

date of start and end of the rental contract;

dates and frequency of rental review;

rental fees with payment dates;

extra fees, if any;

security deposit and conditions for getting it back;

Subletting rules.

Please list everything in the house and note its condition before you move in. By doing this, you can guarantee that when you vacate, your deposit will be returned.

You will have obligations and rights as a tenant. When you rent privately, you have the right to a safe, private home and protection from eviction and unfair rent. Your job is to maintain the property and make the agreed-upon rent payments.

In addition to having a tenant who takes care of their property and pays for any damage done to it, your landlord has the right to verify your visa and other documentation. However, they also must provide proper contracts and keep the property up to code. You can familiarise yourself with the laws governing the rights and obligations of renters and landlords to be fully informed of your rights.

Tips On How To Pass Tenant Referencing In The UK

Be proactive towards letting your landlord know everything that might interest them about you.

Get your paperwork ready, including references for renting (both employer and previous/current landlords), bank statements, and passport and visa, where necessary.

Inform your referees of possible contact from your letting agent or landlord to prevent them from being misguided about the information they will divulge about you.

Answer all correspondence promptly. You’ll have a better chance of passing the tenant screening process and obtaining the desired rental if you complete them immediately.

Secure a guarantor before starting the tenant referencing process.

Get your finances in order because you must have all the required deposits and fees ready to pay at a moment’s notice to ensure a smooth transition to moving into your preferred property. However, you can achieve this using the Leatherback virtual card, which allows you to deposit and pay for your housing finances in the UK from other parts of the world.

Conclusion

The advent of technology, which has opened the window of financial operations to the world, has enabled the seamless application for housing in the UK before relocation. As such, it is important to entrust your money transfers in this regard with a credible platform like Leatherback to make your transactions simple, easy, and convenient.

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BUSINESS

DealMakers AFRICA Recognizes Top Mergers, Acquisitions, and Dealmakers in West Africa

Published

1 month ago

Christopher

DealMakers AFRICA Recognizes Top Mergers, Acquisitions, and Dealmakers in West Africa

West Africa’s most significant mergers and acquisitions, along with the financial and legal advisers behind them, have been recognised in the recently released 2024 DealMakers AFRICA Annual Awards. The awards highlight transactions that have shaped the region’s corporate landscape, acknowledging the firms and individuals driving complex deals across industries.

The DealMakers AFRICA awards are determined primarily by objective criteria, assessing the value and number of transactions recorded. However, three categories—Deal of the Year, Private Equity Deal of the Year, and Individual DealMaker of the Year—are selected based on nominations from advisory firms. These are evaluated based on factors such as deal complexity, transformational impact, and potential value creation.

DealMakers AFRICA Recognizes Top Mergers, Acquisitions, and Dealmakers in West Africa

In the West Africa Deal of the Year category, four major transactions were shortlisted. These included Olam Agri’s acquisition of Avisen, Chappal Energies’ purchase of Equinor’s Nigerian business, Renaissance Africa Energy’s acquisition of Shell Petroleum Development Company of Nigeria, and the acquisition of Flour Mills by Excelsior Shipping. The winning deal in this category was the acquisition of Shell Petroleum Development Company by Renaissance Africa Energy, a transaction that aligns with Nigeria’s broader objective of increasing local participation in the energy sector. The deal saw ownership of critical onshore assets consolidated under a consortium of Nigerian companies, reinforcing local players’ roles in the industry. PwC Nigeria, Banwo & Ighodalo, Clifford Chance, White & Case, and G. Elias served as advisers on the transaction.

For the Private Equity Deal of the Year, three deals were in contention, including CardinalStone Partners’ exit from i-Fitness to Verod, Verod and its partners’ investment in Moniepoint, and Adenia Partners’ sale of Cresta Paints to Uhuru Investment Partners. The award was given to CardinalStone Partners for its exit from i-Fitness to Verod, a deal expected to drive i-Fitness’ next growth phase through Verod’s operational expertise and financial backing. The transaction was facilitated by Rand Merchant Bank Nigeria, CardinalStone Capital Partners, Udo Udoma & Belo-Osagie, and Olaniwun Ajayi.

The Individual DealMaker of the Year award, sponsored for the second consecutive year by PSG Capital, recognised five shortlisted professionals: Akinola Akinboboye of Deloitte, Ayotunde Owoigbe of Banwo & Ighodalo, Azeezah Muse-Sadiq of Banwo & Ighodalo, Daniel Adeoye of Verod, and Yewande Senbore of Olaniwun Ajayi. The award went to Daniel Adeoye, a partner at Verod, for his role in executing high-value transactions in the region.

Adenia Partners’ acquisition of Air Liquide subsidiaries across Africa was recognised with the DealMakers AFRICA Special Recognition award. The deal spanned 12 countries across three regions, with Adenia committing up to €30 million over the next five years to strengthen and expand the newly formed entity, Erium. The transaction was advised by Decrop Consulting, Asafo & Co, Fidal Avocats, Deloitte, DPGS & Alliance Partners, and ClassM.

The awards also acknowledged the top-performing financial and legal advisory firms in West Africa’s mergers and acquisitions landscape. PwC emerged as the leading financial adviser by deal value, followed by Rand Merchant Bank Nigeria, Citigroup Global Markets, and Treadstone Resource Partners. Rand Merchant Bank Nigeria and Stanbic IBTC Capital shared the top spot for financial advisory by deal activity.

Banwo & Ighodalo was named the top legal adviser by deal value, ahead of Clifford Chance, G. Elias, and White & Case. In terms of deal flow, Banwo & Ighodalo secured the top position, followed by Olaniwun Ajayi and Herbert Smith Freehills.

For equity transactions, Stanbic IBTC Capital was ranked the top financial adviser by transaction value, while Templars led as the top legal adviser in the same category. In debt transactions, Afreximbank ranked highest by value, while Olaniwun Ajayi led in legal advisory.

DealMakers AFRICA, which launched its awards in 2000 in South Africa and expanded to the rest of the continent in 2008, continues to highlight key transactions that shape African economies. The latest rankings reflect the growing sophistication of West Africa’s mergers and acquisitions landscape, as local and international firms navigate complex deals that are reshaping industries across the region.

ECONOMY

The Pan African Farmers’ Organization (PAFO) and African Development Bank Strengthen Partnership to Support Small-Scale Farmers

Published

4 months ago

Christopher

The Pan African Farmers' Organization (PAFO) and African Development Bank Strengthen Partnership to Support Small-Scale Farmers

The Pan African Farmers’ Organization (PAFO) and the African Development Bank (www.AfDB.org) are strengthening their collaboration to enhance support for small-scale farmers across Africa. A PAFO delegation led by its President, Ibrahima Coulibaly, visited the Bank’s headquarters on December 13, 2024, to advance the implementation of the Memorandum of Understanding (MoU) signed in October 2023.

Dr. Martin Fregene, Director of the Agriculture and Agro-industry, reaffirmed the Bank’s commitment to the partnership, highlighting its investments in agriculture, which have benefited over 14 million producers through initiatives that provide inputs and improve market access. He acknowledged persistent challenges in the sector and welcomed ideas from civil society organizations like PAFO to enhance the Bank’s impact.

The Pan African Farmers’ Organization (PAFO) and African Development Bank Strengthen Partnership to Support Small-Scale Farmers

Coulibaly outlined PAFO’s mission and strategic priorities to empower smallholder farmers and advocate for their rights, stressing the need for greater strategic support from the Bank to address challenges in agriculture, which has the potential to solve 80% of the continent’s problems.

The meeting culminated in plans to jointly host a High-Level Conference on Financing Small-Scale Farmers in the second quarter of 2025. This event will rally stakeholders to discuss the financial needs of small-scale farmers and explore sustainable solutions to improve livelihoods. Additionally, the two organizations agreed to develop a comprehensive action plan focusing on capacity building, technology integration, and access to finance, particularly for women and youth farmers.

“The Bank’s ‘Feed Africa’ strategy is an important step toward transforming Africa’s farming sector, and we are excited to work with the Bank to help shape this vision,” said Coulibaly. “Through this partnership, we are committed to helping farmers gain the support and resources they need to succeed, especially women and youth.”

This partnership aligns with the Bank’s ‘High 5’ priorities, particularly “Feed Africa,” and builds on its commitment to fostering collaboration with civil society organizations. The Bank recognizes the crucial role of such organizations in driving sustainable development.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

BUSINESS

Afreximbank and Ecobank partner to simplify trade and compliance for African businesses

Published

4 months ago

Christopher

Afreximbank and Ecobank partner to simplify trade and compliance for African businesses

African Export-Import Bank (Afreximbank) and Ecobank Group (www.Ecobank.com) have embarked on a collaboration aimed at simplifying trade and compliance for businesses in Africa by integrating Ecobank’s Single Market Trade Hub and Afreximbank’s MANSA Digital Repository Platform.

Afreximbank and Ecobank partner to simplify trade and compliance for African businesses

With the collaboration, African businesses will benefit from seamless shared services across the two platforms, with users of the Single Market Trade Hub able to easily leverage MANSA’s comprehensive database for efficient know-thy-customer (KYC) and customer due diligence (CDD) checks while MANSA platform users would, in turn, be able to directly connect to the Single Market Trade Hub to explore trade opportunities to expand their businesses across Africa.

The Ecobank Single Market Trade Hub connects registered businesses across Africa on a single platform, helping them benefit from opportunities in the unified market of 1.4 billion people created by the African Continental Free Trade Agreement (AfCFTA). It serves as a one-stop repository for the AfCFTA by providing small and medium-scale enterprises (SMEs) and corporates with insights about the agreement while its online match-making feature enables importers and exporters to upload their profiles and showcase goods and services they offer, or wish to source, with the aim of finding partners within Africa. Once a match is found, connections are made via the platform and the transaction can be concluded leveraging on Ecobank’s trade and payment solutions in 35 African markets.

The MANSA Digital Repository Platform, or MANSA, is a one-stop-shop for due diligence matters on all African entities. As a centralised digital repository, MANSA seeks to eliminate information asymmetry and to increase intra-African trade and trade with the rest of the world. It drives and promotes good governance culture among African SMEs and creates visibility for their businesses while also supporting African entities to expand, diversify and add value to their export products at both the local and international levels. Entities onboarded unto MANSA are allotted an Africa Entity Identifier (AEI) code which enables them to leverage other Afreximbank products and initiatives.

MANSA is also a key digital solution at the Africa Trade Gateway (ATG) marketplace which houses a suite of digital platforms designed as a single window to enable Afreximbank better deliver on its mandate, providing critical services to support and promote intra-African trade and the implementation of the AfCFTA. The platform enables African entities to accelerate their business activities at the ATG marketplace by working with verified information on trusted counterparties.

The new collaboration is, therefore, enabling Ecobank and Afreximbank to provide a central solution to the key challenge of KYC compliance and access to business across 35 countries in Africa. The improved interoperability is expected to further streamline cross-border trade and compliance in Africa, fostering greater financial and economic integration on the continent.

Afreximbank is a pan-African multilateral financial institution established to finance and promote intra- and extra-African trade.

Ecobank Group is a leading private pan-African banking group with unrivalled African expertise.

Discover the Ecobank Single Market Trade Hub at www.TradeHub.Ecobank.com and MANSA at www.MANSAAfrica.com