Flat-Hunting Around LBS

Now that we're in August, it's prime flat-hunting season in the suburbs around London Business School i.e Maida Vale, St John's Wood and Marylebone. A recent small survey of students unveiled the fact that around 50% have already found something but 50% are still looking.

Based on my observations thus far, several have formed their own flat-hunting groups of 2-4 people early on so all that's left to do is to find a flat that everyone is ok with. It's quite a bit easier to hunt for places if you already have a ready group. Good places within walking distance to LBS are popular and being able to sign for it quickly is an advantage - which you can only do if you have the required number of people. That said, there are always people who have already found or got an apartment and are looking for flatmates to join their group.

Some bits of advice for future flat-hunters:

• Three bedroom and 2 bedroom apartments are much easier to find than 4 bedroom places. So if forming a group, look at pairing up or forming a group of 2 or 3. 4 bedroom apartments are pretty rare, especially within walking distance of LBS.
• Apartments with 3 equal sized bedrooms are not easy to find and most groups split the rent based on the bedroom size and features. It's best to have someone in your group who has a slightly higher budget and would be willing to take the largest room.
• Most LBS students usually try and find places within Maida Vale, St John's Wood and Marylebone. Marylebone is a much more expensive area out of the three.
• It's a pretty bad idea to make an offer on an apartment without at least one of your flatmates viewing it first. Skype and pictures do not necessarily match reality. One of my classmates offered and signed for an apartment based on the previous tenants showing them the apartment via Skype. The condition of the apartment ended up being in a much worse condition than imagined, which unfortunately they had to live with.
• For international students, if you don't have a UK guarantee or any credit history in the UK, you'll find yourself having to pay not just a 6 week deposit (what we call a bond in NZ), but also 6 months rent in advance. In most cases as letting agents are handling this, they insist on it. If you manage to deal directly with the landlord, you can negotiate this or apartments owned by LBS alumni usually waives this.
• Everything can be negotiated! You can negotiate the amount of rent, the payment terms - even whether the landlord should provide an unfurnished apartment with furnishings. Whether or not the landlord accepts your offer depends on how well you present your case.
• Renting through a real estate agent is the most common way of getting a place. However, this normally comes with various administration fees. The real estate agencies located around LBS will waive the administrative fees for LBS students though if you ask. So always try and negotiate for a better deal.
• There is a secret group on Facebook for LBS flatshares and sublets where rooms and people seeking flatmates hunt. It's very useful for finding a place or short-term accommodation while you're seeking a more permanent home. You'll need an invitation to see the group though.