When you find a new property it is very tempting to tear the rental agreement from the landlord’s hands and sign on the dotted line before you get gazumped.

It's understandable. Competition for properties is fierce and with the shortage of privately rented accommodation in some areas, simply getting the chance to view a property is tough.

More and more people, including a growing number of families, are turning to the private sector to find a home.

All of which makes it very difficult not to immediately sign the lease when it is put in front of you.

But, take a step back and make sure you know exactly what you are getting into. There is always time to ask the landlord or the agent some pertinent questions before you put your name on the contract.

How much is the deposit?

This should be the first question you ask and there a few different strands to it. The first things you need to know is obviously how much the deposit is and how it will be paid. However, you should also ask which scheme the landlord will lodge the deposit with.

All landlords must place tenants deposits with one of the government approved Tenancy Deposit Schemes. The deposit is then held by the independent third party until the end of the lease when it is returned to the tenant providing there is no dispute over deductions.

This helps to protect you as a tenant and ensures no unfair deductions can be made by the landlord.

How do I pay the rent?

It's a straight forward question but one you do need answering.

The ideal solution is to pay by direct debit. With this method you know exactly when the money will leave your account and can budget accordingly. You should certainly avoid landlords who insist they will only accept cash payments. Any landlord who takes this stance should be avoided.

You should also make sure your rent is paid through Credit Ladder. By taking this step you can help build your credit rating every time you make your normal monthly rent payment. You should ask your landlord to visit this page or you can find further information here.

What is their policy on pets?

Not an important question for everyone, but if you are a dog / cat / goldfish lover you need to ensure your new landlord allows pets in the property.

If the landlord has a no pets clause in the rental agreement you must respect this. If you keep pets and violate your lease you are leaving yourself open to forfeiting your deposit. You could even face eviction and further costs should the pet cause any damage.

For example, a dog can play havoc with a lawn and you may end up having to pay for it to be re-laid.

What about subletting?

This is an important point to clarify. With rents rising, more and more single tenants are looking to sublet to help them meet costs.

According to the National Housing Survey, tenants in some parts of the country are paying 50% or more of their income in rent. Subletting a room can be seen as an appealing way to help make ends meet. However, this is only an option if your lease allows it.

If meeting the rent becomes a problem and subletting is the only solution, your landlord may be sympathetic even if the lease forbids subletting. But, you should make sure this is the case before finding a housemate.

What happens if I want to leave before the end of the lease?

Many tenants don't realise leaving their accommodation before their lease expires can leave them open to facing extra costs.

Regardless whether you sign a six month, a year or longer contract the landlord will expect you to stay until the final day of the agreement.

Sometimes, however, you may need to break the lease. Perhaps you get a new job in another city or your circumstances change. It may not happen of course, but you should ask the landlord if extra fees apply should you want to leave the property before the end of the lease.

Often the rental agreement will include a clause which commits you to paying two or three months rent as a termination fee, or you may even have to continue paying the rent until a new tenant is found.

Make sure you know the penalties, if any, for terminating the lease early.

Is the property safe?

Landlords are required by law to give you a copy of a current Gas Safety Certficate for any gas appliances or flues within the property. A rental property must also have a smoke alarm on every floor, and a carbon monoxide alarm in any room with a sold fuel burner.

CreditLadder can help you improve your credit score

If you want to improve your credit position by reporting your rent payments, CreditLadder is the only way to improve your credit score and position across all four of the main Credit Reference Agencies in the UK, namely Experian, Equifax, TransUnion and Crediva. Building up a high credit score has a lot of benefits, including helping you access finance at better rates - this can also help save you money.

CreditLadder also runs a free mortgage application service in partnership with Tembo which will tell you how much you could borrow.

Remember the information provided in this article is for information purposes only and should not be considered as advice.