(I don’t know what reference company is used but Rent Guard has terrible reviews.). So much is skewed towards tenants, it is all quite wrong. Have you requested bank statements before from prospective tenants? Tenant Discussion. recent bank statements. This is particularly common if a tenant only narrowly fails one aspect of the reference, or can provide an explanation against any problematic elements. Hi Mr T You can politely remind them about the references after a few days to ensure they have seen the forms and are in the process of completing them. OpenRent is a brilliant way of giving landlords the option to do as much or as little of the tenanting process as they want. They may do this whether you pass or fail referencing.
Get access to the latest Landlord News & Updates. Proof is usually made through named utility bills, the electoral roll or the previous tenancy agreement. If you have significant savings that you intend to use to make monthly payments, then the landlord should take this into consideration, but savings won’t contribute to the affordability calculation. Often, a suitable guarantor can make the policies available once more, so even here a fail isn’t the end of your options as a landlord. Did you take a holding deposit? Return to top. Getting a tenant reference is not only in the landlord’s interest, but also assures the tenant that their new landlord has a professional approach and is interested in maintaining their property in the best condition. What is a guarantor? Bank statements give a better indication of affordability. Thanks Alayne, Tony. It is also not unusual for their name not to be the tenancy agreement: e.g. Annemarie March 9, 2019, 5:45pm #1.
It seems quite unfair that we put trust in potential tenants due to the information they put up on openrent only for us to learn they actually can’t afford the property and we have lost 2 weeks of advertising. My tenants have failed referencing - how do I re-market my property? When you’ve found a new home you love, you just want to be able to sign the contract as soon as possible. It’s not the end of the road!
They may also have lived at their address too short a time to be registered on the electoral roll. Here we take you through how to interpret the result of your referencing report for high-risk tenants. Similarly, you may be a student who is supported financially by parents or student loans. Remember that the checks are likely to show how honest you’ve been when providing information, and if a landlord feels you are untrustworthy, they’re less likely to ignore other small issues that the reference might reveal. Hi, thank you for the reply. It is all good learning. Referencing provides a deep insight into a tenant’s background, including a written verification of employment and income, a previous letting reference or homeownership check, residency confirmation, affordability calculation and a full credit history check, including any outstanding County Court Judgements (CCJs). Being referenced shows that the landlord is professional and takes their responsibilities seriously. A suitable guarantor must be based in the UK, have a good credit history and should have sufficient income to cover their own living costs as well as your rent.
Priya Gill is a referencing expert at UK property insurers, Rentguard. Many companies are likely to carry out one or two telephone and email chases per day, but your previous landlord and employer may not understand how urgently a response is needed. On reflection this particular tenants basic pay wasn’t enough to afford the property and support a young family, as the wage he had stated included commission and unfortunately he is in a sector that has been heavily hit by COVID and whilst I sympathise I am a small private landlord and can’t take the risk. That’s a real shame.
I don’t know what Open Rent ask for these days but you could ask to see payslips and a few months worth of bank statements and make up your own mind as Richard said. To provide extra assurance to landlords, it can be worthwhile to try to get a reference from the previous landlord or student housing association, confirming that they have paid their rent on time and were good tenants. Do I have to use your AST/Deposit Handling/Referencing services? As a landlord, you want as much information as possible before letting someone live in your property. I hope you are well I have an issue regarding referencing and guarantor.t, I’m retired and using the same letting agent as my daughter they have refused my app because I’m not earning 3x5 times the rent I’m retired and solvent an acceptable as a guarantor but not a tenancy is Referencing is made up of a number of different checks. I would expect to be compensated for the cost of the referencing checks in a situation as this. If the landlord orders referencing on you via OpenRent, our referencing partners Rentguard will send you an application form with all the details you need to provide.
Just because a tenant fails referencing doesn’t necessarily mean you shouldn’t let to them. In this situation, simply putting the score in context is enough to help you make your decision. Generally speaking if tenants fail referencing (or there are strong early signs that they may do so) there are four main ways a landlord might want to proceed: 1. What do they have to do? My tenants have failed referencing - how do I re-market my property? Let’s look at some reasons why you can fail referencing, and why the landlord should still consider letting to you anyway. Being able to prove the tenant’s current address is a key step in avoiding fraud, so it is an important part of referencing. Let us know. For some Rent Guarantee & Legal Expenses Insurance policies, it is a requirement that the landlord carries out references before the tenants move into the property. Once again, a failure on this section of the referencing doesn’t mean the end of the line for your tenancy. What is a guarantor? A low credit score is another common way to fail referencing. if they have moved in with a cohabiting partner and haven’t been added to the contract. This can also be explained to the landlord if it is due to the fact that you have never borrowed money or used a credit card.
Just because a tenant fails referencing or a credit check, that doesn’t necessarily mean that letting your property to them is a bad idea. It is up to them. 92% of UK landlords reference their tenants. Just because a tenant fails referencing or a credit check, that doesn’t necessarily mean that letting your property to them is a bad idea. Appreciate the feedback have more knowledge now about doing these things minus an agent.
This remains down to the landlord's discretion. or can supply a suitable guarantor to cover their share of the rent. There are landlords on here who ask pre-screening questions to try avoid the situation you have just experienced.
Going forward I think if anything similar happens (hopefully it doesn’t) we will then ask to see bank statements and take a view then. The guarantor takes responsibility for paying the rent if the tenant defaults, protecting you from loss without adding to the tenant’s move-in moneys.
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