Is it normal practice for a letting agent to ask for copies of 3 months bank statemen

jenniferfluff29

Hi everyone

Is it normal for a LA to ask for copies of the last 3 months bank statements?

Also, I am taking out a 6 month lease after which I would need to sign on for another 6 months but it can be terminated with one months notice - is this correct? (I live in Scotland).

Thanks for anyone's thoughts.

taffam

Hi there

I am in the same position, I have just handed over 3 months statements (today infact) which I am not 100% happy with, but guess I have no choice - I don't see what statements prove, as you could be moving money around to anywhere, or apply for loans etc straight after getting approved (I am in England btw) so they are not foolproof, but probably just another way of checking you are earning what you say you are and not living beyond your means

I have been reading up about this, and it seems to becoming the norm but not all places will ask for them, I don't think the LA I am using run a credit check though, so maybe this is inplace of that

jenniferfluff29

Thanks for that info.

1st time I have rented and was a bit scared that they may use them for some dodgy purpose. Also, wasn't too keen on them knowing my business to this extent.

Thanks for your reply. At least we know that it is common practice.:beer:

EagerLearner

I have never provided 3 months statements for anything apart from a mortgage... I guess in today's credit crunch they are being much more cautious, which as a whole is a good thing (although annoying for you right now). Can you black out the account number and maybe your address so only your name is showing? You never know who may be seeing all that info.

loulou41

Daughter was asked to provide 6 months bank statements.

Sparky29

Used to help prove identity and current address. Also proves that you are receiving a regular income that is sufficient to cover the rent. No point in renting out a property to somebody who can't afford it and will be defaulting on payments in the near future.

Welshwoofs

I rented a place in Canary Wharf about six years ago and had to hand over so much information I was beginning to wonder if they were going to ask for photos of any identifying marks :rolleyes:

I had full credit check and handed over 3 months of bank statements. The LA also took up a work reference and demanded a character reference instead of a previous landlord's reference.

taffam

I didn't send in paper statements as I bank online and opted out of paper statements ages ago, so they cannot prove my address or anything really.

I downloaded 3 months statements from Natwest online banking, but they come out in an Excel spreadsheet which could easily be tampered with (I didn't tamper BTW!!)

Will wait and see what happens with it, if they don't accept it, not much I can do

There are good arguements for and against providing statements - my personal opinion is that they are too personal for a LA to see and there are other ways of proving address and income etc - a credit check would be better

Sparky29

jenniferfluff29 wrote: »

Hi everyone

Also, I am taking out a 6 month lease after which I would need to sign on for another 6 months but it can be terminated with one months notice - is this correct?

You sign a 6 month shorthold tenancy agreement. This gives you the right to live there for 6 months. The landlord has to give you at least 2 months notice to quit. You have to give a month.
I always get my tenants to sign another 6 month tenancy before the other one ends. A letting agent normally does this so that they can screw some more money out of the tenant for re-signing the agreement. However, if the tenancy goes past the 6 month point without notice being given, the tenancy keeps running and both parties have to give the same notice to quit as mentioned.

You state that you want to stay on longer than 6 months. This will probably be the case I would imagine but the 6 month shorthold tenancy agreement is a standard contract that I have found is the best lease to use in my interests and the tenants.

jenniferfluff29

Thanks everyone for your replies

Sparky29

Have I got this right? For the first 6mths I can leave at any point if I give 1 months notice?

The way that the LA described it, I would be liable for the rent for 6 mths irrespective of whether I had moved out and if I wanted to stay beyond 6 months then I would have 7 days to sign up to another 6 mths lease which I could leave by giving 1 months notice.

Thank you

neverdespairgirl

I wouldn't hand over my bank statements to an LA or LL, what I spend my money on is hardly their business.

Credit checks, references, fair enough.