Agency Fees, Credit checking the LL

angrypirate

Me and the other half are looking at renting soon in Fulham and we are wanting to call on the opinion of landlords / agents out there as well as the experience of other tenants.

We both have good jobs (Professional Engineer and a trainee Solicitor) but I think the amount EAs charge for credit & reference checks (what cant cost more than £20 per person) is a complete p!ss take and we are also concerned about getting a LL who may end defaulting and getting the place repo'ed (there seem to be more and more stories about this in the media)

So, to all the landlords out there (and any EA employees), how would you feel if a prospective tenant (with a good credit ref, past rental ref and good job) requested a credit check & past tenant refs from you? We also wouldnt offer full price - probably 10 - 20% less than the asking price (Personally i think £280 per week for a 1bed flat is a rip off) - would this effect how you'd feel?

Also, what is everyones experience with knocking the cost of the EAs down? If i turn up with 2 references, and all they have to do is get my credit check (which can be done for £10 per person) surely there must be some good negiotiating opportunities? What sort of costs have you managed to negotiate with the EAs like foxtons, dexters, haart, chard etc etc

Out,_Vile_Jelly

I admire your stance and wish I'd had the nerve to do the same when signing up to a new flat recently. However I'm a bit of a worrier and just wanted the peace of mind of getting everything sorted with minimal fuss- I guess this is what everyone does and the situation never changes. I hope to be bolder next time.

Ideally, both parties should have the option of checking the financial and criminal status of the other through a neutral agent.

£1120 pcm for a 1 bed in Fulham is probably about average so not sure how successful you'd be in negotiating there. For a few quid more you could consider looking at a 2 bed, where you'd get more value for money, and could look across the river at Putney which is still Zone 2 but Wandsworth council, so dirt cheap council tax.

angrypirate

Out,_Vile_Jelly wrote: »

Ideally, both parties should have the option of checking the financial and criminal status of the other through a neutral agent.

£1120 pcm for a 1 bed in Fulham is probably about average so not sure how successful you'd be in negotiating there. For a few quid more you could consider looking at a 2 bed, where you'd get more value for money, and could look across the river at Putney which is still Zone 2 but Wandsworth council, so dirt cheap council tax.

Whats interesting is there are over 100 properties on rightmove (129 to be exact) that are available in the fulham area to rent for 1250pcm or less. Seems to be plenty of availability, just a case of whether LLs are willing to play the supply / demand pricing game.

I do like the idea of a neutral agent tho....

angrypirate

Shameless bump....

sooz

angrypirate wrote: »

Me and the other half are looking at renting soon in Fulham and we are wanting to call on the opinion of landlords / agents out there as well as the experience of other tenants.

We both have good jobs (Professional Engineer and a trainee Solicitor) but I think the amount EAs charge for credit & reference checks (what cant cost more than £20 per person) is a complete p!ss take and we are also concerned about getting a LL who may end defaulting and getting the place repo'ed (there seem to be more and more stories about this in the media)

So, to all the landlords out there (and any EA employees), how would you feel if a prospective tenant (with a good credit ref, past rental ref and good job) requested a credit check & past tenant refs from you? I wouldn't mind. You could ask the LL for ID, & check that s/he actually owns the property on the land registry for £3. Past tenant refs are never a problem - they are always glowing Also ask how long the last people stayed, & why they left. More good questions are on the renting sticky.

We also wouldnt offer full price - probably 10 - 20% less than the asking price (Personally i think £280 per week for a 1bed flat is a rip off) - would this effect how you'd feel? I expect people to haggle, through 20% is rather optimistic. Perhaps £10-£20 less per week would be more realistic. As for if it is a rip off - that depends on the flat & location. Which bits of Fulham? What type of property? For a nice period garden flat properly in Fulham, I doubt you'd find one at the lowest price you suggest. 2nd floor above a shop on a main road, or in an ex council block towards either Putney or Hammersmith - maybe.
Also, is everyones experience with knocking the cost of the EAs down? If i turn up with 2 references, and all they have to do is get my credit check (which can be done for £10 per person) surely there must be some good negiotiating opportunities? What sort of costs have you managed to negotiate with the EAs like foxtons, dexters, haart, chard etc etc

Do you think that turning up with 2 refs will really do it? You could have typed them yourself. Yes, I do think the agencies charge a lot, but there is a little more to it than that. I wouldn't recommed Foxtons for their reasonable fees

tbs624

angrypirate wrote: »

We both have good jobs (Professional Engineer and a trainee Solicitor) but I think the amount EAs charge for credit & reference checks (what cant cost more than £20 per person) is a complete p!ss take and we are also concerned about getting a LL who may end defaulting and getting the place repo'ed (there seem to be more and more stories about this in the media)

A credit check via places such as this will cost between 15 and 50 quid, depending on how in-depth it is. Most LLs who self-manage their properties will only charge you the actual cost of the check, rather than seeking to make a profit on it , as LAs will try to do. LLs also tend not to charge for a tenancy agreement to be drawn up, nor for renewal fees etc. Try contacting one of the national LL associations for a local contact or check out the local LL association via the chamber of commerce.

Membership of a LL assoc. is, of cours,e no guarantee that the LL wouldn't have his/her property repossessed but then neither is a credit check for a LL either, in the same way that a credit check on you won't indicate that you won't default in the future or lose your job etc. It does, however tend to be the more professional LLs who take the effort, & pay the fees, to join up. Some Councils also run LL accreditation schemes. Most decent LLs, as Sooz suggests, will happily give you contact info of previous happy tenants.

On the subject of negotiating rents downward, you should always ask but you may not get. Some LLs allow a margin for a bit of haggling, but others won't shift and will still be able to let their property out. There was a recent thread on how to haggle down your rent - started a couple of weeks back IIRC - which may be worth you looking at.