Will we be able to rent?? Worried about checks

hm1905

Hi

I'm looking for some advice. We have seen a property that we would love to rent, and just have to fill in the forms. So worried about a few things as rentals seem to be harder and harder to get.

Firstly, how in depth are the credit checks made by the LA? I have googled and some people seem to say full check, whereas others say as long as there are no CCJ.s or bankruptcy then you'll be ok. Can someone tell me exactly how much they see/look at?

Secondly, how much emphasis is placed on affordability? The rent is almost £900, our gross income shows about £26900. My husband will be trying to set up his own business in the New Year, but obviously that will take time, although I do know that we can afford the rent as we have very little outgoings.

I really appreciate you help as I cannot sleep with worry about this.

Thanks

Enfieldian

It all really depends if the agent carries out ANY checks at all. It is fairly common for them to charge a fee for referencing, not do anything and then to ask for copies of bank statements/payslips.....

You could also try a private LL as they just seem to be interested in the colour of your money for the first month!

If you fail a credit check then it is still up to the LL whether they want to go ahead with the tenancy.

property.advert

A fall back position is a larger deposit or as a worst case scenario, 6 months rent in advance (if you have it - though you may be able to get a discount). If you go 6 months, make sure they don't expect another 6 months rent in 6 months time but revert to a monthly schedule. If you go the larger deposit route then that money is "lost" in the system until you move out.

My recent experience of private landlords is 1 month deposit and 1 month as advance rent. They may want some paperwork but most likely they would not want to wait and once you are in, is there any point in doing any paperwork ? Mine wanted a copy of my passport but never came back for it after we moved in.

hm1905

Hi
Thanks. Does anyone know about how strict LAs are when it comes to the affordability issue? Thanks

planning303

In answer to the question about affordability basically they are looking for you to earn 3x the yearly charge on the property.

so if its 500£ PCM thats 6k a year. 3 times that is 18k.

I'm sure that the exact multiplyer varies between agencies but i know that 3x figure is what the agency i rent through uses.

So like you say the rent is 900 the LA might take issue

In my experience though the LL agency will probably go for it if you are able to provide a guarantor

new_home_owner_3

hm1905 wrote: »

Hi
Thanks. Does anyone know about how strict LAs are when it comes to the affordability issue? Thanks

I dont think a lot of them are bothered, as long as you pass the checks, if they do it and they get their money why should they be bothered, theyve got nothing to lose.

Big_Poppa_2

Interesting thread. Same situation with me. I'm in no debt now at all, but i was once. I'm hoping the avoid a check by offering honesty, a deposit, some solid references, and 2 stretching to 3 months rent upfront. Both probably coming to 1.8+ grand all in in my case if it's for 3 months + a deposit. I've got enough for 6, but I'd rather not. Too steep. Hoping to wangle some kind of deal. But I'm not soft and I know i'm going to need some luck with this.