House Tennant - Help!!

Not_so_smarti_marti

Hi- I need some advice. We have just accepted an offer on our house, and hope to exchange soon. We are planning to move into rented as our business has been hit by the recession quite badly. we are selling ot try and kill off the credit card debts we have built up over the past couple of years when our business started to deteriorate.
The CC's are in my husbands name, and he has managed to freeze all the interest and we are making a token payment each month to keep them happy untel business picks up - which in all honesty is not looking promising.
My question is this - in trying to rent they are obviously going to credit check us, and I know he's going to fail - what can we do?? Any help or advice on this would be appreciated.
Thanks.

clutton_2

as a LL i always appreciate it when potential tenants are utterly honest with me... i have taken on a bankrupt and he is proving the perfect tenant.. i took on someone with CCJs last year and it turned into an utter nightmare...

if i even sense that a prospective tenant is lieing to me i say no.. so take along any documents which prove what you have said in your post and be honest... its always best in teh long run as if you pay for credit checks they will come back poor and if you have not discussed matters already, then you will just get rejected and will have lost your credit check fees into the bargain....

you may be asked for a guarantor.. ie someone who will pay the rent for the tenant if s/he stops payng the rent.. can you find someone like that ?

if tenants need a guarantor and cannot find one.. i always think if their friends and family who know them well wont guarantee them .. why should i take the risk.....

N79

I agree with Clutton. The one thing guaranteed to make me refuse a tenant is if I identify anything untoward during the pre tenancy checking that the potential T did not tell me themselves. Ts that hide their circumstances tend to treat their other obligations the same way!

Being up front with respective LLs also means that you avoid wasting money on fees applying for tenancies from people who are not willing to consider renting to you.

In your case a guarantor or more rent up front my be the way to go if you can not find a LL willing to take you on without either - if you can offer either.

THI

Whatever you do, be honest with your tenancy application - if you have CCJ's, declare them to the letting agent, or go and talk to them sensibly about how you may be able to proceed.

If you don't declare them they will be found out on referencing and you will feel and look silly!!

Sometimes a 3/6 month payment up front can be arranged through the solicitors dealing with the sale - assuming there is equity - we have done this several times - where the solicitor pays over to us as letting agents the deposit and 3/6 months rent from the sale proceeds under an undertaking to do so on completion - so we are assured of the money and the Tenancy agreements can be signed on the same day.

Not_so_smarti_marti

I was planning on being entirely honest with the agencies, and hope to have at least 6 months rent to put down - thanks to everyone for their advice. Much appreciated.

princeofpounds

yes, normal tactics are rent up-front and/or guarantor who has good credit.