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should i be paying for a credit check if i am paying 6 month rent in advance
frisbee
Posts: 440 Forumite
Hi, I am renting for the first time, the agent has asked for £225 holding fee which will be used then for credit checks and admin fees, do i need a credit check if i am paying rent upfront?
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Comments
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Everything is negotiable.
If the LL won't let to you without a credit check, then yes you do need one if you want to rent that particular house. However - I'd certainly be trying to negotiate a large reduction in the LA's fee in those circumstances.0 -
If the LL wants to credit check you that is his choice.
£225 is expensive - exactly what is it for? How much is the for the credit check? What do they mean by 'admin fee? Is it refundable? Is it a holding fee? If so, what proprtion? And is it refundable if you fail the credit check or the LL decides not to rent to you?
Get a clear understanding of all this before agreeing to hand over your cash.
I assume you are paying 6 months up front because of poor credit history? If so, make sure you get a clear agreement from the LL /agent as to what they will find acceptable/unacceptable in your credit check.
No point paying for it if it is going to reveal a CCJ which the LL will then not accept.0 -
What is going to happen after six months? If you would then start paying monthly in the normal way having a credit check seems quite reasonable. whether £225 is reasonable is another matter.0
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see a couple of related threads
https://forums.moneysavingexpert.com/discussion/2757646
https://forums.moneysavingexpert.com/discussion/27548820 -
- Holding deposit of £225.00 will secure the property whilst the referencing and paperwork is being undertaken. This would then become the body of the fees which cover all the referencing, tenancy agreement, administration and inventory.
- I am paying 6 months rent in advance is because i work part time and i will be claiming housing benefit, and i do not have a gurantor, I will be renting due to a relationship breakdown after 9 years, my credit history is fine. The agency have said that if i still do not have a gurantor at the end of 6 months i will have to pay 6 months rent in advance again and so on. I have already posted the cheque, do you think there is any point in calling and asking to negotiate the fee?
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