Concerned first time renter...

verycherrybubble

Hi guys.

Would love some advice as my partner and I are in a bit of a tricky situation. He has been renting a house from a friend for the past few years, but has now been asked to move out to make way for a family member moving to the area. I'm in my final few weeks of University and once I'm finished I'll be moving to the area and we have decided to find somewhere to live together.

My partner is self employed therefore does not take a regular wage from his business, nor have payslips. He does also have a part-time job which he does receive payslips for but this wage would not cover any rent. As I am still studying, I just have a casual job which pays cash in hand, so again we have no proof of our income. Is this going to be a problem? My parents have offered to be guarantor for us and also pay a few months rent upfront, so would this help us out? Obviously once I finish University I will be looking to get a full-time job so I can always update the letting agency when my circumstances change.

The other problem is that apart from when I lived in halls of residence, neither of us have ever rented through an agency before so we have no references. My partner does rent commercial property though, and his current landlord has offered to provide a reference for him. Would this be acceptable, as most of the agencies we have viewed properties through require 2 references.

Finally, I am under 25 and understand that I may have to pay extra fees and a higher deposit. :huh: I realise there are lots of things going against us here, but at the end of the day we need to live somewhere and there have to be other people in our situation. Can the letting agencies be fairly lenient as long as we have a guarantor? Or do you think we'll need two?

Any advice at all would be greatly appreciated, and anyone with first hand experience of going into first time renting with a troubled financial situation would be a good help.

Thanks in advance

bernsteingirl

It probably depends on the rental market in your area.
I am in a similar situation with my partner. Where I am, demand is ridiculous, and most letting agents didnt even answer my emails!
I am self-employed (on a low income) and this was not acceptable - we have been asked to pay 12 months rent in advance.
Be wary of additional costs appearing - ask the agent to detail every single potential fee from the outset.
References are probably no problem - ask your halls of residence warden? Or ask the agent for advice on this.
Good luck!!

sandsni

If your partner is self-employed his bank account and business accounts will show "cash flow" relating to his business, even if he doesn't pay himself a regular wage. Could he offer those as proof of his ability to pay?

Could your university provide a reference from your time in halls? Did you move back home or have you been renting direct from a LL (who could provide a reference) since you moved out? Likewise for your partner? The references don't have to be from previous LAs but from previous LLs.

Just reread OP and realised your partner has been renting, so maybe his friend could provide a reference.

tbs624

Is there a specific reason why you are intending to go via a Letting Agent?

Why not try to find a private sector LL who self manages his/her properties - the local Council May hold a list of "accredited" PRS LLs or you could see if there is a local LL association. You will obviously still need to meet their letting criteria but they tend to (a) have more flexibility (b) charge lower credit checking fees - often the actual fee from the third party checking agency with no mark-up.

The maximum deposit you would be asked for is 2 x monthly rent equivalent.

As post 2 says, get confirmation (in writing) of all costs involved with the tenancy before signing up to anything.Also ask to see a copy of the tenancy agreement.

You should be able to get confirmation from your Uni Accomms Officer that you have paid rent on time/looked after your room/flat.

Your partner obviously has two sources of references that indicate his history in meeting rental obligations - his residential one from the friend from who he is renting his current home, plus the commercial one.

Could he get his accountant to provide information on his SE earnings?
Would he be prepared to show copies of his accounts for the past couple of years?

Your own work may be casual but you should still be declaring the income btw."Cash in hand" is not on - your employer should be completing all appropriate paperwork.

If your parents are prepared to stand as guarantors (which would usually require them to undergo referencing too) then you shouldn't also be expected to pay rent upfront.

Your parents need to think through that commitment though because they would effectively be covering rent for both you and your partner in the event of a default by either of you.

verycherrybubble

Hi guys!
Thanks very much for your help.
I moved back home after I left halls but I will contact them and see if they will provide a reference for my time there.
I will also look into private LLs in the area.

Thanks again for all your help!