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Credit checking prospective landlords
Guy_Montag
Posts: 2,291 Forumite
There have been a few threads on how to pick decent tenants, well here's the counter.
Tenants:
1) Tenants would you want to credit check your landlord (LL)?
2) How much would you pay for this?
3) Should letting agents (LA) ensure that LL have their mortgagee's permission, the correct insurance in place & are up to date on mortgage payments?
4) Would you be interested in paying a small fee to join a scheme where LL & LA agents are rated by their tenants & former tenants?
Landlords:
1) Would you be prepared to give permission for a tenant to credit check you?
2) Would you pay for this?
3) How would you feel about LA checking you have your mortgagee's permission, the correct insurance & are up to date with mortgage payments?
4) Would you be prepared to sign up to a code of practice & allow current & former tenants to rate you, if you are allowed a right of reply?
I await the bun fight with eager anticipation.:D
Tenants:
1) Tenants would you want to credit check your landlord (LL)?
2) How much would you pay for this?
3) Should letting agents (LA) ensure that LL have their mortgagee's permission, the correct insurance in place & are up to date on mortgage payments?
4) Would you be interested in paying a small fee to join a scheme where LL & LA agents are rated by their tenants & former tenants?
Landlords:
1) Would you be prepared to give permission for a tenant to credit check you?
2) Would you pay for this?
3) How would you feel about LA checking you have your mortgagee's permission, the correct insurance & are up to date with mortgage payments?
4) Would you be prepared to sign up to a code of practice & allow current & former tenants to rate you, if you are allowed a right of reply?
I await the bun fight with eager anticipation.:D
"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.
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Comments
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Guy_Montag wrote: »There have been a few threads on how to pick decent tenants, well here's the counter.
Tenants:
1) Tenants would you want to credit check your landlord (LL)?
2) How much would you pay for this?
3) Should letting agents (LA) ensure that LL have their mortgagee's permission, the correct insurance in place & are up to date on mortgage payments?
4) Would you be interested in paying a small fee to join a scheme where LL & LA agents are rated by their tenants & former tenants?
I currently rent so I'm answering the first set of questions
1) Yes
2) I was told that a credit check costs about £15, so I'd be willing to pay about this much.
3) Definitely - I want to know that the place I'm renting isn't likely to be repossessed!
4) Possibly, but I think that it might be open to a lot of abuse. What's to stop a landlord giving a bad 'comment/rating' to a tenant who has, quite fairly, pointed out that the landlord hasn't been that good? (And vice versa, of course). And how would you check that these ratings are fair and accurate? Look at the problems with the ebay feedback system with retaliatory negs etc ... I'd imagine the same thing would happen here. (Add to that the fact that there are some right puddings out there - landlords and tenants - and I could see such a system becoming unworkable)0 -
personally think it should be proper regulated (even though, I'm not as I'm using a normal mortgage!)
as a tenant:
1) yes
2) £50 max
3) yes
4) no should be free, but i like the idea of the kind of Ebay feedback
as a landlord:
1) yes
2) yes (£50 max)
3) fine not a problem
4) yes
just noticed this thread, after I did my other thread, so sorry if it looks like I'm copying! lol0 -
1) Would you be prepared to give permission for a tenant to credit check you?
yes
2) Would you pay for this?
no -this is for the tenant's benefit. I don't charge when I credit check tenants, as this is for my benefit.
3) How would you feel about LA checking you have your mortgagee's permission, the correct insurance & are up to date with mortgage payments?
don't use an LA, but would be happy to provide current mortgage statement and insurance document
4) Would you be prepared to sign up to a code of practice & allow current & former tenants to rate you, if you are allowed a right of reply?
already signed up to NLA and their code of practice, and give a copy of this to tenants, together with information as to how they can make a complaint to them about me, if necessary. Not sure how a feedback system would work in practice, but nice in theory0 -
Struggling to understand why a tenant would want to credit check the LL - is this just to show that any mortgage on the property is up to date?
Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
yep i suppose so and to make sure the LL isn't in financial strife, therefore putting your rented home at risk0
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Debt_Free_Chick wrote: »Struggling to understand why a tenant would want to credit check the LL - is this just to show that any mortgage on the property is up to date?
Yes, to ensure that the LL is not likely to default on his mortgage leading to you losing your home.:money:"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
Guy_Montag wrote: »Yes, to ensure that the LL is not likely to default on his mortgage leading to you losing your home.:money:
Doesn't the tenant get a certain amount of protection anyway and surely any tenancy can be terminated at any time, provided the required notice is given
Genuinely feeling a bit "thick" about this :rotfl:Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
Debt_Free_Chick wrote: »Doesn't the tenant get a certain amount of protection anyway and surely any tenancy can be terminated at any time, provided the required notice is given
Genuinely feeling a bit "thick" about this :rotfl:
If a dwelling is repossessed by the bank the tenant has no rights at all, they can have the bailiff turn up one morning & turf them out. If the bank knows a place is being let, they should* let the tenants know so they have time to find some other accommodation.
The insurance is for legal protection, I should probably have included "if it's an HMO it is registered" too.
I realise the final question does leave something to be desired, I have only very limited experience of e-bay so don't know what problems there are with ratings.
*I'm not sure if they are obliged to though."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
If the landlord has a mortgage, there is a requirement by the mortgage lender to have buildings insurance.
In the event of arrears, the mortgage lender would send someone to visit the property before baliffs turned up with a repossession order. In any case, letters would appear to notify the tenant, either because the landlord has a BTL mortgage and so the lender knows there are tenants or because the landlord is assumed to live at the address on a residential mortgage. Either way a tenant wouldn't first find out that the property was being repossessed on the day in question by baliffs appearing - that is just scaremongering nonsense.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
If the landlord has a mortgage, there is a requirement by the mortgage lender to have buildings insurance.
In the event of arrears, the mortgage lender would send someone to visit the property before baliffs turned up with a repossession order. In any case, letters would appear to notify the tenant, either because the landlord has a BTL mortgage and so the lender knows there are tenants or because the landlord is assumed to live at the address on a residential mortgage. Either way a tenant wouldn't first find out that the property was being repossessed on the day in question by baliffs appearing - that is just scaremongering nonsense.
I have to travel with work & can be away for up to three months at a time, (I always inform my LL,) but it's quite possible for a place to be repossessed in that time. Even on a more usual level, if you were away on holiday for two weeks during the time that the lender is trying to visit, you might not be aware of the problem. All the lender sees is that the resident (who they think is the LL) is trying to avoid them.
The example I gave is the worst case, but I imagine it has happened or will happen in the future."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0
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