Prospective Tenant with trust deed - advice please?

mumlady1

Hi there
I'm a reasonably new landlord & trying to learn as much as I can as each new query crops up.
I have a prospective tenant who has been very honest & told me she has a trust deed as she had debt problems a few years ago. Trust deed only has a couple of months left to run.
She has a steady job & a good wage & looking at her bank statements she seems to have a firm grasp of her finances now.
Obviously though her credit reference is shot & the advice shown on screen is decline!
I appreciate that I'm running a business & not a charity. I'm aware that on paper things don't look good but all other references check out ok and she certainly seems to regret her previous spending! Do I take a chance?
Advice or suggestions from other more experienced landlords would be appreciated please.

Takeaway_Addict

1) if you say no do you have any options?
2) Has she got a deposit, if its a no then I would def say no
3) Can she get a guarantor?
4) if say she stops paying rent do you believe she is the type of person to damage the property, if yes then its a no.

Its really a gut feeling for you on this one but be prepared like any rental it could go belly up.

sandsni

Does she have any (verifiable) references from previous LLs? They would be able to tell you if she paid her rent in spite of her other money troubles while she was their tenant (and whether she left the place more or less as she found it minus the usual wear and tear). If you can get that information then she might be genuine enough. Be wary if she tries to say she has no previous LLs because she was living with family or whatever.

Don't feel pressured into making a decision quickly, do your follow-up on the references. Sometimes it's better to have a bit of a void than to end up with an unsuitable T.

mumlady1

Hi there
thanks to both of you for the replies She has paid both her deposit & first months rent in cash. I gave her a receipt which shows very clearly this is accepted subject to satisfactory references etc etc.
Everything else about her checks out, only the financial side comes up as decline which she told me it would anyway.
I've spoken to her previous landlady who gave a good reference & says everything was paid on time.
I know she is keen to stay in the flat for at least a year which would be helpful for me. I think on balance, I'm going to accept her as a tenant & fingers crossed she stays on track!
It'll be a huge learning curve if she doesn't :eek:
Thanks again for taking the time to reply, I really appreciate it :T