Tenant vetting

schwam66

Hi there I was curious how tenant vetting works, I have been fortunate and never needed to rent but I am now taking the plunge as a landlord myself but was curious how I go about vetting a potential tenant. I was going to use a 3rd party possibly through the NLA to do a check which runs at £30. I have 3 viewings already tomorrow(only put the sign up today!!so a bit unprepared as to the rush) if all 3 are interested do I ask for £30 there and then from each or do I pay this expense myself? Just curious how everyone else does it and possibly what site they suggest using.

Thanks in advance!

DomRavioli

Have you read the landlord guide on MSE? It would be the best place to start.

They would likely need more than that check, please read it thoroughly.

Guest101

schwam66 wrote: »

Hi there I was curious how tenant vetting works, I have been fortunate and never needed to rent but I am now taking the plunge as a landlord myself but was curious how I go about vetting a potential tenant. I was going to use a 3rd party possibly through the NLA to do a check which runs at £30. I have 3 viewings already tomorrow(only put the sign up today!!so a bit unprepared as to the rush) if all 3 are interested do I ask for £30 there and then from each or do I pay this expense myself? Just curious how everyone else does it and possibly what site they suggest using.

Thanks in advance!

No, no, no

U ask them to fill out a form with all your questions. And put a deposit down. Then u vet the form. If there's no surprises you can either rent to them or return their deposit.

U can charge them the £30, but if they come back as having told no fibs, but u change ur mind, u should return this.

U can 'keep' the £30 ( take it from the deposit ) if they lied

schwam66

Guest101 wrote: »

No, no, no

U ask them to fill out a form with all your questions. And put a deposit down. Then u vet the form. If there's no surprises you can either rent to them or return their deposit.

U can charge them the £30, but if they come back as having told no fibs, but u change ur mind, u should return this.

U can 'keep' the £30 ( take it from the deposit ) if they lied

Yeah there is no form on my part I sign up to the vetting and give there email then the vetting agency will contact them to get their ok to proceed in the credit and backround checks, that's why I was curious if I should have a generic form for them to fill in and I do a rough check then the one I think is best suited go the full check?

theartfullodger

Read this lot:

http://forums.moneysavingexpert.com/showpost.php?p=41160642&postcount=12

Done any training in being a landlord, or read any books on the subject?? You'll only be risking an asset of some £100k+ you likely won't be able to get back for 6, 7, 8 months if there are problems....

Cheers!

Guest101

schwam66 wrote: »

Yeah there is no form on my part I sign up to the vetting and give there email then the vetting agency will contact them to get their ok to proceed in the credit and backround checks, that's why I was curious if I should have a generic form for them to fill in and I do a rough check then the one I think is best suited go the full check?

But you can't just charge £30 to each person

U need a criteria, something to say that I like these tenants, just need to make sure this is all true.

jjlandlord

Guest101 wrote: »

But you can't just charge £30 to each person

Err, yes you can.

In fact, if it costs you £30 to run the check you should charge, say £50 per prospective tenants for referencing

Guest101

jjlandlord wrote: »

Err, yes you can.

In fact, if it costs you £30 to run the check you should charge, say £50 per prospective tenants for referencing

You've misunderstood.

I meant if 3 people apply, charging all 3 would not be fair.

You should pick one, charge them, if the fail, pick another.

I could say my flat is for rent, £30 each. And pocket it each day

jjlandlord

It depends on what you tell them.

You can say that they are 3 parties interested so you'll check all of them and pick the one your prefer: If they are happy, fine, they apply and pay for referencing. Otherwise that's one less prospective tenant.

(I'm assuming they all offer the same rent).

fishpond

Also put some reliance on your instincts.
Not infallible but generally you get a good idea.