13 months upfront!

AimOx

Dear All,

I posted another thread about my sad situation (basically split with partner I've been living with for 4 years, slowly paying off pay day loans etc. - I know - and need to find somewhere new to live). Well, I've found somewhere within one hour drive of my work place, at an affordable rent. However as I have no renting references and due to my credit, they are requesting 13 months upfront (7 month deposit and 6 month rent in advance). Which comes in at just over £8,000! I just can't afford it, but that seems to be the answer I'm getting all over the place, and private landlords are asking at least another £200 pcm on top of this rent-wise, so though I would avoid the 13 months upfront, I'd be stuck with a much higher rent that could see me in trouble long-term.

Any advice? I've contacted the Council regards their help, but they only provide assistance covering either a 6 week deposit bond, or in you are on HB, which I'm not entitled to.

Honestly I could cry!

marliepanda

Unless you get a personal loan you're not going to get that level of 'help' from anyone. I wouldn't personally advise it.

I do however think there are implications for the landlord for a 7 month deposit... however, it may have been more an attempt to put you off than a genuine offer. A lot of people won't have £8k to chuck around on rental fees.

My (rubbish) advice would be to look for another property with less stringent requirements.

AdrianC

7mo deposit accounts for £4,300 of that £8,000 - and don't forget that you're going to need to find the £600+/mo rent from six months time, too.

Is there really no cheaper option? I'm guessing that's renting an entire property. Can you not rent a room as a lodger or in a shared house until your pay-day loans are paid off, at the very least? Where in the country are you? One hour drive is going to be substantial commuting costs - can you live nearer?

Sure, it might not be optimum, but...

pinkshoes

What about being a lodger instead?

Or one of those schemes where you move in with an elderly person for free in exchange for tasks done round the house?

Pixie5740

A deposit that size will be a premium which I think means the landlord would have extra responsibilities or it gives the tenant more rights but I can't remember the exact details.

Following on from your previous thread where you indicate you are in a DMP. How did the landlord/letting agent know this unless you told them?

Edit: http://www.landlordlawblog.co.uk/2012/02/09/five-premium-tenancy-questions-answered/

Miss_Samantha

Pixie5740 wrote: »

Edit: http://www.landlordlawblog.co.uk/2012/02/09/five-premium-tenancy-questions-answered/

This article isn't very useful, to be honest.

Especially, with respect to security of tenure it quotes a statute that explicitly states that it does not apply to assured tenancies... And the right to assignment applies in a case that concerns maybe 1% of assured tenancies.

Pixie5740

Miss_Samantha wrote: »

This article isn't very useful, to be honest.

Especially, with respect to security of tenure it quotes a statute that explicitly states that it does not apply to assured tenancies... And the right to assignment applies in a case that concerns maybe 1% of assured tenancies.

If you have a better source explaining premium tenancies then could you share it please as I would be interested in reading it.

AimOx

Thanks all for your replies.

I work in Central Oxford, so a one hour commute is about as close as I could affordably be rent-wise!

I told them about my current situation, they said I'd only have to pay the 13 months upfront if I failed the credit checks, I credit checked myself on a tenant check site and was rated 'approve with recommendations', so who knows what those recommendations are.

With regards being a lodger, I struggle here, as I have active Crohn's disease which is embarrassing enough at work, but being able to have privacy at home is of enormous importance, and sharing a home with anyone else wouldn't provide that.

Most shared houses/HMO's, whether full of students or professionals (BTW I'm 32) are £500-600 per month, and the property I am keen on is £650, so that's where my preference lies.
I'm loathed to pay the £240 referencing upfront if I could just lose it all because of my credit history! The rent is affordable compared to my annual income, and I could continue paying my debts off affordably.

I have also looked into a loan for the 13 month situation but with my level of borrowing I've not made it beyond a soft search (can't say I'm shocked at that!).

I can of course move back in with my mum, but she lives 150 miles away in SE Kent, so it would also mean jacking in my job and completely stopping paying my debts back, and I really don't think that is a viable option.

I can of course stay with my ex-partner for the time being, but as I'm sure you understand this isn't a long-term option.

Pixie5740

Credit checks carried out by letting agencies only access your public profile and that only shows insolvency (DRO, IVA and bankruptcy) and CCJ. It will not show any late payments or defaults. So my advice would be to keep schtum about your DMP.

AimOx

Thanks, Pixie5740, I'll just bite the bullet then and see what happens....!

FBaby

Unfortunately, renting is all about demand and supply. If demand is higher than demand, then LL will be able to afford to be more demanding in terms of requirements. It is understandable. Why take someone who has poor credit when you can have someone with perfect credit? It's no different to a job applications.

Your only alternative is to lower your standards for a while, whilst rebuilding your credit score and maybe saving to be able to put a bigger deposit. At least with renting, you can agree to a 6 months engagement or less to give you flexibility as to when to move.

I understand that you are not willing to share, but could you consider it if for instance you had your own en-suite?