Reference checks on tenants or guarator

thenap80

I am letting a property out soon, and have a person interested

He will be paying the rent but his two daughters will be living there

With regards to reference checks, should I pay to check all three or is it acceptable just to do the guarantor (the dad)

What would a Rent Guarantee insurance scheme require?

Comms69

thenap80 wrote: »

I am letting a property out soon, and have a person interested

He will be paying the rent but his two daughters will be living there

With regards to reference checks, should I pay to check all three or is it acceptable just to do the guarantor (the dad)

What would a Rent Guarantee insurance scheme require?

What exactly will you be paying for?


I wouldn't pay anyone ever to do the checks. I'd do them myself, because these companies have exactly the same information that you do.


When they say they'll perform a credit check - you would assume that's the same as a bank might do. - it's not. It's a check of public records, the same as you can do at a fraction of the cost (about £3).


They'll do an employment check. Not really it's an email that gets sent to the address provided by the applicant.


- but I would do the checks for all 3.

System

Even though the guarantor is going to pay the rent you should reference all three, part of the referencing process is an I.D check along with the right to rent. Some of the larger Referencing companies do also offer the rent insurance as well so just check what their criteria is

saajan_12

What do you want the reference checks for? If for a rent guarantee or other insurance, then jump through whatever hoops they need. If its to get yourself more comfortable about letting to them, then I would:

1) ID check all 3 (to check Right to rent because you know the kids will be living there and as named tenant Dad can move it too)

2) Income & credit check the rent payers (do they have sufficient, regular income and any defaults or history of failing to pay? If the tenants will be paying but you have a guarantor in case, I'd still check the tenants as if they keep defaulting, it may be harder to get the guarantor to pay attention and pay. If there's no expectation of the kids paying, then it doesn't really matter about their income)

3) Get employer / landlord references for the occupants (did they damage property, are they calm, responsible, reasonable humans?)