Renting with 2-Year Old IVA - Estate Agents/Private Rental etc

Tony_McDonald

Good Afternoon All - hope life is treating well.  OK, so we've been renting a property since July 2019 so just over four years now.  Of course, never missed a beat on Rent Payments and always bang on time or earlier with Bank Holidays in mind.  Sadly, last week we were informed that the owner of the property we live in is selling next year and therefore we are on the look out for another long-term rental.  Getting to the point, I earn PA with bonus around the £45K mark and my wife is self-employed with an income of around £10K - my wife has what is described as 'Fair' Credit Rating and I have been in an IVA since November 2021, so approaching two years in, therefore a Credit Check is a waste of everyones time in that regard. May I ask if anyone has been in a similar position? We've had our fingers burnt recently with an Estate Agent asking for £100 'application fee', I was honest and upfront regarding the IVA from the outset and they said "no problem, come on in!" and then immediately knocked us back after checks via 'Goodlord' because of the IVA and pocketed our money, even though quite clearly, our combined income is more than enough for the properties that we are looking at.  Would be interested in any advice or similar experiences, thanks for reading.

Robbo66

When you say recently how recent, as of 2019 tenant fees for lettings have been illegal and that includes referencing fees

km1500

If you have an IVA you are unlikely to be able to rent in this climate of massive demand and ever dwindling supply

Tony_McDonald

Thanks for your kind replies - Robbo66, paid £100 three weeks ago that was deemed non-refundable having failed a Credit Check. (referencing, affordability or credit checks - non-refundable).

So creating a scenario, in response to your kind reply km1500, when we are asked to leave this property next year and just for my benefit, if we are continually being knocked back with the IVA status, even with our generous means, we could essentially be on the street? We are in our 50's and both working, is that the reality? Thanks again.

Grumpelstiltskin

You do realize you don't have to move out the minute the house is put on the market. In fact it might be put up for sale as tenanted, if so you would just move over to the new owner.

Don't panic at the moment many things could happen before next  year.

Sistergold

When I needed to rent towards 50 I felt like my age was frowned upon? It felt like they wondered why I needed to rent at that age? Ofcause I had a good reason why I needed to rent but in the end to get the rental I offered to be paying 6months to a year upfront. I did this for about 4 years. Paying thousands in advance.  Once the landlord had received this for a while he was happy for me to reduce to 3 months in advance. I never tried to pay monthly as financially all arrangements didn’t matter to me but just felt annoyed by the need to. Instead of age meaning you are more responsible and will pay your rent they just feel you should not need to rent making them wonder if you are financially responsible which is unfair as some just need to or prefer to rent. I had to force myself to buy as my rental future did look bleak. It’s all unfair. 

dimbo61

You don't mention where your looking to rent ?
However there seems to be a high demand in many cities especially  down south and London.
Less rental properties  available and more tenants looking.
Lots of factors causing this.
Landlords selling up 
More regulation and Tax changes
EPC changes with band C soon to be needed.
HMO or Selective Licence,  Anti Landlord rules and regulations,  etc 
Good luck but try Openrent, Gumtree, Spareroom etc 

MultiFuelBurner

Of course an IVA isn't just about what you both earn now it can show a history of financial mismanagement where there is no choice for the financial institutions you own money to, to accept a very low offer for the amount owed.

It is correct it is taken into consideration as who is to say it won't happen again?

I do have to agree though with what seems a lot of individual landlords leaving the market and the potential renter's reform bill coming (let's be generous and say late next year) then you will likely end up below others interested in properties.

Ksw3

What a difficult situation you find yourself in. Have you been given a S21? I've had friends whose landlords said they were definitely selling then 3 years later they still hadn't put it on the market. Even once you get a S21 you don't have to leave until it goes to court. 

Do you know why your landlord is selling? Could you offer to pay more rent per month?

The rental market is ridiculous at the moment. I sadly know of 2 people who have had to move in with family members or sofa surf as they aren't able to find anywhere to rent including one who had to leave his job as a result. 

If landlord is going to sell and has politely informed you then you do have time on your hands but I'm afraid it will be a number games and you will have to contact, view and request many properties. 

Grumpelstiltskin

I wonder if you are renting why you chose an IVA, normally the choice of people with mortgages, possibly because you couldn't go bankrupt because of your job or did you fall for one of the misleading adverts on social media?

tealady

Have you looked at housing associations. There are some who are geared towards *ahem* the more mature amongst us.