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Are there landlords who would accept this? Me as sole legal tenant, parents as permitted occupiers

Anticyclonic
Anticyclonic Posts: 17
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edited 19 November 2023 at 10:28PM in House buying, renting & selling
...plus two dogs. Reason for parents not going on the tenancy is they would not pass credit history checks. This certainly is not "Plan A" for my future, but I am trying to understand which options are available to me and which aren't.

Edit 1: Also, while I would pass credit history checks (and you'll have to take my word for it that I'd pass the affordability test for properties of adequate size), I have had no rental history for more than a decade.

Edit 2: I would reside in the property with my parents throughout the tenancy.
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  • ...plus two dogs. Reason for parents not going on the tenancy is they would not pass credit history checks. This certainly is not "Plan A" for my future, but I am trying to understand which options are available to me and which aren't.
    Will you be residing in the property along with your parents? 

    As a landlord I would probably want all 3 of you named as joint tenants. What do you think your parents would fail credit check on? Affordability or do they have CCJ or insolvency on their credit files? 

    Two dogs - I’ve had positive and negative experiences with pet owning tenants. I don’t like letting to dog owners unless it’s one of my rental properties with a private garden and the dog(s) isn’t going to be home alone for hours on end whilst the tenant(s) is at work. 
  • Anticyclonic
    Anticyclonic Posts: 17
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    edited 19 November 2023 at 11:01PM
    ...plus two dogs. Reason for parents not going on the tenancy is they would not pass credit history checks. This certainly is not "Plan A" for my future, but I am trying to understand which options are available to me and which aren't.
    Will you be residing in the property along with your parents? 

    As a landlord I would probably want all 3 of you named as joint tenants. What do you think your parents would fail credit check on? Affordability or do they have CCJ or insolvency on their credit files? 

    Two dogs - I’ve had positive and negative experiences with pet owning tenants. I don’t like letting to dog owners unless it’s one of my rental properties with a private garden and the dog(s) isn’t going to be home alone for hours on end whilst the tenant(s) is at work. 
    Thank you very much for responding. Yes, I would reside in the property with them as a family unit indefinitely (I have lived with them for all of my 35 years, apart from when I went away to study). I work from home full time, and my dad is retired. I would only be considering properties with a private back garden in this scenario.

    There will be missed payments & underpayments on their credit files, including mortgage. They've never been bankrupt. I'm confident they've not had a CCJ in at least the past decade, and I'm not aware that they've ever had one, although the further back you go the less likely it is that I would have known about it.

    I don't believe they could pass the affordability test without me. I believe I could pass it without them.
  • pramsay13
    pramsay13 Posts: 1,917
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    As a landlord I would want all tenants on the lease. There is no benefit to the landlord to only put one of you on it. 
    I won't rent to anyone with dogs again after a bad experience of someone who I agreed could have one dog and ended up with 3 or 4 including a puppy who wrecked brand new carpets. 
    Are you having to move from where you are currently, and have you considered buying (or transferring mortgage if current place is owned)?
    If you've always lived with your parents surely the missed payments or underpayments are yours as well?
  • Anticyclonic
    Anticyclonic Posts: 17
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    edited 20 November 2023 at 12:20AM
    pramsay13 said:
    As a landlord I would want all tenants on the lease. There is no benefit to the landlord to only put one of you on it. 
    I won't rent to anyone with dogs again after a bad experience of someone who I agreed could have one dog and ended up with 3 or 4 including a puppy who wrecked brand new carpets. 
    Are you having to move from where you are currently, and have you considered buying (or transferring mortgage if current place is owned)?
    Thank you for responding. I have learned that my parents' mortgage term ends in 2027 and that they will have no recourse but to sell our home to repay the loan at that time. I am therefore trying to find ways to avoid them becoming homeless. Buying a property is absolutely an option I am looking at that would be preferable to this one.

    pramsay13 said:
    If you've always lived with your parents surely the missed payments or underpayments are yours as well?
    No, there is no financial association between myself and either of my parents on my credit file. Nothing that is in my name (which is very little aside from my own credit card) has ever not been paid.
  • RHemmings
    RHemmings Posts: 3,101
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    Do your parents have an interest-only mortgage? Approximately how much equity will they have when they sell the house? 
  • Anticyclonic
    Anticyclonic Posts: 17
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    edited 19 November 2023 at 11:42PM
    RHemmings said:
    Do your parents have an interest-only mortgage? Approximately how much equity will they have when they sell the house? 
    They do indeed. My dad has said that he expects there to be 100-120k of equity left in the property after paying off the mortgage when the property is sold.
  • Olinda99
    Olinda99 Posts: 1,148
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    I am sure you will have considered it but could you think about maybe using that 100k as a deposit on a house and you getting a mortgage rather than renting
  • RHemmings
    RHemmings Posts: 3,101
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    Olinda99 said:
    I am sure you will have considered it but could you think about maybe using that 100k as a deposit on a house and you getting a mortgage rather than renting
    That's precisely what I was thinking. Around my way that deposit would buy an entire two bedroom flat, and getting to a freehold property is not that far. Depends on where the OP and their parents live, of course. 
  • GDB2222
    GDB2222 Posts: 24,318
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    RHemmings said:t
    Do your parents have an interest-only mortgage? Approximately how much equity will they have when they sell the house? 
    They do indeed. My dad has said that he expects there to be 100-120k of equity left in the property after paying off the mortgage when the property is sold.
    So, your parents would have £100k in the bank. That could go quite some way towards cancelling out any adverse credit history. :)


    No reliance should be placed on the above! Absolutely none, do you hear?
  • I would want all three of you on the contract.  The reason being, you could decide to leave and then I have got two 'squatters' in my property from whom I can't ask any rent.

    I think if the parents have £100k equity, then why don't they use that as a deposit on a house?  
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