Renting - What's the norm, what's required?

curtis122

We are hopefully going to be able to start looking for a rental very soon. The last time I rented was over 20 years ago and from what I remember it was a very easy process, some pay slips and that was it.

What's the process now for applying for a rental? What's the norm that most need now as I read on one they wanted so much info and they stated people must earn at least £41000 and it was not a very expensive rental, which made me also think how does your average worker even rent given they are saying you need to earn that much to even apply.

I noticed also a few used a separate company to do the checks, which if they are anything like the ones recruitment companies use, I imagine would be painful as they normal just do a tick box exercise where every box needs to be ticked exactly with what they require and how they require it, anything outside that, its a fail.

Brie

Credit checks are normal.  So is having 100 people wanting the same place so the LL often has their pick.  

Actual salary required will depend on where you're looking.  And what you're looking for.  

subjecttocontract

Many landlords now require an applicant to qualify for rent guarantee insurance which might  not have been around 20+ years ago. My agents usually ask a few basic questions to check the tenant will pass the criteria for RGI first, then if ok, the people offering the insurance run the actual checks.

Albermarle

A couple of years in some areas as soon as a rental was available there was a queue of people outside.
Sometimes you could view 20 properties before even you got to the stage of credit checks etc.
It seems to have calmed down since then, partly because rents went up a lot, but can still be a bit of a scramble for anything decent in some areas.

gwynlas

A lot depends on where in the country you are renting as to price conditions and whether landlors self managing or using agency.

You can get useful information from listings.

All should do credit checks, and take up refernces, if you have no recent history of renting they might request tha you offer six months advance rental.

If they do not offer a pre contract inventory write up your own with time stamped photographs.

FreeBear

gwynlas said: All should do credit checks, and take up refernces, if you have no recent history of renting they might request tha you offer six months advance rental.

And they should also be checking that you are either a UK citizen or have the right to stay in this country.

owls1867

curtis122 said:

We are hopefully going to be able to start looking for a rental very soon. The last time I rented was over 20 years ago and from what I remember it was a very easy process, some pay slips and that was it.

What's the process now for applying for a rental? What's the norm that most need now as I read on one they wanted so much info and they stated people must earn at least £41000 and it was not a very expensive rental, which made me also think how does your average worker even rent given they are saying you need to earn that much to even apply.

I noticed also a few used a separate company to do the checks, which if they are anything like the ones recruitment companies use, I imagine would be painful as they normal just do a tick box exercise where every box needs to be ticked exactly with what they require and how they require it, anything outside that, its a fail.

Credit Check / Employment Check / Previous Landlord Reference (but not applicable in your case) and then Right to Rent to prove your immigration status (which if you are a British or Irish Citizen is just providing your passport, but slightly different for foreign nationals). 

The affordability criteria is usually 30x the monthly rent - but this can vary from referencing agency depending on who they use. So if the monthly rent is £1000 per month, they would want the household to earn £30k to pass.  

The deposit is capped at 5 weeks rent, so make sure they don't ask you for anymore than that. 

Once referencing have been passed - they will ask you to pay a holding deposit, usually 1 weeks worth of rent to take it off the market. Tenancy agreements are then drawn up ready to sign, dates are agreed and the remaining monies are then paid before you move in.

Tenancy agreements are usually for 6 or 12 months fixed and rents cannot be increased for at least 12 months. 

My best tip is to be as flexible as you can be for move in - landlords want someone who can move in straight away to avoid any large void periods (££££) and absolutely make sure you get your viewing as soon as possible.
Not all, but a lot of agencies have a first come, first served rule that as soon as referencing is passed and satisfactory, you're then expected to pay your holding deposit so not to miss out. So if are viewings are only taking place at say 2.30 on a Tuesday afternoon - then make sure you can make it because its highly likely it will probably not make the second round of viewings such is the demand at the minute. 

Albermarle

owls1867 said:

curtis122 said:

We are hopefully going to be able to start looking for a rental very soon. The last time I rented was over 20 years ago and from what I remember it was a very easy process, some pay slips and that was it.

What's the process now for applying for a rental? What's the norm that most need now as I read on one they wanted so much info and they stated people must earn at least £41000 and it was not a very expensive rental, which made me also think how does your average worker even rent given they are saying you need to earn that much to even apply.

I noticed also a few used a separate company to do the checks, which if they are anything like the ones recruitment companies use, I imagine would be painful as they normal just do a tick box exercise where every box needs to be ticked exactly with what they require and how they require it, anything outside that, its a fail.

Credit Check / Employment Check / Previous Landlord Reference (but not applicable in your case) and then Right to Rent to prove your immigration status (which if you are a British or Irish Citizen is just providing your passport, but slightly different for foreign nationals). 

The affordability criteria is usually 30x the monthly rent - but this can vary from referencing agency depending on who they use. So if the monthly rent is £1000 per month, they would want the household to earn £30k to pass.  

The deposit is capped at 5 weeks rent, so make sure they don't ask you for anymore than that. 

Once referencing have been passed - they will ask you to pay a holding deposit, usually 1 weeks worth of rent to take it off the market. Tenancy agreements are then drawn up ready to sign, dates are agreed and the remaining monies are then paid before you move in.

Tenancy agreements are usually for 6 or 12 months fixed and rents cannot be increased for at least 12 months. 

My best tip is to be as flexible as you can be for move in - landlords want someone who can move in straight away to avoid any large void periods (££££) and absolutely make sure you get your viewing as soon as possible.
Not all, but a lot of agencies have a first come, first served rule that as soon as referencing is passed and satisfactory, you're then expected to pay your holding deposit so not to miss out. So if are viewings are only taking place at say 2.30 on a Tuesday afternoon - then make sure you can make it because its highly likely it will probably not make the second round of viewings such is the demand at the minute. 

In areas where there is high demand, you may even have to offer to 6 or even 12 months rent in advance to secure the property.
This might also be the case if your credit checks are less than perfect, although sometimes they will accept a guarantor. 

mta999

although once the RRB becomes law in the autumn that will not be possible