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  • Tenant Referencing

    Overseas tenant - high deposit?

    I have a flat that I desperately need to let by end March, due to the EPC requirement coming in 1st April. I have a tenant available but as he works abroad for the last few years, he would probably fail the usual reference checks.

    He has agreed to pay a big deposit instead, but is there any insurance cover for example to carry out any legal requirements if he does default on the rent, that I can get without referencing checks on the tenant? The deposit would still be held by a 3rd party scheme, but at least the money would be claimable after eviction proceedings. I would just want legal cover to assist with the proceedings.

    Any advice?

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    You should accept the funds as rent for however many months it covers not as a deposit.

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    Have you thought of using a Guarantor for him? You would have to reference check them and ideally they would be a UK resident, working home owner. There are Landlord insurances to cover general liabilities but they would require a tenant to have gone through and passed some sort of referencing check in order for the insurance to be valid. In general just make sure you have complied with everything required by you as the landlord so that should you need to evict due to rent arrears, you can do it legally and quickly which usually means at lower cost.

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    What is a large deposit? remember you can only charge upto 2 months rent as a deposit by law. Anything larger could cause you problems further down the line.I believe if you call it rent in advance that also is a issue as it could be deemed to be a form of deposit, (but unsure, recall reading something about this a while back).


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