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  • Buy-to-Let

    Prospective tenants salary details

     

     I have instructed a letting agent to find a suitable tenant.He found a couple who are both working, I asked him how much they earn so I know whether they will be able to afford the monthly rent .He said he could not disclose their personal data but they were earning enough.I have had a default this year and when I requested I want to meet the tenants two of the letting agents arrived with them at the flat(not a problem).

    When i asked the tenants the salary again the agent told me they were earning enough.One of the tenant told me how much he was earning but the partner did not disclose as she is doing a cleaning job and may not be earning as much .The tenants when asked some probing questions said he would be willing to pay the full six months rent in advance.Should I take the six months rent or should i ask him for 3 months deposit instead and one months rent .In that way if he defaults I would have enough deposit to cover non payment of rent  by the time section 8 or 21 notice ,eviction takes place.Also what details are a must that I should have of any prospective tenants. 

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    Seems a bit odd they won't tell you what they are earning, after all they are your agent and should be sharing all the information with you so you can have a say in matters. Therlir application form if it's worth any salt should have a clause in it that says they will be passing the information to third parties to help them assess the suitability of them as tenants.  Not being funny, but if they won't tell you this I'd be inclined to think they were trying to hide something, and maybe they're just after their tenant finding fee??
    I personally couldn't work with an agent like that. I'd be inclined to tell them answer my question or you'll sack them off!
    at the end of the day it is your house, and you make the final decision!
    I'd have a stern word with them. It's you who loses out if they put the wrong tenant in. Don't they make you mad when they use the dpa as a screen to hide behind.
    Good luck
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    Supplier of High Yielding Managed Properties & Portfolios in the North West.

    Author of the DarwenPropertyBlog.com

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    In order to decide if someone is suitable you need as much info as possible. We have an 8page application form they need to fill in. Plus If we want more info on any aspect of them we ask for it. You cannot afford to make mistakes at this stage of the game. Also we insist on a suitable guarantor as a matter of course, just to be on the sage side. No guarantor no house!
    Once you've had your fingers burned you don't want them burning again! I beieve you have to do as much as you can at this stage to establish an applicants suitability for a property. We also run local authority and police checks if we feel we want to.also you want to be issuing the section21 at the time they sign the tenancy. Section 8 comes later if they are regularly late with the rent or get into arrears.
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    Supplier of High Yielding Managed Properties & Portfolios in the North West.

    Author of the DarwenPropertyBlog.com

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    My alarm bells ring when applicants offer 6 months rent up front. Also you want to be taking advance rent instead of deposits. If they do turn out to be ok, and they have offered this amount of advance rent I'd be inclined to take that as well, a bird in the hand is better than two in the bush?
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    Supplier of High Yielding Managed Properties & Portfolios in the North West.

    Author of the DarwenPropertyBlog.com

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    I could not work with an agent like that. If i were to put mine with an agent when I`m old and grey they would simply be an extension of me and I would ensure they operate my business the same way I do with transparency. I agree data protection has to be  there but as Paul says a simple clause can overcome that hurdle.

    The agent is  just doing the leg work and getting paid for it in return. They should work with you not against you.

    As for the 6 mths up front. Yummy! 

    Take it as rent in advance and you then have it in your control and you have 6 mths to play with.

    Yes i would want to know where it came from so i would ask legitimate questions to ascertain that. If they said drugs money then walk away if on the other hand they said they had just sold a house ( I have one of these at the moment) then thats perfectly acceptable. It certainly has put her top of the queue. Do your normal other DD of course but hey money talks! 

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    Jonathan Clarke. http://www.buytoletmk.com

     

     Hi,Suzanne I will ask for the 6 months bank statements and salary slips.I am disappointed the agent is not being upfront.

    So basically if they are not earning enough ,although they can pay the six months rent, I should take them or not? ,its a lot of hassle for a short period of time.Evicting can take up to two months after the six month period.

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      Hi Paul, Thanks for your reply.The agent is certainly being unreasonable.I have decided to get all 

                    the information before I go ahead. The reason I wanted the 3 months deposit is so that if at the end of the 

                    tenancy I have to (worst case) evict them it can take several months, or do you have other options or ideas.
    Paul Ainsworth Lord said:

    Seems a bit odd they won't tell you what they are earning, after all they are your agent and should be sharing all the information with you so you can have a say in matters. Therlir application form if it's worth any salt should have a clause in it that says they will be passing the information to third parties to help them assess the suitability of them as tenants.  Not being funny, but if they won't tell you this I'd be inclined to think they were trying to hide something, and maybe they're just after their tenant finding fee?? I personally couldn't work with an agent like that. I'd be inclined to tell them answer my question or you'll sack them off!
    at the end of the day it is your house, and you make the final decision!
    I'd have a stern word with them. It's you who loses out if they put the wrong tenant in. Don't they make you mad when they use the dpa as a screen to hide behind.
    Good luck
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    zed aly said:

      Hi Paul, Thanks for your reply.The agent is certainly being unreasonable.I have decided to get all 

                    the information before I go ahead. The reason I wanted the 3 months deposit is so that if at the end of the 

                    tenancy I have to (worst case) evict them it can take several months, or do you have other options or ideas. Paul Ainsworth Lord said:

    Seems a bit odd they won't tell you what they are earning, after all they are your agent and should be sharing all the information with you so you can have a say in matters. Therlir application form if it's worth any salt should have a clause in it that says they will be passing the information to third parties to help them assess the suitability of them as tenants.  Not being funny, but if they won't tell you this I'd be inclined to think they were trying to hide something, and maybe they're just after their tenant finding fee?? I personally couldn't work with an agent like that. I'd be inclined to tell them answer my question or you'll sack them off! at the end of the day it is your house, and you make the final decision!
    I'd have a stern word with them. It's you who loses out if they put the wrong tenant in. Don't they make you mad when they use the dpa as a screen to hide behind.
    Good luck
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    zed aly said:

     

     Hi,Suzanne I will ask for the 6 months bank statements and salary slips.I am disappointed the agent is not being upfront.

    So basically if they are not earning enough ,although they can pay the six months rent, I should take them or not? ,its a lot of hassle for a short period of time.Evicting can take up to two months after the six month period.

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    Hi Suzanne thanks for that advice ,I have left so much to the agents in the past that they don't really care once they have got their fee.After losing out to two unscrupulous  tenants last year and their thinking being if we can get away with it why not.The waiting period for a judge to look at section 21 notices is any where between 6-8 weeks because of the backlog of cases.Thanks again for replying.I assume you use the word AFTER in capitals because otherwise the notice is not valid.

    Susanne said:

    i guess if everything else checked out   - i may consider them with 6 months rent up front  -   but i would need a bit of convinvcing....

     

    a bad tenant can take up to a year to get out if they REALLY dig their heels in......

     

    zed aly   - i think you are referring to the 2 months it takes for a Section 21 before you can go to the Court for a repossession order....

     

    if you get them to sign a Section 21 AFTER you have lodged their deposit and after they have signed the AST   -  then i might take them with 6 months rent up front....  

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