I have a lovely prospective tenant who is getting married over Christmas. Her husband to be is moving over from Ireland so needs to find a job.
She needs a guarantor to pass referencing herself but has chosen someone who has failed.
Any advice on how to proceed?
Is it possible they could provide another guarantor?
If not, then it’s up to you over how to proceed. You can still let to tenants who fail referencing and have no guarantor. It’s just a question of the amount of risk you are happy to face in order to let to a tenant you have met and feel good about renting to.
For example, with a guarantor who passes referencing, our Rent Guarantee Insurance will not be available. You can let without the insurance if you are comfortable taking on that risk, or you could find another insurance provider who may be happy to cover the tenancy. It’s your choice, really.
Sam
We have a house that in 3 years has had 2 sets of tenants who were absolutely lovely but could not keep up with the rent.
Having had to clean, paint and do minor repairs whilst losing rent due to the house not being let for a month x 2 + the unpaid rent arrears, I am now looking for tenants who are maybe not so apparently nice but can pay the rent.
Re-advertise whilst the prospective tenant comes up with excuses or sorts herself out. xxx
you tend to learn from bitter experience!
Remember your a landlord
Your NOT a friend,they are NOT “nice people” as you will find out eventually
Finally, NEVER accept a guarantor-again bitter experience
In order to justify
A guarantor must prove they can afford not only their own rent/mortgage but must be in a position to honour your tenants lifestyle too
The English live in a “low rent” economy -few earn over 27k yet live a 50k lifestyle!
You will have given up the legal fight (to get guarantor to honour agreement) long before you win or lose case
If you wish
Follow the simple 3 times rule- ie income net should be 3 times rent
If that means more interviews before you find mr right tenant -so be it
The “tenants” you describe do not even have a job !
I never turn anyone away lightly,however, I always ask for a 6 month in advance agreement (on a 6 month tenancy) with postgraduates/or, aspirational, tenants
Only one in 4 accept but I NEVEr have any problems with rent arrears
Well…not so far!
Dr David Noble
ps
Remember…Act in haste suffer at leisure!
I absolutely agree with the doctor!
have you met the husband? is he from N Ireland, is he here legally in the country, you have to show due diligence. i get the feeling you are new to renting as the dr implies. my advice toughen up and be more professional, tenants are not your friends. aim for a pleasant working relationship thats it. When you have had some bad experiences it changes you and it will happen.
I would point them in the direction of Housing Hands, they apply a guarantor service. It costs the tenant and guarantees you the rent. Not ideal long term for a tenant as it’s quite pricey but useful if someone has just arrived in the country and has limited options in terms of guarantors.
I dont get all this trying to get around the the fact that someone cannot pass a reference test and neither can the guarrantor. Walk away !!! find another tenant !!!
If she’s from the UK and she can’t pass and can’t find someone who would pass I would tend to agree, however if she isn’t (only guessing because of the husband coming over) and has just arrived it’s unlikely she would pass anyway. I agree there is always someone else but with the Housing Hands the cost is on the tenant, not the landlord, the rent is then guaranteed. It’s an option for people who haven’t been here long enough to build either a credit or work history and are unlikely to have anyone UK based. The reality is just because someone passes a box ticking exercise when it comes to referencing isn’t necessarily indicative of how things will go once they are in there either.