That reminded me to add, I never take the property off the market until the tenant has actually signed the contract and taken the keys.
You never know…
(and no, I don’t take holding deposits)
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You do the checks as Tatemono suggests and take a deposit, if the applicants have told a lie you will have proof and keep the deposit. Sadly 75% of my applicants have told lies, its almost the norm to lie now.
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I would like to do some LL training. Can you point me in thee direction?
google ‘Landlord training’ or ‘Landlord associations’
lots of good resources also at The Independent Landlord | Support for the private rented sector
and
The Landlord Law Blog - Home Page
best
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I don’t touch any of them now unless I can obtain RGI. Working or DWP. Generally though it’s only dwp that can afford a rent of £1,350 a month. I really Can’t afford the risk. Too many rights. I want the assurance of legal cover and the rent paid when they get shelter to pay their legal aid. In order to be sold rent guarantee insurance all tenants have to pass comprehensive Openrent credit checks. Sole tenancy 3 times monthly rent has to be earned or 2.5 times monthly rent if joint tenancy. You can only have one guarantor and Openrent are clever they don’t explain this clearly. You end up finding out after spending multiple £30’s and then you find out you can’t combine a guarantor income with the tenants they have to be able to meet the full cost even if the tenants pass with good credit they can fail on affordability. Be aware Openrent is cheap but it all adds up. You’re better off using an estate agent to set up the first month’s rent. They will look at bank statements and set the tenancy up and organise rent guarantee. Openrent haven’t for the system in place where the affordability is their bit DWP need a tenancy agreement before DWP will offer in most cases the full rent. I only use Openrent for free advertising now as an extra. Once the high street agent has got the adequate insurance. I then manage the properties myself.
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