I am seeking advice as to what evidence you ask potential tenants to produce and what method you use when calculating someone’s ability to afford rent.
Thank you.
You need to establish whether the potential tenant has the Right To Rent in the UK. For UK and Irish nationals their passport is all that is needed. For foreign nationals they need to provide you with what is known as a Share Code. You log onto a government website and enter the code and it will tell you the person’s residency status. Unfortunately a few years back the government passed laws that make landlords immigration officers. So you need to record this evidence to show you have performed these checks as there are heavy fines if you don’t.
For affordability, some of the referencing agencies use an annual salary of 30 times the monthly rent. So if the rent is £1000 pcm they would need an annual salary of £30K. Some use different calculations although they usually work out to be roughly the same.
You will also need to consider the type of employment contract they have. Permanent, fixed term, temporary etc.
Hope this helps
I know all the right to rent stuff and have checked in the past.
As for income/affordability, do you ask for bank statements?
I know some landlords do ask for bank statements. I just ask them to confirm how much they earn to see if they can be considered for formal referencing. If the reference comes back saying different from what they told me I would then keep their holding deposit.
This topic was automatically closed 90 days after the last reply. New replies are no longer allowed.