Need advice: Only one viewing/application so far, but they seem ideal, proceed or wait?

Landlord Discussion
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Hi there, there are some potential tenants who came to view the flat I’m renting out. They seem like really nice guys and the viewing went well. I already asked the basic questions, such as their source of income, how they would pay for the property, and what their combined income is. I also asked what kind of tenants they are generally.

They seem interested in making an offer and moving forward with the next steps. Before proceeding with referencing (which I’ll be paying for as the landlord), I wanted to make sure I cover everything properly first.

I’m planning to remind them that pets are not allowed due to the lease covenants, even though this was already mentioned during the viewing (they said that they have a fish, I guess it should be allright?). I also want to confirm that they’re okay proceeding subject to successful references, and because they don’t have a guarantor, I’d require one month’s rent in advance alongside the standard deposit.

I also want to ask for bank statements and payslips, even though OpenRent will also do checks, because I’d like to carry out my own affordability checks as the landlord.

I’m also wondering whether this is the right moment to mention that I live in a flat upstairs and self-manage the property (mostly to ensure that they don’t maybe plan to break any contract clause).

Another thing is that the property has only been advertised on OpenRent and Zoopla so far, so these are actually the only people I’ve done a viewing with. There hasn’t been much interest overall, which surprised me because the house is newly renovated and has a lot of potential.

Because of that, I’m finding it difficult to judge the situation properly. These are the only applicants so far, but I genuinely liked them and they gave me a very good impression. At the same time, I don’t really have a comparison point with other applicants, since there haven’t been any others.

Would you recommend also listing the property on Rightmove at this stage, or would you proceed with these tenants if references check out?

My only concern is that I already told these guys I’d get back to them with a final decision after this bank holiday. If I now decide to list on Rightmove as well, that would obviously mean delays while waiting for more enquiries, arranging more viewings, and comparing applicants. I’m worried that these tenants, who already seem interested, could lose interest in the meantime and move on to another property.

What would you do in this situation? Would love to hear how other landlords usually handle this stage of the process.

Thanks in advance

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@Sveva1

How long has it been advertised? What is the price vs others similar in area? Market has been slow - when economy flatlining and cost of living crisis people are not doing well unemployment has been rising people dont move unless they have to.

Use rightmove. Be patient not desperate

It’s not up to you to chase them. Seeming interested at a viewing is not an offer. Lots of tenants change their mind after a viewing. If they are keen they will contact you

If you decide to ask them to proceed, ask if there’s anything you should know that will show up when referencing is done eg ccjs.

(A pet fish is a pet. If pets arent allowed by the lease and you allow it they will then bring a dog, cat or any other pet they like. Sounds like they are trying to push the limits with you even before moving in. I’d take that as a red flag and avoid!)

I’m not sure i’d necessarily tell them you live upstairs - why is that any of their business? It shouldnt affect their decision either. And you either trust them or you dont. There’s not much you can check from upstairs apart from noise levels and whether they put rubbish out and treat the communal areas ok.

They will find out soon enough when they read the draft tenancy agreement before signing. In any case you’ll want to agree boundaries- how often you will do inspection visits and equally that they wont come knocking or contacting you for every small thing at weekends, only emergencies

Best

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Are you aware of the RRA rules on rent in advance?

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@Sveva1

The number of enquiries has fallen considerably from what it was 18-24 months ago. Not sure why, some say it is because of Brexit. Anyway, if I were in your situation, I would make them aware that you live in the flat above. If they still want to proceed, offer them the tenancy subject to satisfactory references. If this is your first time renting I can understand you being apprehensive. The most important thing is they have a reliable source of income that is more than 2.5 times the monthly rent with excellent credit history.

Good luck!

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Hey thanks for answering, yes my understanding is that according to the RRA I can ask for a month in advance max, is it correct?

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Hi Christopher, thanks for your reassurance. Yes I’m probably overthing, I am only worried that tenants can now use the RRA to their advantage and stop payin or bring in any pets despite the covenant (I said yes to a fish because it’s confined in an aquarium but others shouldn’t be allowed).

And they earn x2.9% the rent so I’m all right on this side, but I’m wondering if I should worry for the lack of a guarantor

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Check through bank statements. Outgoings are equally as important as income.

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Hi David, thanks a lot for your advices! Yes the rent is in line with the market prices and it’s completely renovated. When I used to rent I had to block the flat on the spot otherwise it would be gone in minutes, it’s so odd that now there are not many enquiries considering that the flat is in the city centre, but I can understand that Brighton is quite expensive.

The reason I wanted them to know that we live in the block is to stop any idea of maybe bringing in bigger pets or you know doing things that they shouldn’t do before paying for the credit checks - there are only a few flats in the building, I know everyone so I would immediately notice if something was going on. This said, I also want to respect their privacy, I am not the block police but I’m still the landlady and I need to be sure that they don’t breach the contract. I’m this skeptical because on Facebook I read of people suggesting a person who couldn’t find a place because of a pet to lie to landlords because they think that with the new RRA they are entitle to have pets

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Yes I will ask for bank statements, thanks for the tip

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@Sveva1 the month in advance is only for 1st month’s rent, after that rent in advance can’t be required at all by LLs

Best

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@Sveva1

Places like brighton which are expensive will have less interest in a cost of living crisis when people shop around more or look further afield. Theres been a sharp drop in international student migration too. (1/3 less visas than 2023 peak) And some LLs aimimg to sell up due to RRA may have not got the sale price they wanted and have had to return to renting to pay mortgages.

The market can be very price sensitive - try advertising a little lower plus rightmove - why wouldnt you for 50 quid its the site most used. And share your ad here - what might have been fine when places were renting like hot cakes might not work now - people here will comment on the photos etc.

You are right to be sceptical - indeed just as before they can stop paying and the process to evict is long (under rra 3months arrears plus notice period then if they dont leave apply for possession then bailliffs- can easily take a year..). I wouldnt make exceptions for a fish in an aquarium- once you allow any pet you cant refuse another using the lease grounds. next they will want a snake (see thread

).

Good luck

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Yes, but there are strict rules on when you can receive it, namely after youve signed the tenancy agreement. Also, it has to cover the first month’s rent, not be kept as an extra deposit.