I know the law doesn’t allow the tenant to be charged with the referencing costs.
My chosen tenant pulled out when I asked whether she could find a guarantor as she came in as medium risk & I couldn’t get RGI insurance because of that.
How pathetic is that? I only asked whether she is able to find one. I didn’t ask her to get one. And yet she felt insulted & pulled out.
Still i have to bear the cost of referencing. This is unfair.
And I don’t know what purpose a holding deposit serves. There has to be some way to stop this ridiculous behaviour of some tenants.
So I should ask for some proof of income before I proceed to referencing?
What level of income should I be looking for? Is there a formula or something?
eventually the tenant has to prove income so you can ask for it whenever you want… If your rent is for example £700 per month I would be looking for an income of 3 and a half times that, per month. The thing is you wont know what their other monthly outgoings are if you dont see a bank statement PS if the tenant is not happy to provide this. then they are not for you!
I use Canopy basic references are free then I use the template letters for NLA to send to the employer and previous landlord. Most high street agents will want to see a minimum income of 3x the rent.