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urgent advice for novice landlords

(4 Posts)
Boboli Fri 26-Oct-12 09:44:27

We are having to rent out our house as we can't sell it and new to all this. We move out next week and have it on with 2 letting agents but not rented it yet. Price is right (lower than supposed market rate) but tenants for our level of rent just aren't out there.

I posted it on gumtree last week and we think we've found someone. She is self employed, has made an offer of £1000 instead of £1100 a month, will pay up for 6m and see how we go after that.

She will give us up front £200 from first month's rent to take off market and then £800 into a tenancy deposit scheme.

What do we do for references in this situation? Also, not happy about the deposit arrangement being proposed. I wanted 6 weeks deposit - this is normal isn't it? Should we be asking for any guarantees after the 6m if she's still in it?

Any advice appreciated!

lalalonglegs Fri 26-Oct-12 10:39:47

I wouldn't be happy with less than six weeks' deposit.

We ask a #200 holding fee and then do an online credit check which we take out of that money. Explain that the holding fee is non-refundable so, if she changes her mind or her credit score is low, she doesn't get her money back. We then ask for previous landlord references and the deposit and first month's (in your case, first six months') rent to arrive in our bank account on or before the move-in day. You can also ask for a guarantor who would need to be credit-checked.

Boboli Fri 26-Oct-12 13:51:34

thanks for the advice lala, some good tips. We've decided to say no to this tenant and use letting agents until we're more savvy!

MrsSnow Fri 26-Oct-12 17:40:02

I always take 6 months bank statements, proof of identity eg passport and a copy to keep, as well as pay an agency for a credit check.

I think it is fairly standard now to take 6 weeks deposit to put into the dps scheme.


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