Am I wasting estate agents' time? (Any landlords here)

[Fagey]

Due to see a property today (rental)

It's a very large property.

We don't earn the minimum amount required to be accepted as tenants.

So on the face of it. It's a waste of time.

But - the reason we are viewing it is we have our own business and rent a large unit for the business. The business rent alone is more than the house we're viewing.

So we would be moving out of both our home and the business premises to move into the much bigger house to work from home. Therefore saving on bills, travel, and cutting out rents overall.

But I'm clueless if that information would be of any use to a landlord as from what I'm reading for insurance purposes they need to look at our income for the last year and base it on that.

We could as of today increase our wages to to required income. But I don't think that would help with this rental/the landlords finance check.

The other option we're considering is to release the amount and pay an entire year's rent up front.

Yes I think it's to do with the rent guarantee scheme. As a LL, in normal circs, I think I would be fine renting to someone in these circumstances. However as, due to the new Covid rules, eviction is more or less impossible, right now I would only accept someone I could get insurance for - and I think that's your problem. It's absolutely still worth a shot though and definitely worth asking the LL.

For us the issue wasn't having physical business there, but having business registered at that address. Make sure they understand if you had it regostered there.

If you don't meet the income criteria would it be possible for you to pay the initial contract e.g. 12 months rent, upfront? I've done this in the past and they are usually happy to accept you as it shows you have savings and can afford the property for the minimum duration. You could then up your income for the following 12 months if you stayed there so if they asked again when you came to renew your tenancy, you meet the criteria?

It would be a no from me, both my mortgage provider and insurance don't allow a business to be run from the property. (But I did change insurers to one who allowed a larger range of benefits and not expect me to constantly update them on long standing tenants financial situation)

I’m assuming that’s for rent guarantee insurance @Thissucksmonkeynuts, as I’ve never known an insurance co. request a tenants financial situation.

Equally I’ve never heard of undergoing a new credit check upon renewal. And neither do my tenants. Once op you pass affordability and or pay up front, you’re in, there wouldn’t be further checks so how much you choose to pay yourself wouldn’t be an issue.

I meet all my tenants and am always ready to hear extenuating circumstances like your own. I have self employed tenants and those with CCJ’s. But I think an agent would be less likely to put your forward.

agent says it is fine as they want commission. Landlord may not be able to get insurance for this. You need to talk to landlord.

could well be perfectly possible (I hope so) but speak to the organ grinder not the monkey.

Thanks all.

Just back from viewing

We think it could work and explained the situation to the agent.

He says the LL is a very nice guy and certainly wouldn't be automatically ruling us out due to wages alone.

DH and I have a lot to chat about over the weekend and we'll be dropping the agents an email with everything listed.