question about renting when moving out

[lovelylucylocket]

Anyone? I am thinking of splitting from DH and renting for a while as a trial separation. I have a low income ( am s/e) but have a lot of savings ( almost 6 figures.) I was a bit scared recently when a friend's DD was told by an estate agent that she would not be able to rent a property as her income wasn't a multiple of what was required for that amount of rent (even though she had savings and her parents could have topped it her up for rent.) In theory I could rent for a long time and own half a house which is worth well over £500K. I have a good credit standing and no debts.
Where do I stand re. renting?

Most estate agents will ask for a particular income/rent multiple or have an affordability criteria. It's not always set in stone - you can ask the agent to explain your situation to the landlord of the property who may be happy to accept you based on your savings.

If you have a significant amount of savings then it usually suffices to pay 6 or 12 months (duration of tenancy agreement) upfront. Being able to do so might also mean you can negotiate a discount with the landlord.

You might want to consider when you approach agents and landlords whether you tell them that you're renting during a trial separation: landlords who are hoping for long-term tenants may see it as a negative that you might only need the place for a few months and be less willing to let to you.

Good luck, with the rentjng situation and with whatever you decide for your relationship

I'm a landlord and have done a deal whereby tenants paid 6 months upfront and a much larger deposit to secure the tenancy in a situation where income alone would not be sufficient.

Thank you both.
Glad that there appears to be a way round this though it does seem a bit unfair that someone who has saved hard and has near £100K in the bank and a property assets worth around £300K as a guarantee, has to pay up in advance- and a larger deposit- compared to someone who has more monthly income , which could end at any time if they lost their job , and yet no savings as a back up.

As a landlord, I have no rights to access savings accounts and these could have a joint claim on them or be emptied the minute I've been shown them.

I do credit checks on my tenants and in one case where I took on bankrupts (I liked them and I'm a soft touch!) I personally spoke to their employer and ex landlady.

Traceable work history is less risky than a savings account.

Plenty of short term lets out there.

I'm in a sort of similar position though we have split up and house is on the market.

I have low income and no savings until the house is sold and releases the equity. Having spoken to a lettings agency, my only option to secure somewhere for me and my little boy to move to upon completion of a sale is to pay rent upfront.

Speak to a lettings agent and explain your situation.

Oh and it's worth finding landlords who don't go through agents as we tend to be more I stinctive and less prescriptive ;)

Thank you both again. I still don't see how it's really any different with someone who is working because redundancies can occur and mean only 1 month's notice and a small payout. I'd be happy to pay 6 months in advance but would feel it unfair to have to cough up a large deposit when that money would be earning interest for me in investments etc.

Joysmum

Do you know any good sites that private landlords use that aren't Letting Agents?