@ Bing "I offered to pay the whole six months rent in advance, plus a security deposit of one to two months, yet all of them wanted credit references, and some wanted guarantors or employment references. Why? I am taking away the initial risk by paying all the rental upfront. They are in a better position than they could possibly be by relying upon credit and other references, yet every single one wanted them regardless."
Criminal gangs often offer to pay the entire rental period upfront. For the avoidance of doubt, I'm certainly not accusing you of any criminality. However, what seemed a good deal from you, may have rang alarm bells to them.
@ Bing "I offered to pay the whole six months rent in advance, plus a security deposit of one to two months, yet all of them wanted credit references, and some wanted guarantors or employment references. Why? I am taking away the initial risk by paying all the rental upfront. They are in a better position than they could possibly be by relying upon credit and other references, yet every single one wanted them regardless."
Criminal gangs often offer to pay the entire rental period upfront. For the avoidance of doubt, I'm certainly not accusing you of any criminality. However, what seemed a good deal from you, may have rang alarm bells to them.
I expect the main reason is that they don't want to end up with a sitting tenant at the end of that period that they find difficult to move out. I expect the references are as much about satisfying themselves that you are a trustworthy person as proving that you can afford to pay. And if you were a shady character (I'm not saying you are, but they don't know that), you're less likely to do something that would inconvenience them if your boss is likely to find out.
Just over a year ago we sold our house and went into a rented house with a 6 month contract and no house in the offing to buy. It seemed a good idea at the time and we thought it would be easy. Absolute nightmare time, cost us a fortune in rent for a very uncomfortable house. But it worked out for us in the long run as we were virtually cash buyers and we found a house in the area we were looking in (Locksbottom). I did pull out of one house after we'd signed contracts but we did not exchange them. I'm glad we dont do things the Scots way. Good luck March I dont every want that amount of stress again.
We're halway through a move to Canada and were just about to put our house on the market. The Wife was out front on Saturday painting the front porch to smarten it up a bit and the woman from next door but one walked by and stopped for a chat. The wife said we were moving and about to put the house up for sale. About an hour later next door but one comes back and says 'we'd like to buy the house'. Turns out they had a flat they rented out which has just been demolished to make way for a housing development and they got a fairly generous settlement and are looking for somewhere to buy and rent out to her Sister who has just left her long term boyfriend. Made us an offer there and then that was only 5k under what we were hoping to get and said we could stay in it until we're ready to move out in May. When you factor in the saving on estate agents fees we won't have lost anything. Ball is already rolling with the Solicitors. Couldn't believe our luck when the Wife rang me to tell me what had happened. Reading a thread like this makes me feel even luckier.
Can't help thinking the rules could be modified to make the whole process smoother and less stressful, it's a wonder anyone ever manages to move when there's more than a couple of links in the chain.
In reply to Bing. We have meant to be exchanging for over six weeks now. During that time my vendors have found a couple of suitable properties through different agents but both have since gone. They don't feel they can start checks off because chances are the property will be let whilst they wait and they will eventually let through another agent anyway. I'd offer to help financially but we have already made concessions elsewhere to keep the chain intact and are not prepared to help further at this time.
I expect the main reason is that they don't want to end up with a sitting tenant at the end of that period that they find difficult to move out. I expect the references are as much about satisfying themselves that you are a trustworthy person as proving that you can afford to pay. And if you were a shady character (I'm not saying you are, but they don't know that), you're less likely to do something that would inconvenience them if your boss is likely to find out.
Well I signed a short fixed term lease for 6 months. I have paid them another two months as a security deposit so I don't see what their problem is. I met with them on a number of occasions, they are aware that I was selling my house - they can check that out, they have less risk, not more risk by what I have proposed. My wife works for the NHS, that doesn't need a reference to prove it. I could have provided a character reference as could she. The problem was/is the time frame for requesting and receiving the Employer reference.
I was in a position to exchange contracts last Friday with completion set for the 30th. They were prepared to take a holding deposit, and their vetting fee. They tried to tell me that it was completely normal for prospective tenants to take the risk of it all falling through after exchange.
Here's my problem - given that I trust Letting Agents less than they could possibly trust a bank robber, what is to stop them taking my £200, running a fake credit check, saying its come up bad, and pocketing the the 200 sovs. How do I know that they haven't got several people on the go for checking and they are just going to pick the one they like the most?
The whole process smells.
So as I said, I had another place lined up who were prepared to take my money without all the bullshit. Even then I had to amend the contract to say, "Agreement signed 12th January for tenancy to commence on 30th Jan". I didn't want them to be able to back out.
Bing, although I can totally see your frustration, what happens if you refuse to move out after the lease is up?
Or even worse a front man for someone who wants to fill the house full of plants, it happens, a lot, landlords are left with hourses covered in extraction holes and doors kicked in by the police.
Stu, its rather academic now because I have got an agreement signed without all that hassle.
I could refuse to move out - no credit check is going to tell them that. Employer references are not going to testify that.
I have been a home owner for 27 years and at my current place for 13 years, I will be pocketing nearly £200K for this move. They could if they wanted to confirm this with my Solicitor or Estate Agent. Unfortunately their default position was credit references -to see if I was good for the money - I was paying it all up front - no credit risk for the duration of the tenancy, and employment references - which were not available over a time scale which made it possible for me to exchange contracts and/or sign the lease in advance.
I spoke to my Solicitor who is not prone to blow smoke up my a*se, who told me they were being completely unreasonable. This property had been unoccupied for months and they were throwing obstacles in the way of a bona fide tenant who was prepared to pay their client 8 months advance rental for a 6 month period.
What I quarrel with is a default position that screams "references" and an inability to broker a deal by speaking to their Principal and presenting a reasonable alternative case. How is that serving the clients best interests? I agreed to pay 8 months in advance of a 6 months.
On the other hand I was a broker for many years and so what I looked to do was broker a deal. Eventually I found an Agent who was prepared to present my proposition to a Landlord and obtained an agreement. They took some persuading though to shift from their default position.
Comments
Criminal gangs often offer to pay the entire rental period upfront. For the avoidance of doubt, I'm certainly not accusing you of any criminality. However, what seemed a good deal from you, may have rang alarm bells to them.
Criminal gangs often offer to pay the entire rental period upfront. For the avoidance of doubt, I'm certainly not accusing you of any criminality. However, what seemed a good deal from you, may have rang alarm bells to them.
I expect the main reason is that they don't want to end up with a sitting tenant at the end of that period that they find difficult to move out. I expect the references are as much about satisfying themselves that you are a trustworthy person as proving that you can afford to pay. And if you were a shady character (I'm not saying you are, but they don't know that), you're less likely to do something that would inconvenience them if your boss is likely to find out.
But it worked out for us in the long run as we were virtually cash buyers and we found a house in the area we were looking in (Locksbottom).
I did pull out of one house after we'd signed contracts but we did not exchange them. I'm glad we dont do things the Scots way.
Good luck March I dont every want that amount of stress again.
How many times have I said that ....???
We're halway through a move to Canada and were just about to put our house on the market. The Wife was out front on Saturday painting the front porch to smarten it up a bit and the woman from next door but one walked by and stopped for a chat. The wife said we were moving and about to put the house up for sale. About an hour later next door but one comes back and says 'we'd like to buy the house'. Turns out they had a flat they rented out which has just been demolished to make way for a housing development and they got a fairly generous settlement and are looking for somewhere to buy and rent out to her Sister who has just left her long term boyfriend. Made us an offer there and then that was only 5k under what we were hoping to get and said we could stay in it until we're ready to move out in May. When you factor in the saving on estate agents fees we won't have lost anything. Ball is already rolling with the Solicitors. Couldn't believe our luck when the Wife rang me to tell me what had happened. Reading a thread like this makes me feel even luckier.
Can't help thinking the rules could be modified to make the whole process smoother and less stressful, it's a wonder anyone ever manages to move when there's more than a couple of links in the chain.
And thanks again folks for the comments etc. : CL at its best again.
I was in a position to exchange contracts last Friday with completion set for the 30th. They were prepared to take a holding deposit, and their vetting fee. They tried to tell me that it was completely normal for prospective tenants to take the risk of it all falling through after exchange.
Here's my problem - given that I trust Letting Agents less than they could possibly trust a bank robber, what is to stop them taking my £200, running a fake credit check, saying its come up bad, and pocketing the the 200 sovs. How do I know that they haven't got several people on the go for checking and they are just going to pick the one they like the most?
The whole process smells.
So as I said, I had another place lined up who were prepared to take my money without all the bullshit. Even then I had to amend the contract to say, "Agreement signed 12th January for tenancy to commence on 30th Jan". I didn't want them to be able to back out.
Or even worse a front man for someone who wants to fill the house full of plants, it happens, a lot, landlords are left with hourses covered in extraction holes and doors kicked in by the police.
I could refuse to move out - no credit check is going to tell them that. Employer references are not going to testify that.
I have been a home owner for 27 years and at my current place for 13 years, I will be pocketing nearly £200K for this move. They could if they wanted to confirm this with my Solicitor or Estate Agent. Unfortunately their default position was credit references -to see if I was good for the money - I was paying it all up front - no credit risk for the duration of the tenancy, and employment references - which were not available over a time scale which made it possible for me to exchange contracts and/or sign the lease in advance.
I spoke to my Solicitor who is not prone to blow smoke up my a*se, who told me they were being completely unreasonable. This property had been unoccupied for months and they were throwing obstacles in the way of a bona fide tenant who was prepared to pay their client 8 months advance rental for a 6 month period.
What I quarrel with is a default position that screams "references" and an inability to broker a deal by speaking to their Principal and presenting a reasonable alternative case. How is that serving the clients best interests? I agreed to pay 8 months in advance of a 6 months.
On the other hand I was a broker for many years and so what I looked to do was broker a deal. Eventually I found an Agent who was prepared to present my proposition to a Landlord and obtained an agreement. They took some persuading though to shift from their default position.