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Hi,

Am new to this forum. Have had a quick search and couldn't find the precise answer to my questions, apologies if it is duplicated.

I am an STR, shortly moving to my third rental property, but feel as if I am being made to jump through hoops with my credit checks.

Firstly, the agent has asked me to complete a form containing alot of confidential info. I appreciate that I need to give this for credit purposes, but there is no way that I want the agent to have it on file. The agent has reluctantly agreed that I give this directly to Homelet and so have completed their part of the form first.

Secongdly, I am going to be responsible for all of the rent, yet I am required to have two checks - one for myself, one for my partner who has no income and thus no independant means of support. Is this reasonable? I explained all of this to the letting agent, who said it was a necessity to ensure that she had no CCJs etc, the agent accepted that I would be paying all of the rent. However, when I look at the part of the form that the agent has completed, they have put on the forms that we are each responsible for 50% of the rent. Should I amend this myself?

My final question relates to cost. The agents are asking for £100 per person for the Credit Check. However, a review of the homelet website (https://ref.homeletuk.com/cgi-bin/reference.pl?source=website&page=intro&agentschemeno=1403796) shows that the true cost is only £29.38. Is the agent allowed to rip me off like this?

I am very tempted to tell the agent where to stick it, but this is a dream house, for a reasonable price. Yield equates to just over 3% and it is the only suitable property within the area that I need to be (secondary schools postcode lottery!). Perhaps I should just grit my teeth and jump through the hoops.

Does anyone have any thoughts?

Thanks in advance.

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i don't really have any advice, except maybe it's worth presenting the evidence over the cost of the credit check and haggling with them.

I've never gone through a letting agent partly for this reason. There's no way i would give them my details and do credit checks..and i don't have anything to hide- i just value my privacy. Reminds me of the ID cards actually. :ph34r:

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The reason for credit checking your partner is because, as she is named on the AST, she could in theory at a later date become responsible for the rent, under a joint and several liability tenancy. As for credit check pricing....you should only be charged the cost of the credit check, plus perhaps a small administration charge. However, there are different levels of credit check, I suspect the one you have found is the bog standard one, and the agents are carrying out a more thorough one.

I would probably just bite the bullet and do what they say, if the house is as good as you say....complaining too much at this early stage, rightly or wrongly, will put the agent off having you as a tenant.

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When myself and my husband moved into the house we are currently in at the moment, the agents only required a credit check on my husband and only asked for my husband's details. They actually stated to me that it was not needed for me as I am not employed (a housewife). I am just stated on the lease as an occupant at the address. I think the agents are pulling a fast one to get extra money from you and I would bet my bottom dollar they will not complete the credit check on your partner. If I were you I would challenge it.

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Many thanks for all of the responses.

I have nothing to hide but I just want to keep my private financial affairs private.

I know for a fact what the cost of the credit checks will be as the agent has indicated on the form as to what level of check will be carried out.

At the end of the day I think you are right, I should just bite the bullet. The additional cost of the checks is the equivalent of less than 1% of the annual rent for the house, so nothing really to get hung up about. I just hate getting ripped off, especially by agents.

Thanks again for the replies.

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Last time I changed home, I asked the agent what the fees were for. They said they did lots of things for the money, giving gas safety checks as the example. I did say this was the landlord's responsibility, but they said there were a whole other set of fees for the landlord. I later checked with the landlord, and guess who paid for the gas safety checks - the landlord.

The fees the agents charge tennants are immoral. They sometimes say they are for setting up the contract. If I get a solicitor to set up a contract, I have some say in what goes into the contract. Agents will not change the contract even though they say the tennant is paying for it. They don't actually do anything for the tennant (the credit check is for the landlord) but have the tennant over a barrel if the tennant wants to move into the house.

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You’ll be able to get a copy of your Statutory Credit Report (sometimes called your credit file) from either or both Experian or Equifax. It will cost you £2.00 which is not expensive, but the point is that it will set out your credit history and show if you’ve got any arrears, defaulted on any credit agreements and have any County Court Judgements registered against you and your partner.

You’ll find the relevant links here: https://www.econsumer.equifax.co.uk/consume...arning_credit14 and http://www.experian.co.uk/consumer/index.html?order

You should be aware that this is not the same thing as credit scoring, which is something that lenders carry out and which is based on the information contained in your credit file.

HTH

Cheers

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I would say credit check charges of £100 is excessive. Agents not only give incredulous charges to tenants but also to Landlords. Are they also charging you for the tenancy agreement? If they are, you can bet that they are also charging the Landlord for this?

Agents piling on charges.

If you are signing a Joint tenancy, then credit checks need to be taken out on both you and your partner. If it is a sole tenancy, and your partner is a 'permitted occupier' only credit checks need to be taken out on you.

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I would say credit check charges of £100 is excessive. Agents not only give incredulous charges to tenants but also to Landlords. Are they also charging you for the tenancy agreement? If they are, you can bet that they are also charging the Landlord for this?

Agents piling on charges.

If you are signing a Joint tenancy, then credit checks need to be taken out on both you and your partner. If it is a sole tenancy, and your partner is a 'permitted occupier' only credit checks need to be taken out on you.

Hi, Property Investor - but under what circumstances would a partner be defined as a 'permitted occupier' and not a joint tenant. I had a similar quandary recently. I found a house to rent I liked the look of, but when I mentioned I had a partner, the agent said I would have to fill in two applications, in a blase way as if it was a usual thing. When he later handed in the forms to me he said as fast as he could that I would have to pay an additional 30 quid for the second application as well as my own (being 60).

I sent him an e-mail later, as I hadn't been asked to do this under my two previous rental agreements, and my partner and I are now married. We also share the same bank account, collate our earnings and so on. For the last few months, I've been a full-time student again, and I didn't want to jeapordize the chance of finding a good property to rent, because of my own income (though my partner's is sufficient). But I think I'll have to forget the property unfortunately, and just see what the next estate agent says, but it would be useful to know basically what constitutes the difference between the two terms you just said.

Nic.

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Basically I think this is a result of demand outstripping supply.

I know in my area and where my parents live their is huge demand for property and as a result the estate agents can be picky and charge unfair fees to tenants. I see adverts now have moved on from simply rejecting DSS to also rejecting people who arent in permanent employment and must not work for an agency so they are getting real picky now.

One agent I rang me quoted the following fees.

Credit Check £125 non refundable

Admin Fee £100

Deposit £425

Rent £325

All that payable if I would move in, I obviously thought forget it since the credit check is non refundable. Their is really a serious problem with the rental market at the moment I feel and people who rent are in a very vulnerable position due to the lack of council housing.

Incidently my current landlord doesnt use an agency and has setup his own office, he did used to use an agency but I believe he got sick of them. I am now moving to another property with him and here is the results.

No credit check. (wasnt needed when I moved here as new tenant either)

Admin fee £100

Deposit rent + £100

Rent

Agencies appear to be a hinderence they take bug cuts from rents etc. and if landlords got clever they would ditch them altogether, I defenitly found if possible deal with the landlord direct, but its getting rarer and rarer these days.

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Hi,

Am new to this forum. Have had a quick search and couldn't find the precise answer to my questions, apologies if it is duplicated.

I am an STR, shortly moving to my third rental property, but feel as if I am being made to jump through hoops with my credit checks.

Firstly, the agent has asked me to complete a form containing alot of confidential info. I appreciate that I need to give this for credit purposes, but there is no way that I want the agent to have it on file. The agent has reluctantly agreed that I give this directly to Homelet and so have completed their part of the form first.

Secongdly, I am going to be responsible for all of the rent, yet I am required to have two checks - one for myself, one for my partner who has no income and thus no independant means of support. Is this reasonable? I explained all of this to the letting agent, who said it was a necessity to ensure that she had no CCJs etc, the agent accepted that I would be paying all of the rent. However, when I look at the part of the form that the agent has completed, they have put on the forms that we are each responsible for 50% of the rent. Should I amend this myself?

My final question relates to cost. The agents are asking for £100 per person for the Credit Check. However, a review of the homelet website (https://ref.homeletuk.com/cgi-bin/reference.pl?source=website&page=intro&agentschemeno=1403796) shows that the true cost is only £29.38. Is the agent allowed to rip me off like this?

I am very tempted to tell the agent where to stick it, but this is a dream house, for a reasonable price. Yield equates to just over 3% and it is the only suitable property within the area that I need to be (secondary schools postcode lottery!). Perhaps I should just grit my teeth and jump through the hoops.

Does anyone have any thoughts?

Thanks in advance.

Welcome to STR heaven. Stop worrying about such minor things. You wanted to be a tenant, you are borrowing a house. Did your mortgage provider let you have the money for a house with no checks? Why is this so different.

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well to be fair a mortgage is worth 10s of thousands of pounds, quite a difference from a 1 year tenancy agreement.

If in doubt just give the tenant first agreement for 6 months. Seems a much fairer system. Or ask them to pay X months in advance, even thats fairer then a non refundable credit check.

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well to be fair a mortgage is worth 10s of thousands of pounds, quite a difference from a 1 year tenancy agreement.

If in doubt just give the tenant first agreement for 6 months. Seems a much fairer system. Or ask them to pay X months in advance, even thats fairer then a non refundable credit check.

You truely are a special one aren't you. Did you realise a home is usually worth more than the mortgage on it?

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the credit check for a mortgage is regarding the ability to pay the mortgage itself of so obviously is linked with the value of the mortgage.

Can I ask why you are so rude?

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the credit check for a mortgage is regarding the ability to pay the mortgage itself of so obviously is linked with the value of the mortgage.

Can I ask why you are so rude?

The credit check on a mortgage is to do with the MONTHLY payments. The check of the security (the survey of the property) covers the loan amount.

Why I am so rude is because this part of the forum is filled which such imbecile questions and comments that make me very angry.

People need to understand that when an LL lets their property out, they are putting so much more into the deal than the tenants 1 month deposit will cover!

Your 1 month deposit versus my 500k house. Who has more at stake would you say? You'd think I'd be entitled to a little more room to make decisions wouldn't you?

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Well I can understand their is a great deal of risk renting property out and I guess thats the decision you make.

I Understand that I am living in someone else's property and for that reason I respect the property more so then if it was my own.

I dont do anything that requires drilling etc. without permission of the landlord first and if I did damage the property I would repair it rather then just leave it.

If you have had bad tenants in the past who wrecked a place I can understand how you angry as I would be as well.

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Well I can understand their is a great deal of risk renting property out and I guess thats the decision you make.

I Understand that I am living in someone else's property and for that reason I respect the property more so then if it was my own.

I dont do anything that requires drilling etc. without permission of the landlord first and if I did damage the property I would repair it rather then just leave it.

If you have had bad tenants in the past who wrecked a place I can understand how you angry as I would be as well.

I have never had any bad tenants. There seems to be a lot of them posting on this section of the forum though.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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