Hope you can advise. Hello to all.

[nessie455]

I have bought my first rental property a dn advertised it on Gumtree. I have had interest from 2 seperate/different tenants. The first one... Completed the application, has no address history or work history as she has lived abroad and had returned to Uk. Employed since Nov 07 . I am unable to Credit check due to lack of info, but she is willing to pay 6 months upfront.

 

Tenant No 2, works full time, with a good job, will fill in application form but has no deposit.

 

Because this is my first time renting I am cautious. Would any landlords out there let their property to either tenant or wait for a suitable tenant or just go with a letting agent?

 

What would you do??

 

Hope this post makes sense.

 

Thankyou

[Dons2008]

Hi Nessie455

 

Have you spoken to C.A.B. to find out your rights as a landlord?

 

Tenant no.1 with the 6 months upfront sounds ok, although have you thought about asking for a guarantor for the term of the tenancy due to the lack of credit check? What about checking payslips/right to work in UK/passport etc.. I am sure MARAS (google them) would be able to help with Credit reffing, they are a very reputable agency if you can get any more info.....

 

Tenant no.2 sounds good, have you thought about asking for an employer's reference and a guarantor for this one? At least you have some back-up if Tenant fails to pay rent; what about agreeing with Tenant that they pay an extra X per month with the rent for X months until you have a deposit against the property? Obviously you would have to get it checked out from a legal aspect but logically it makes sense....

 

Lastly, I would look at websites such as residential landlord's association, I know you have to join and pay upfront fees, but there is a wealth of info there, including AST templates, info re Tenancy Deposit Schemes, blank inventory sheets to download and a whole lot more...

 

Letting Agencies work on commission of your rent ie, 10% or set fees - in some respects they are a good thing as it means you don't have the hassle of dealing with tenants - its purely your call on that one..

 

A friend of mine deals with her landlord exclusively - no agency, no hassle and they have a good tenant/landlord relationship - also if she needs any assistance she can contact the landlord direct at all times which is a good thing..

 

Hope some of this helps

 

Dons2008