Rent protection insurance for tenant with credit check but with NO reference

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Rent protection insurance for tenant with credit check but with NO reference

    Hello, I'm new to being a landlord and am about to rent my flat out to one full time employed person and their student partner.

    The full time employed person has passed a credit check with positive references from previous landlord, and affordability for £650.

    Their partner is from the US and not yet arrived in the UK, will be in receipt of student loans, has passed a credit check with affordability of £240 (total rent for property is £890 so I put the maximum on the employed person and the remainder on the student, as advised by the credit check company rentchecks.com).

    HOWEVER I do not have references for the student because they are not currently employed or renting.

    I'm struggling to find a rent protection insurance that will cover this joint tenancy despite both passing credit checks, both passing affordability checks, just because I don't have a reference for the student. I don't want to use rentchecks.com own rent guarantee because I read reviews that they never pay out. I used this company for the checks as it was the only one I found that would do an international student check for someone who isn't yet in the country.

    Can anyone recommend a rent protection insurance that would accept the level of checks I've got? What do people do as a reference when they're a student who hasn't rented before?

    Thanks!

    Questions from first time poster advice:

    Q1 – Where is the rented property located? - Brighton

    Q2 – What type of Tenancy Agreement (TA) is this - whole flat, assured tenancy, joint tenancy

    Q3 – What date did current TA start - due to start mid September

    Q4 – How long was initial fixed term - 12 months

    Q5 – Does the TA state that rent is due weekly? / 4-weekly? / per calendar month (if so, on what same date each month)? - Monthly, 16th of each month

    Q6 – Did the TA require a tenant damage deposit to be paid? If so, on what date was this paid (dd/mm/yy)? Yes will be paid before they move in

    Q7 – NA

    Q8 – Does the landlord live in the same property as the tenant? No.



    #2
    6 months up front for a 6 month tenancy, is far better protection than referencing and insurance in my book. (Don't forget the s21 notice after 4 months.)

    Comment


      #3
      This will be a joint tenancy won't it? They'll be jointly and severally responsible for the rent and all the other sections of the tenancy agreement. I've never used a rent protection insurance but I really can't see them accepting a student as they have no actual income only loans.

      It sounds risky to me and I wouldn't accept them.

      Let them find a cheaper property.

      Comment


        #4
        Why do you want rent protection insurance? How do you imagine it will protect you?

        How much money do they have in their bank accounts?
        What do they have to lose if they try to steal from you? (in general you don't take tenants who have nothing to lose)

        I wouldn't necessarily reject them. It depends on the details not the "credit checks" which often fail to take any account of positive or negative features.

        Comment


          #5
          Home owning guarantor.
          But I'd walk away.

          Comment

          Latest Activity

          Collapse

          • Buildings Insurance
            by Stacker
            Hi All, I hope you are well!
            Can you help me with a building insurance question please?
            The building insurance was placed with a broker, the broker got the share of the payments wrong initially and the insurance does not seem to have been placed in the company name by the directors. It seems...
            17-01-2020, 19:39 PM
          • Reply to Buildings Insurance
            by Gordon999
            The billing for payment of insurance contributions should include a note to show (1) . % service charge payable under the lease and (2) . Table showing the calculation of contribution from each leasehold flat.

            It should be noted that only the "named policyholder" can make...
            21-01-2020, 08:22 AM
          • Reply to Buildings Insurance
            by Stacker
            I agree but the incompetent director is not issuing people with the right calculations, he has now done it wrong twice and is demanding company expenses as part of this as well as high commission and no-one has been sent a valid demand!...
            20-01-2020, 16:35 PM
          • Reply to Buildings Insurance
            by Gordon999
            I don't think any leaseholders should refuse to pay the buildings insurance contributions as this will be a requirement in the lease for the lessee to comply.
            20-01-2020, 02:50 AM
          • Reply to Buildings Insurance
            by Stacker
            Hello Gordan, the incompetent director has put a small claim in to court to get the money back from the person who did not originally pay becasue they were confused about the wrong calculation this director did then the director provided no
            Demands for the payment of the insurance contributions...
            19-01-2020, 19:25 PM
          • Will insurance work as lock to communal area broken for long time
            by Chef andy
            New years day.. Big problem.. We have a block with 6 flats and restaurant on ground floor. All flats are entered via community area where the Lock has been broken for long time. Restaurant also has the back entrance door facing onto communal hallway.. Very strong fire door like all other flats. Today...
            01-01-2020, 23:25 PM
          • Reply to Will insurance work as lock to communal area broken for long time
            by Gordon999
            I should add the lock has to comply to the BS 3621 standard if required by the insurance company .

            https://www.locksmiths.co.uk/faq/wha...tandard-locks/
            19-01-2020, 12:20 PM
          • Building insurance for a maisonette?
            by sfriziona
            Hi,
            I am in the final steps of selling a maisonette located on top of 2 small shop and buyer solicitor is holding the transaction as the actual building insurance doesn't cover subsidence which is required by the lender.

            Lease says that freeholder arrange building insurance and cost...
            18-01-2020, 12:35 PM
          • Reply to Building insurance for a maisonette?
            by Gordon999
            If you start a new insurance policy , then you have to terminate the old policy. You should get a refund for the unused months on the policy

            You cannot hold 2 insurance policies covering the same building.
            19-01-2020, 12:08 PM
          • Reply to Buildings Insurance
            by Gordon999
            Which party ( freeholder or management company for the building ? ) collects the service charge money from the leaseholders and places the order for buildings insurance cover ?
            19-01-2020, 12:02 PM
          Working...
          X