New Tenant vetting advice please...

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    New Tenant vetting advice please...

    Hi all and firstly Happy New Year.

    I have a house on the market currently with an agent and have had 2 applicants, applicant #1 passed vetting but upon (my) scrutiny neither held gainful employment. This raised a few questions which didn't sit right with me so I asked the agent not to proceed and questioned the vetting company they use.

    Roll on applicant #2, again passed vetting (older married Lithuanian couple) who are keen to move in ASAP. Gent is self employed and has been for a number of years s he's had his earnings approved obviously but they currently live with relatives so there is no previous landlord reference.

    I obviously know the agent just wants to fill the house and take their fee as it's non managed but am I being over cautious (I've been caught out before) or is there a more sound way to check the current tenants application?

    At the back of my mind I see the self employed as easily fudged and the fact they live with relatives and have no prior UK landlord reference as a red flag.

    Thanks in advance


    #2
    You (or the agent) should have vetted the income using the tax return data (used to be a standard form, but is now a print out).
    A tax return is pretty good evidence.

    Most people renting for the first time live with parents.

    You are probably right about the motivation of the agent, I'd never use someone just for tenant find.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      Thanks for the prompt reply, I have asked the LA to send over the vetting paperwork just for my own piece of mind.

      Hopefully I'm being over cautious.

      I've used a (different) LA in the past and found them woefully incompetent so looked after this and a couple of others I have personally.

      I have a good relationship with my current tenants which is reflected in the term they have been in the properties and the regularity of the rents, I often go above and beyond with requests and find this has served me well and works both ways.

      Comment


        #4
        For a self-employed income reference I would want to see:

        Self Employed (Self Assessed)
        • Last 6 months personal bank statements. Business bank statements will not be accepted. We will be assessing the individual’s income not the businesses.

        OR
        • Most recent financial year’s SA302 (Tax Calculation)

        Self Employed (Accountant)
        • A reference from a verifiable source in the first instance, either verbally or written from an accountant

        OR
        • If we are unable to verify the referee or obtain a reference for any reason, the documents stated for a self assessed Self Employed (Self Assessed) Applicant defined above
        On top of this I would be looking closely at their credit references- credit scores and abscence of or detail of any CCJs, IVAs and bankruptcies.

        Finally find out where they have been living previously and ask for a landlord reference from a previous landlord

        Comment


          #5
          Great information thanks.

          They have been living with relatives for the past few years apparently. I only have their names so far and they do show up in a property in the town, and some very limited information on Facebook.

          I'll wait for the information from the LA and see if it matches the address online.

          ​​​​​​​

          Comment

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