If Guarantor & Rent Guarantee Insurance Mostly Unenforceable; Options For Protection?

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    If Guarantor & Rent Guarantee Insurance Mostly Unenforceable; Options For Protection?

    Which tenant referencing company is best value and thorough?
    Which is better Homelet, TenantVerify,Experian or Openrent?
    I plan to view all the documents and keep copies of ID and employer info. My prospective tenants have been in the UK 2 years but no strong ties to the UK other than work. Young couple who plan to stay for a while. No UK homeowner guarantor. I considered RGI but read it's not worth the paper it's "deeded" on!! Which referencing company is best for RGI? Which Rent Guarantee Insurance do you recommend and why? This is my 2nd set of prospective tenants who want the flat but again no strong tes other than work. Flat is in London, near heathrow.

    #2
    I wouldn't use openrent, used them in the past, don't really do a good enough job as it's mostly time based to return it as soon as possible rather than completeness. Experian only look at credit, CCJ and residence they wont check employers previous landlords.

    You would need to read the t&c's for the rent guarantee, as due to the current pandemic a number of them didn't pay out so not worth paying for something which ultimately wont do any more. I would suggest any rent scheme provider you pick check which reference agency they work with as otherwise again they may not payout if it's not one of their approved referencing companies.

    Comment


      #3
      There have always been risks in property. Especially now.

      No amount of careful selection or insurance will 100% eliminate risk.

      If you can't handle that (emotionally and/or financially) then find another business or safer investment.

      But everything, gold, money under bed, government bonds has risk. That's reality, sorry.
      I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

      Comment


        #4
        Originally posted by theartfullodger View Post
        But everything, gold, money under bed, government bonds has risk. That's reality, sorry.
        Totally agree, there are lots of people who simply want zero risk and that is not possible, even putting it under the bed risks burglary !!!

        Comment


          #5
          Originally posted by Delectable1 View Post
          My prospective tenants have been in the UK 2 years but no strong ties to the UK other than work. Young couple who plan to stay for a while. No UK homeowner guarantor.
          You've answered quite a lot of your own question there.

          Comment


            #6
            Lots of helpful info in here. Thanks Ash72. Most on here are of the opinion OR's referencing isn't great but for some reason it is very popular in all other LLs forums I've checked. I've also learnt that some insurers didn't pay out as they hadn't anticipated covid when they put their products on the market.
            I've had a thorough look through their docs and refs. Shall begin calling to verify but need to get credit checks, CCJs etc. I could use Experian, Tenantverify or Openrent as it now seems I'm likely not to take out RGI based on all the info I have about the potential tenants. I'm using Moneysupermarket for comparisons and the broker they use, SImplyBusiness have been in touch. It's DAS who provides the legal cover and RGI for all their products. As advised I shall have a good look to see what their policy is. Thanks again.

            Comment


              #7
              Originally posted by Delectable1 View Post
              Most on here are of the opinion OR's referencing isn't great
              I'm not sure why you think that. I read most posts and have not seen many negative comments.

              Comment


                #8
                6 months rent up front for a 6 month tenancy with a section 21 notice at 4 month point usually does the trick for me.

                Comment


                  #9
                  Originally posted by JK0 View Post
                  6 months rent up front for a 6 month tenancy with a section 21 notice at 4 month point usually does the trick for me.
                  The notice means I want to end the tenancy that's not what I plan to do.

                  Comment


                    #10
                    Originally posted by Delectable1 View Post

                    The notice means I want to end the tenancy that's not what I plan to do.
                    Yes, but you don't have to. It's just a little nudge to make sure tenant gets the money together at 6 month point to start paying you rent. I send a letter with it to make that clear, (though some say I shouldn't).

                    Comment


                      #11
                      "near Heathrow"... so they can do a runner

                      just kidding

                      I assume you've met them. If so, what was the vibe? In this situation, it's a gamble and gut instinct plays an important part. Have you checked they have right to rent?

                      Comment


                        #12
                        DO NOT use Experian (for anything).

                        I moved house 7 months ago - to an existing property but I applied for it to have a new address (house number) registered.

                        That was completed by the local authority in December 2019 and updated on the Royal Mail database in January 2020.

                        Despite writing to them FOUR times, Experian are unable to change my current address - so every time I complete a form (god forbid want to apply for credit etc) then my address flags up as being wrong.

                        Even worse, they have now put a note on my credit file which states "The account holder has raised a dispute concerning the accuracy of data held" which doesn't exactly look great does it.

                        6 weeks ago, Experian's call centre finally discovered that my "new" address was on the Royal Mail database all along - but was not on theirs so still couldn't correct my address.

                        This has dragged on for months with no indication it will be sorted any time soon - their complaints process is useless and I've now resorted to trying the Resolver website in the hope they will wake up.

                        Comment


                          #13
                          Good luck with avoiding Experian.
                          They're everywhere (often in the background).
                          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).

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