Questions from a first time hopeful tenant

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  • Hooper
    replied
    Sounds like you have your answer already. Get a guarantor. It's all very well arguing that you are well off enough not need one but... so what? If you have one lined up and it sorts the problem it is an easy solution. I take guarantors for people in all kinds of unusual circumstances. There is no shame in it.

    Leave a comment:


  • Orangepedal
    replied

    Jon. The amount we have been given is sub 3 percent of a property sale... considering he still has others, id be surprised to discover that any wrong doing is taking place..
    Thank you for your concern however.
    I can only say the feeling is mutual where barge poles are concerned.

    Leave a comment:


  • boletus
    replied
    Originally posted by jpkeates View Post
    All landlords are different.
    I don't accept guarantors, and you'd either pass the affordability checks for the property or you wouldn't.
    For me, it's not so black and white, there's a lot more to it than that.

    Pass all the checks.

    And then offering a guarantor on top of that could swing the balance.

    Leave a comment:


  • Jon66
    replied
    So basically your father in law is personally insolvent, ie bankrupt, sold a house and is trying to evade his creditors and keep the money legally owed to them by gifting you some or all of the money. I wouldn't touch you with a barge pole frankly. The IS can come after the money 'gifted' to you for up to 5 years, and I very much hope they do. Your father in law has probably committed a criminal act and you are involved in that criminal act by knowingly accepting that 'gift'.

    Leave a comment:


  • Orangepedal
    replied
    Unfortunately bob,

    Banks and solicitors must do stringent AML searches.

    simply saying its a cash gift from.my FIL won't be sufficient.
    he has to supply proof.of sale of his property and a statement to reflect the funds in his account. As well.as a written statement that the gift is not expected to be repaid and that it gives him no stake in the property.

    Very simple, or so you'd think... I was flabbergasted when be backed out and when he refused.
    I lost money on fees id already paid, when I had to withdraw my offer and cancel my mortgage application!

    Leave a comment:


  • bobthebuilder2
    replied
    its your money now, spend it on what you want, a mortgage.

    Leave a comment:


  • Orangepedal
    replied
    I absolutely understand that its a double edged sword
    as what I can offer could look dodgy. So ill explain why I am looking to rent vs buy and its pretty dull.

    Basically we CAN buy. And we started to buy. But we had a bit of a bombshell. Our deposit was from a gift.. the same money as mentioned above.

    But despite the gift being completely legal and above board
    .. it came from.my FIL selling a property..
    He became worried that if any outstanding creditors he had were to become aware that he has sold a house and used the proceeds to gift to his children. That it could be an issue..
    I'm not a legal expert... and for him to drop this on us when we had a offer accepted and a mortgage effectively agreed. We were devastated.

    So what we now have to do is accept his gift as a gift. And use it to help "live off" while we save our own incomes for our buying deposit over the next few years.

    if course, not long after we discover my parents are considering moving back home. Meaning we will have to rent privately while we save up.

    We are a completely unremarkable young, professional family.

    I would have nothing to hide from a LL or EA.


    Jp, what does marginal mean? Is that an issue?

    Thanks again!

    Leave a comment:


  • bobthebuilder2
    replied
    with your income and savings you shouldnt be required to do anything other than pay a deposit and monthly rent in advance.
    is there any reason why you wouldnt want to buy your own place instead? you basically throw away your money when renting and the letting agents and landlords are often a pain in your butt.

    Leave a comment:


  • royw
    replied
    I think your biggest problem is that it all sounds a little odd. There are scams where tenants that look a bit too good on paper turn out to be con artists. They sublet, pay the 1st month then nothing more or run a cannabis farm. To many LLs anything non standard can be a red flag. My thoughts would be - no LL reference - common for those with a bad reference to come up with a story. 40x rent - why aren't you buying instead or renting? Both in employment - good. Offering 12 months rent - why are they so keen? For me it would depend on gut feeling about you.
    I look for long term tenants so I prefer someone who can cover the rent but not afford to buy. Others will think differently. I wouldn't ask for a guarantor, if I thought you needed one I would rent to someone else instead. I agree it's unfair but so many LLs have suffered from non paying Ts they've been unable to evict there is more of a tenancy to take only Ts who are squeaky clean. If the government brings in mandatory 3 year tenancies this will only get worse.
    Different LLs have different opinions. Speak to the agent and see what they say.

    Leave a comment:


  • jpkeates
    replied
    All landlords are different.
    I don't accept guarantors, and you'd either pass the affordability checks for the property or you wouldn't.

    I'd, personally, not be that interested in rent in advance unless you were very marginal.
    And, if your annual income is 40 times the monthly rental, you might be quite close.

    Leave a comment:


  • Orangepedal
    started a topic Questions from a first time hopeful tenant

    Questions from a first time hopeful tenant

    Hi, please bare with me in what may be a long winded post..

    I am looking at a property in my town which I would like to rent.
    this property is the most expensive rental in the area. And about 40% above the average PCM

    I am particularly keen as it its suits my needs completely.
    and is a very good looking victorian property.

    I have not rented before.. and as such have no landlord reference that I can give.

    I reside at a family members second home, rent free. Only bills to pay. They however are considering moving back permanently, and so I would need to find a place before they do.

    Our income is decent. With a household income approx 40x the monthly rental.

    We are also lucky enough to have recently been given a lump sum of money from the FIL..
    so we are also able to put down extra months rent in advance.. even to go as far as pay an entire initial 12 month tenancy and associated costs upfront..

    Both my wife and I are in Full time employment on PAYE terms.
    we are able to give evidence and references of these.

    We have been advised that despite above average income and an ability to provide further rent in advance that we will still need a garuntor.. these seems slightly unfair to me.. and I would have been more understanding of this should our incomes be low or our availanle deposit being the bare minmum..

    nonetheless, I hope to be able to provide an appropriate garuntor.. should the LL not accept a higher advance in leui of one.. I would like to be the ideal tenant, but I'm finding it seems quite complicated and down to chance as to whether one can rent a property.


    what I wanted to gauge if I may is the opinions of the LL on the forum as to what it is that makes you go for a particular tennant..

    Does a higher advance ( or whole tenancy ) upfront minimise your risk?

    would you prefer a higher income tenant and say 3 month advance. But no garuntor
    over a lower income tenant with just the minmum advance
    With a garuntor.

    Or is it other factors that are the decider for you?


    Thanks for your time and any replies.

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