How to reference known tenants?

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    How to reference known tenants?

    Hi all. Going to be renting out my property to known tenants (technically friends of friends).
    I know they both have well paying jobs, and that it is likely (based on how they currently live in their house) that they'll be good tenants. So hadn't asked for tenant checks as done privately.
    However, have found out my insurance does require tenant references(background, ID, credit checks, independent references).
    1. Is it something I can do myself and ask for e.g payslips? (I think they're going to be pretty uncomfortable with this) if I did would it be legal and robust or..
    2. Do I need to use an official company for this? Having a quick Google all the companies seem to only be for letting agents. So if anyone can recommend or more for me please?

    Also landlord quotes I have so far seem pretty expensive to what I was expecting (~£500 a year) is that about right. And recommendations appreciated

    Tia


    ​​​​​​

    #2
    The House Shop and Open Rent will perform tenant referencing checks for, for a fee of course. Full disclosure that I have never used either myself.

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      #3
      I have used Openrent's referencing 3 times (a total of 6 people).

      It's £20 per person referenced. They sub it out to a specialist referencing company.

      It was quick 3-5 days for the Comprehensive Referencing.

      It's standalone, you don't have to use Openrent for any other service.

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        #4
        Ummmmm... so you friends are taking complete control over your 400K asset, and you are embarrassed to ask for their payslips.

        Unlike some others here I am not altogether against letting to friends and family, and it often is a good thing. However you need to get the relationships right (which you don't seem to be doing)

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          #5
          Seeing (yourself) payslips & bank statements, as well as getting tenants referenced, means you will have bank details, NI number, employer name etc etc.

          Very very useful should you ever need to pursue er... unaccountably unpaid bills, rent etc...
          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...

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            #6
            Originally posted by Livingonaprayer View Post
            However, have found out my insurance does require tenant references(background, ID, credit checks, independent references).
            1. Is it something I can do myself and ask for e.g payslips? (I think they're going to be pretty uncomfortable with this) if I did would it be legal and robust
            ​​​​​​
            They may be uncomfortable, but if it is a requirement of your insurance, then they either comply or do not get the property.

            Whatever you do needs to comply with Data Protection law.

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              #7
              I had contact from Openrent to reference one of my tenants last week. Tenant had not informed me this was going to happen. Contact was by text, MMS and email all doubled up in a most demanding manner for attention. I have refused to co-operate. Whatever happened to polite referencing companies? I am doing them a favour after all!



              Freedom at the point of zero............

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                #8
                Those referencing web sites are full of holes. You need to make sure they can pay your rent. if you need to sign a tenancy agreement, then you need to provide lots of paperwork e.g. gas certificate , deposit protection.....

                Sign up to the NRLA or iHowz Landlord Association....


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                  #9
                  Originally posted by Interlaken View Post
                  I had contact from Openrent to reference one of my tenants last week. Tenant had not informed me this was going to happen. Contact was by text, MMS and email all doubled up in a most demanding manner for attention. I have refused to co-operate. Whatever happened to polite referencing companies? I am doing them a favour after all!
                  Not sure exactly what you are saying happened -- but I was shocked last year when Openrent invited a prospective tenant to pay a holding deposit when I had not even seen them or even vaguely agreed a tenancy. When I asked they said that's OK and brushed me off and then never responded. Shocking.

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                    #10
                    Originally posted by AndrewDod View Post

                    Not sure exactly what you are saying happened -- but I was shocked last year when Openrent invited a prospective tenant to pay a holding deposit when I had not even seen them or even vaguely agreed a tenancy. When I asked they said that's OK and brushed me off and then never responded. Shocking.
                    You are not required to accept that deposit .
                    Just reject it

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                      #11
                      Originally posted by AndrewDod View Post

                      Not sure exactly what you are saying happened -- but I was shocked last year when Openrent invited a prospective tenant to pay a holding deposit when I had not even seen them or even vaguely agreed a tenancy. When I asked they said that's OK and brushed me off and then never responded. Shocking.
                      Oh bum. I was thinking about using Open Rent next time instead of a more traditional letting agency.

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                        #12
                        Originally posted by Luke View Post

                        You are not required to accept that deposit .
                        Just reject it
                        Openrent themselves accept it (at least at first). And by the way I had NOT signed up to the RentNow option of their package at all.

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                          #13
                          https://www.tenantverify.co.uk/

                          They should be able to do all this for you.

                          In relation to insurance, if you drop me a line with the renewal date and best contact details, I can give you a quotation from Hamilton Fraser Total landlord Insurance.

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                            #14
                            Thank's everyone, really helpful...despite my searching didn't come up with those options...will investigate!

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