Basic Credit Search which one is best?????

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  • Basic Credit Search which one is best?????

    Hi Folks i have a family who are ready to move into a property i have to let.. However LA didnt manage to find tenants for me so with this i tried to neogiate with them a lesser managment fee... they have came back and told me that they will sign and draw up a agrement etc get the family in to their office and for this they will take half a months rent! ? Doesnt that seem abit much for what really they are doing??

    Ive had to sort alot of it myself:

    Found the tenants
    Had all the safety checks done
    Got the building insurance
    Running credit checks on tenants

    Anyways my original question was which is best? is it worth forking out the 80 quid and does this really guarantee the rent for the duration of the lease?

    1 - Basic Credit Search - £15.88 - same day service if received before 12 noon.
    2 - Comprehensive Credit & Referencing Search - £30.55 - normally within 2 working days.
    3 - Comprehensive Credit & Reference Search with Rent Guarantee & Legal Cover - £80

  • #2
    Do you have a written agreement with the LA??? If not sack them, that is a ridiculous charge to make.

    With regards to the credit checks, it is very difficult to say without you telling us which site it is from, as we cannot see exactly what it says. The £80, at first glance, seems to guarantee the rent, as it appears to basically be rent guarantee insurance from the credit checkers. However, this seems cheap to me, so would need to know which site in order to check it better.
    Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.


    • #3

      From the prices you quote you are looking at the TenantVERIFY Site -

      At £80 the rent guarnatee with a comprehensive check is the most expensive, but gives the most security as it guarantees rent (less an excess payment of one month I think) and legal protection in case you need to evict etc. This is most appropriate for the risk averse or those who are so highly geared on finance that a void period would perhaps tip them over the financial edge.

      The comprehensive check is for those who don't want the bother of carrying our reference checks themselves - the credit agency do this for you, but it can take a day or two, soetimes even longer depending upon the speed of resonse from previous landlords and employers.

      The basic check for £15.88 gives a credit score which reflects the credit history of the prospective tenant. Anyone who pays bills late, fails to pay at all or has a history of bad credit will score low. The check also indicates length of residecy at a particular address and reports on CCJ etc. This check is usually done within the day.

      Anyone doing checks should bear in mind that identity theft and fraud are a growing problem - the Tenancy Application form is designed to overcome this problem by ensuring identity is thoroughly verified, and by signing the form the prospective tenant give the landlord permission to do the checks.


      • #4
        Hi folks

        thanks for the info.. it was TenantVERIFY i was looking at.. just wondering has anyone acually used the £80 check and has it paid out incase of tenents defaulting on rent?

        I dont have a argrement with my LA and i think ill tell them where to go .. Is there anyone in scotland / glasgow who can recomment me a good solicter who will draw up a lease ..i have contracted a few and they dont seem to provide this service or if they are they want over a £100 for it!!!

        I have a few leases im just thinking of getting the tenants to sign that with a witness from my side.. would that be enough and within the law. I wanted the tenants to acually go into a lawyers office to sign the papers to make it look official but at £100 i think i wont bother now

        Do let me know ur views

        Thanks in advance

        Great forum


        • #5

          You can get perfectly adequate letting agreements for a lot less than £100 - see our Agreements and Forms section -
          Click Docks is a Scottish based company which will provide these. I think Lawpack also provide one suitable for Scotland.
          It's not necessary to use a solicitor for a standard AST letting, unlike a commercial letting. I find it's best to sign agreements at the property prior to handing over keys. That way you can do the inventory checks and agree them at the same time. If you can arrange for a witness to be there at the same time good, but again I'm told by a property solicitor that a witness is not strictly necessary providing you have got all the other necessary details as per posting above.


          • #6
            If you do use a solicitor to draw up an AST, he will probably get it from - and so can you for a very reasonable fee!

            Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.


            • #7
              Originally posted by Editor
              If you can arrange for a witness to be there at the same time good, but again I'm told by a property solicitor that a witness is not strictly necessary providing you have got all the other necessary details as per posting above.
              Notwithstanding that, personally I still ask my tenants to get their signatures witnessed, just because I think it reinforces the idea that they are signing a Proper Legal Document which should be taken seriously; don't know how effective that is but it can't do any harm !


              • #8

                I agree Eric - I do the same.


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