First Time Residential Landlord

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    First Time Residential Landlord

    Hi. I am a first time residential landlord. I have met few estate agents and they have offered me their services, ie; let only, full management and rent guranteed. I am still studying their portfolios but I still couldn't understand some of their terminologies, thus it's taking me awhile to decide.

    One day, while cleaning my vacant property, I saw a hand written note in my mailbox. It says that they're interested to rent my house, they are a new couple and having a baby soon, and their families are living in the same street. I thought this was a lucky day considering how much time I will have to wait for the house to be rented, plus the finder's fee, admin fee and monthly charges. So I contacted them and met them.

    To my dismay, they are both jobless and just receive benefits! I didn't want to discourage myself immediately but I was also in a bit of desparation to have my property rented as soon as possible. Nor did I want to discriminate their means of income but my question is, ''Should I accept them or not?''

    I hope I can get some advice from experts and some experienced landlords.

    #2
    If you are completely inexperienced it is wise to exercise some caution before rushing to let.

    I suggest you invite the couple to meet you and view the house, for a start.

    If they are keen, and they seem decent, you will need to do a credit check on them (use Tenantverify who advertise on this site, or a similar company), for which they should pay in advance and be refunded if it comes back clear. If they break out into a sweat at the mention of a credit check and try to persuade you it isn't necessary, then it almost certainly is.

    If that comes back clear and your instinct is to take them, insiist for a home-owning, UK guarantor and a deposit equivalent to at least 6 weeks' rent.If they do default on rent you can apply to the council to have their LHA paid directly to you aafter 8 weeks.

    Don't reject them out of hand. At least they have had the initiative to contact you to express their interest. They may turn out to be brilliant tenants. If they are expecting a baby, they are unlikely to be partying drunkenly and raucously every night.
    'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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      #3
      Thanks for the advice.

      I have met them in my property and as I was showing them around, they seemed willing to move in as soon as in two weeks time after I finished cleaning up.

      I told them that I have met estate agents and they have appraised rental as £550 per month, but they said they can only afford £450. I told them honestly that the house is worth more than the rental appraisal as it is fully furnished with fairly new beds and mattresses in all rooms, beddings, curtains, appliances, microwave, electric teapot, utensils and many others.

      I didn't show my disappoinment after knowing they are jobless because I thought, like you've said, they may turn out to be good tenants.

      I said frankly that I need to see some proofs that they can afford the rent. They will have to come back and bring their bank statements, passports and all others. I have printed Tenancy Application form from this site and will give it to them to fill up and I will also follow suggested procedures. I need more time to really finish reading on a lot of information from this site which I find reliable, thanks to Lanlordzone! I will take your advice too regarding the deposit, thanks again.

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