Unemployed prospective tenant, but enough funds to pay rent

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    Unemployed prospective tenant, but enough funds to pay rent

    Hello,

    I've left my job and my country to live in UK and - while staying in an hotel - I'm looking for a room or, better, a flat or a studio to rent. I'm not willing to look for a job here because I have enough money aside to live comfortably for a long time and I have some self-study plans of my own.

    I understand that a landlord would feel uneasy about renting out to an unemployed person. On the other hand, I would be similarly uneasy about paying all my months rent in advance. What kind of arrangement could I set up to give both of us peace of mind?

    Thank you for your help.

    #2
    Originally posted by egarrulo View Post
    I've left my job and my country to live in UK . I'm not willing to look for a job.

    I would be uneasy about paying all my months rent in advance
    or disclosing all my financial assets to a stranger.
    If you are not even prepared to give even one months rent in advance, or
    prove how you can pay the rent, then don't expect anyone to give you
    accommodation.

    You will be expected to conform to the rules and ways of the U.K.
    If you refuse to tell someone how you can afford 6 or 12
    months rent, then be expected to have to pay 6 or 12 months rent in
    advance.
    Plus a substantial deposit.

    If you, as you say, do not even want to give one months rent in advance,
    then you will find it hard to live anywhere else but in a hotel.
    Hotels are set up to accept credit cards, and can "reserve" money on your
    credit card. Landlords cannot, so cash in advance is required.

    R.a.M.

    Comment


      #3
      Originally posted by ram View Post
      If you are not even prepared to give even one months rent in advance, or
      prove how you can pay the rent, then don't expect anyone to give you
      accommodation.

      You will be expected to conform to the rules and ways of the U.K.
      If you refuse to tell someone how you can afford 6 or 12
      months rent, then be expected to have to pay 6 or 12 months rent in
      advance.
      Plus a substantial deposit.

      If you, as you say, do not even want to give one months rent in advance,
      then you will find it hard to live anywhere else but in a hotel.
      Hotels are set up to accept credit cards, and can "reserve" money on your
      credit card. Landlords cannot, so cash in advance is required.

      R.a.M.
      There has been a misunderstanding. I'm prepared to give the customary one month rent advance plus deposit. What I wouldn't like to do is giving 6 or more months of rent in advance plus deposit. Being a foreigner, if things were to go awry and I had to recover my money for some reason, I would feel at disadvantage.

      I was thinking about some kind of arrangement like handing over all months rent - say 12 months worth of rent for a 12 month long rent - to a trusted third-party who would pay the landlord month by month. Or some arrangement like that... I don't know how things work here in U.K.. That's why I'm asking here. Or do you think that just flashing my bank statement to the landlord would suffice? Or once I have a UK-based bank account, my bank could provide references?

      Please help. Thank you.

      Comment


        #4
        Originally posted by egarrulo View Post
        I'm prepared to give the customary one month rent
        advance plus deposit. What I wouldn't like to do is giving 6 or more months
        of rent in advance plus deposit.
        had to recover my money for some reason, I would feel at disadvantage.

        handing over all months rent - say 12 months worth of rent for a 12 month
        long rent - to a trusted third-party who would pay the landlord month by month.
        Please help. Thank you.
        If you want a flat, you will be on a minimum 6 month CONTRACT, and you HAVE
        to prove you can pay, if you have no job.
        you have to PROVE you have enough money for the 6 month contract.

        If you are not prepared to PROVE you can afford to pay the rent, do not
        expect anyone to give you accomodation.
        giving your money to a third party will not work, as if you can prove you
        have money, then you pay the landlord every month in advance.

        There should be no problem if you can prove you have more than enough money
        in the bank to pay rent for at least 12 months, even if you intend to only
        stay 6 months.

        all / most tenants have to pass a credit check, and as you do not live here,
        have no job here, are not in the system here, then you will fail a credit check,
        and not be given accomodation, so you HAVE to prove you can afford more
        than 6 months rent, and also, if it was me, prove how you get your money
        out of an overseas bank account into the U.k. to pay landlord every month.

        Deposit is returned if there are no damages.
        If you sign a 6 or 12 month contract, you promise to pay the 6 or 12 month
        rent, even if you want to leave early ( some landlords may let you leave
        early, if they can find a replacement tenant )

        Others may have more advice on Monday, but "proof of earnings" ( A job )
        - which you cannot prove,
        will mean you will have to "prove you have money elsewhere".

        R.a.M.

        Comment


          #5
          Originally posted by ram View Post
          There should be no problem if you can prove you have more than enough money
          in the bank to pay rent for at least 12 months, even if you intend to only
          stay 6 months.

          all / most tenants have to pass a credit check, and as you do not live here,
          have no job here, are not in the system here, then you will fail a credit check,
          and not be given accomodation, so you HAVE to prove you can afford more
          than 6 months rent, and also, if it was me, prove how you get your money
          out of an overseas bank account into the U.k. to pay landlord every month.
          Thank you for your explanations, R.a.M.. It seems things are easier than I thought. Now I just have to find out how I can prove I have enough money in my foreign bank account, because I don't think bank statements will do - they are easily counterfeited, aren't they? Tomorrow I'll seek advice both from my bank and from an UK bank.

          International bank transfers, albeit expensive, are not an issue. Anyway, I'm opening a bank account here as soon as my passport is ready.

          If other users have further suggestions, I'd be eager to ear them.

          Comment


            #6
            Originally posted by egarrulo View Post
            .

            International bank transfers, albeit expensive, are not an issue. Anyway, I'm opening a bank account here as soon as my passport is ready.

            If other users have further suggestions, I'd be eager to ear them.
            What do you mean by that? Have you got a passport or not? Are you living off your fortune, have you rights to be in Britain?
            I offer no guarantee that anything I say is correct. wysiwyg

            Comment


              #7
              Originally posted by egarrulo View Post
              I understand that a landlord would feel uneasy about renting out to an unemployed person. On the other hand, I would be similarly uneasy about paying all my months rent in advance.
              I can understand your concerns, however you need to remember that in most places in the UK at the moment renting is a seller's market; in other words there is no shortage of prospective tenants from landlords to choose from. Any tenant from abroad almost always means an increased risk for the landlord, because of the difficulty with referencing an applicant to the same level as is possible with someone from the UK, together with the great difficulty in reclaiming rent arrears or damages if the tenant returns to his/her country of origin (probably impossible if outside the EU). So you will be competing for properties against employed UK applicants, who will almost certainly appear a safer bet for landlords.

              Originally posted by egarrulo View Post
              Thank you for your explanations, R.a.M.. It seems things are easier than I thought.
              Well, I don't think you should assume that all you have to do is prove you have 6 months' money in your bank account, and then landlords will be queueing up to offer you properties.

              As a landlord, even if a prospective overseas tenant were to offer to pay me 6 months rent in advance, I would be wary about what happens after that - what happens if the tenant doesn't pay any more after that? I would still have the same big problem of having to evict him/her, and trying to claim back the outstanding rent.

              You may also have read of plenty of horror stories about tenants seducing landlords with lots of cash upfront, and then turning the property into a cannabis farm (completely wrecking it in the process).

              Comment


                #8
                Originally posted by jta View Post
                What do you mean by that? Have you got a passport or not? Are you living off your fortune, have you rights to be in Britain?
                Being an EU citizen, I didn't need a Passport to come and stay here, my National Id Card was enough. I requested one before leaving my country just because I learned it is a requirement when opening a UK bank acconunt.

                I'll be living off my (little) fortune for a while.

                Originally posted by Ericthelobster View Post
                I can understand your concerns, however you need to remember that in most places in the UK at the moment renting is a seller's market; in other words there is no shortage of prospective tenants from landlords to choose from. Any tenant from abroad almost always means an increased risk for the landlord, because of the difficulty with referencing an applicant to the same level as is possible with someone from the UK, together with the great difficulty in reclaiming rent arrears or damages if the tenant returns to his/her country of origin (probably impossible if outside the EU). So you will be competing for properties against employed UK applicants, who will almost certainly appear a safer bet for landlords.
                I understand that. It seems that in this city landlords are not being overwhelmed by requests, since they have been contacting me after my ad.

                Originally posted by Ericthelobster View Post
                As a landlord, even if a prospective overseas tenant were to offer to pay me 6 months rent in advance, I would be wary about what happens after that - what happens if the tenant doesn't pay any more after that? I would still have the same big problem of having to evict him/her, and trying to claim back the outstanding rent.

                You may also have read of plenty of horror stories about tenants seducing landlords with lots of cash upfront, and then turning the property into a cannabis farm (completely wrecking it in the process).
                I understand. That's the reason I was thinking about some scheme to give both me and the landlord some peace of mind, something like this:
                - I look for trusted third-party (a bank, etc.) willing to pay the landlord every month on my behalf, for a fee;
                - I hand out all months rent upfront to such third party (let's say 12,000 pounds for a 12 months of rent at 1000 pounds).
                - third party pays the landlord by the month.

                That way, the landlord will be assured that his rent will be paid, while I will be assured that he, because of being paid by the month, is motivated to keep taking care of the flat. I would not be worried that much about the landlord disappearing with my money, since before handling him a large amount of money I would be running my reference checks too, but I would be worried about him forgetting about the flat until the end of the agreement (since rent has already been payed). Hei! Landlords worry about sloppy tenants, but I'm sure there are sloppy landlords out there as well. I have read letting agents may provide such a service, but I've read they can disappear too... Well, maybe I'm just being paranoid here

                Thank you for your feedback.

                Comment


                  #9
                  so customs let you in with just an ID card - obviously the "relaxing the rules" thing was operating that day.
                  Unshackled by the chains of idle vanity, A modest manatee, that's me

                  Comment


                    #10
                    Originally posted by islandgirl View Post
                    so customs let you in with just an ID card - obviously the "relaxing the rules" thing was operating that day.
                    Mmmm... What are you talking about, please? AFAIK, UK is an EU country and a passport is not needed to move among EU countries. I've been in UK a few times in the past, and I've never been requested anything more than an ID card. Maybe the rules are being relaxed all the time...

                    Actually, I requested a passport just before leaving Italy only because I had read I would have needed it if I were to open an UK bank account, which seems the most urgent thing to do to avoid being "an alien" any longer.

                    Comment


                      #11
                      Originally posted by egarrulo View Post
                      Mmmm... UK is an EU country and a passport is not needed to move among EU countries. I've been in UK a few times in the past, and I've never been requested anything more than an ID card. Maybe the rules are being relaxed all the time...
                      I travel around Europe all the time, so far as I know no passport means no travel. I have never, ever, ever seen a fellow traveler just wave an identity card at passport control.
                      I offer no guarantee that anything I say is correct. wysiwyg

                      Comment


                        #12
                        Nor have I and I have travelled loads for work - too much to remain sane. ID cards are never ever accepted at passport control as far as I know when arriving from mainland Europe. Perhaps you came from Eire? Maybe it is allowed in that circumstance but I doubt it! It will also be very difficult to open a UK bank account I believe.
                        Unshackled by the chains of idle vanity, A modest manatee, that's me

                        Comment


                          #13
                          Originally posted by islandgirl View Post
                          Nor have I and I have travelled loads for work - too much to remain sane. ID cards are never ever accepted at passport control as far as I know when arriving from mainland Europe. Perhaps you came from Eire? Maybe it is allowed in that circumstance but I doubt it!
                          I've sorted out the issue: not every nation's ID cards are accepted for identification. Italian ID cards - like mine - are. Here are Ryanair's requirements for travel documentation.

                          Originally posted by islandgirl View Post
                          It will also be very difficult to open a UK bank account I believe.
                          Yes, I knew that, therefore I issued a request for my passport before leaving Italy (planning a quick return just to collect it). Actually, this morning I asked an UK bank and it seems that my ID card plus EU driving license could do. Maybe they will just relax their requirements because of the amount of money I'm going to transfer? In Italy we use to say: money makes blind people open their eyes. I hope that will not be the case, however I have an account opening appointment scheduled on tomorrow and then I'll know for sure.

                          Comment


                            #14
                            Originally posted by islandgirl View Post
                            Nor have I and I have travelled loads for work - too much to remain sane. ID cards are never ever accepted at passport control as far as I know when arriving from mainland Europe.
                            Not so actually. ID cards from EU countries are acceptable; I certainly know EC nationals who have entered the UK without a passport.
                            Get it from the horse's mouth here: http://www.ukba.homeoffice.gov.uk/eu...lites/#header1

                            The UK is actually pretty unusual in not having a national ID card, which other countries find a bit odd. But it explains why we are so into the idea of passports being the only possible documentation allowed for crossing national borders (because for us, it is).

                            Comment


                              #15
                              My husband is from another EU country, and he just uses his ID card within the EU, including the UK regardless of whether he's arriving from EU mainland by plane, boat, or Eurorail.

                              Comment

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