Would you let to these people?

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    Would you let to these people?

    Hi I'm new here and new to the whole being a landlord business, so any advice would be appreciated.
    Our prospective tenant for our house is a couple in their 60s and their adult son. The credit checks came back as declined as all the three are earning very modest income. Together their earnings just reach the recommended 2.5 times the annual rent. They seem nice and respectable but the man has also historical insolvency in his records. My worry is that if the son moves out the couple alone can't afford the rent. Would it be unreasonable to ask for the full rent upfront? WWYD? Thanks!

    #2
    If they're all on low incomes they're unlikely to be able to afford full rent upfront.
    Look for someone else, or look for a guarantor.

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      #3
      I tend to favour elderly people as they are generally more inclined to pay debts and disinclined to move.
      If they're pensioners, they're entitled to housing benefit (and should claim it to avoid paying council tax).

      But it depends what you mean by low income.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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        #4
        Thanks for your quick responses. They are all working but all earning £9k to £16k. The rent is £1400. The history of insolvency is a worry. I don't really see the point of asking for a guarantor; if the tenant defaults then I would have the same battle with the guarantor ? I mean if I have take someone to court over the rent it's no different whether it's the tenant or the guarantor?

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          #5
          Your easiest option is to let to someone better able to afford the rent.

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            #6
            Yes, that is my gut feeling too, just feel a bit sorry for them. Thanks all for your replies!

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              #7
              Originally posted by AL76 View Post
              I mean if I have take someone to court over the rent it's no different whether it's the tenant or the guarantor?
              True, the legal process is more or less the same, but a guarantor should have money, which the tenants, obviously don't have.

              Legal rule number 1 - never sue poor people.

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                #8
                Leave these 3 for other more experienced landlords to pick up. Choose a working couple with no kids. 2 income strongly suggests the rent will be paid and if they are out working all day there will be less wear and tear on your property. Simples!



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

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                  #9
                  All it takes if for one of them to become ill, or get older and retire, or the son to man up and find a partner, then your payments go the way of the dodo. There are multiple obvious risks with this family, and more experienced landlords would be better placed to manage the tenancy. £1400pcm on that combined income is too big a risk.
                  I may be a housing professional but my views, thoughts, opinions, advice, criticisms or otherwise on this board are mine and are not representative of my company, colleagues, managers. I am here as an independent human being who simply wants to learn new stuff, share ideas and interact with like minded people.

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                    #10
                    Id say no, money wise Ive had problems with people under 24 and over 60.

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