THE REFERENCING PROCESS
Why do we reference?
As you can imagine homes are a very expensive asset and as a landlord with investors and funders we have to take all necessary steps to protect our assets, and one of these steps is to select the correct tenants who cannot only financial comply with their commitments under a tenancy but are courteous and will respect our property. The relationship of landlord and tenant is an important one and although contracts are legally binding a lot is reliant upon mutual trust and respect.
By referencing it gives us a landlord peace of mind and the same for the tenant who can rest assure they are dealing with a professional company who cares about their residents. Putting a reliable and trustworthy tenant to the right property ensures they will enjoy living at our property and they will take care of it and pay the rent on time.
What is checked?
We use an external company to deal with the process which includes:
Proof of Identity – 2 forms will need to be provided and one must be photo ID.
Credit Check – this checks for any CCJs whether satisfied or outstanding and whether any Bankruptcy orders have been lodged against the applicant.
Verification of Income - if you take the monthly rent and multiply it by 30 this will give you the gross annual income that you will need to earn to demonstrate that you can afford the monthly rent. if your income is less you may be required to provide a guarantor who must have a gross annual income of x 36.
Previous Landlord References – they will be asked to confirm no rent arrears or damage to the property.
Employment References – this will be to verify employment, income and an assurance any employment is not likely to end in the near future.
Right to Rent Checks – this is site of passport tot immigration documents.
What if I cannot afford the month’s rent in advance and a deposit?
Don’t worry we understand the financial strains of modern day living and most of our properties are offered with no deposit.
What if I cannot pass these checks am I not eligible?
Don’t panic we are aware life isn’t plain sailing and we all have blips in our past. Don’t be shy be honest and upfront and we will always look for away to assist and provide accommodation. Often you can supply a guarantor, enter into a short term licence to occupy that renews on payment of a licence premium or pay several months’ rent in advance. If you cannot pass the Right to Rent Check it is unlawful for us to rent to you.
If you have employment issues, such as just started, or you have previous poor payment history and CCJs you MUST inform us in advance otherwise this will result in your application being rejected and the holding deposit being none refundable.
How long does it take?
Well that’s down to how quickly you fully complete the forms. Once you have paid the holding deposit you will receive the forms via email and once fully completed the entire process will take approximately 72 hours but may take slightly longer if there are issues or requests for further information.
What happens if I do not pass?
Providing you have read and understood the above information you should not have an issue (1) being in employment or self employed (2) providing the necessary information (3) earning 2.5 times the rent (4) having a good credit history/score
If you proceed to pay the holding deposit you are certifying you comply and should your application fail for any of the said reasons then the holding deposit is none refundable as we have proceeded on the basis you satisfy the criteria.
Is there nothing else I will need to provide?
Before collecting keys you will need to provide:
£50.00 key deposit & £50.00 mattress deposit (we supply a mattress protector) which will be returned when you vacate providing the full set of keys are returned and the property and mattress are in good condition;
Evidence that standing order has been set up for the set calendar of each month;
Sign a utility declaration to set up utilities in your name;
Provide any vehicle information that you will be parking in and around the property in accordance with good estate management