The cost in time & money to evict an unsuitable tenant from your property can run unto the thousands. The average solicitors fees to get a tenant to court is above £500, plus potential damages to the property, plus missed rent payments, can mean that the costs soon rack up.
THIS CAN BE AVOIDED BY FINDING THE RIGHT TENANT, AND ENSURING A STRINGENT REFERENCING PROCESS IS CARRIED OUT.
A professional letting agent will always undertake the following as a minimum referencing process
A credit check will show any adverse credit information such as CCJs, and also confirm if the tenant is registered on the voters roll.
Original photo identification should always be taken to establish the tenant’s true identity.
If the tenant is not registered on the voters roll, then an original utility bill showing the tenant’s address should be seen. Bad tenants try and hide their true whereabouts to avoid any rent arrears or bad credit being shown, so seeing a proof of residency is essential.
To make sure a tenant can physically afford the monthly rent commitment, then an employers reference should be taken. This will confirm if the job is permanent, if there is any threat of redundancy, & how much the earnings are.
Professional letting agents will have an affordability guide to assess if a tenants salary can comfortably afford the monthly rent.
Although previous tenancy history is no guarantee of future payments, it is a very good indicator.
A previous landlords reference will confirm if rent is paid in full and on time. It will also confirm if a tenant has kept the property in good condition and if there were any damages incurred.
In conclusion, once all the relevant information has been gathered, a landlord can make an informed decision whether or not the tenant is suitable. At Merrick Binch Lettings, we can give advice to new & experienced landlords on the right way to go.
FOR MORE INFORMATION, CALL THE MERRICK BINCH LETTINGS TEAM ON 02476 578888.