View Full Version : Landlords views on tenancy in one persons name, although two adults will be there
On a similar thread to a previous post I have made. Situation is I have a bad credit rating (due to a failure of my company), my partner a good one. We are both though now employeed and have never missed payments with rent before, which I would like to think our current landlord will be able to confirm.
I am thinking it might be simpler for a new tenancy to be applied for in my partners name only, but I expect this might not be desired by letting agents or landlords.
What are landlords views on this?
11-10-2011, 13:16 PM
I am aware of opposing views on this. Some, including myself, would welcome an honest tenant who presents reasons for previous financial problems (businesses do not always fail through incompetence, sometimes they fail through simple economics - or pubcos shafting tenants!)
Some landlords would welcome both partners on the tenancy as it doubles the chances of rent recovery opportunities. Some landlords prefer one tenant as it's easier to deal with if the partnership fails and one leaves.
Seek an outstanding reference and let your new landlord decide.
11-10-2011, 13:20 PM
So long as one of the tenants can pass the required 'requirements' and credit checks then I would be relatively happy. I'd need to be convinced thet the 'creditworthy' one could afford the place under their own steam.
Thanks, hmmmm, it seems to me that it will be a lottery as to who the landlord is of the house we find that we want to take. This grates as we could spend a lot of time finding the perfect home, only to be turned down at the final stage.....so I imagine being upfront is the best policy, but I fear this may put landlords off. Always more difficult since we have two young boys and I want to find the best home for them as possible.
Maybe I should build a glowing reference file from landlords and my employer, to be handed over everytime I get interested in a property.
11-10-2011, 14:26 PM
TBH, if I was given references at the point of viewing, they wouldn't mean much, as anyone can knock up a convincing "letter from employer" etc on a PC these days. Just be honest that your credit rating is not good, but your partners is - you should mention this up front as otherwise LL/LA may charge your for a credit check, only to confirm you are not a good risk, as you will not get the cost of the check refunded if you fail. I would rather know at the point of viewing where the land lies with you and your partner - it shows honestly from the outset. If you think your partner has enough income and good enough credit to pass the checks on their own, tell the agent/LL only to do one check and see how they feel about it.
You could always sweeten the deal by offering a few months rent in advance if you can afford to, although that in itself has inherent risks. Would anyone be able to stand as a guarantor for you if the lack of good credit did cause a problem?
I am sure I can find a guarantor, not my retired parents any longer, but a friend or colleague I would expect. Are LLs as happy to accept a guarantor for security, as a tenant with good credit score?
I have thought of offerieng 4 month rent in advance (using an advance from my employer). What are the risks, and are they to the LL or the Tenant?
11-10-2011, 15:29 PM
Just make sure you do not find some agent who wants a "reservation fee" which he is not going to refund on the basis that you are a bad risk.
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