I am really interested in renting a property which I went to view at the weekend. The agency have said that as well as supplying two professional references I have to have a credit check done if I fail it I will still have to pay the £100 admin fee. Will this be a proper credit check, like applying for a loan or a mortgage?
2007-03-18 23:23:52 · 10 answers · asked by Lolly 1 in Business & Finance ➔ Credit
yes it will
2007-03-18 23:27:32 · answer #1 · answered by angie 5 · 0⤊ 1⤋
I ask my Letting Agent to obtain 3 references - bank, employer and previous landlord and have always found this sufficient. I don't think you should be asked to pay for any kind of credit check, whether they call it "admin fee" or "daylight robbery"
However, since you are effectively being asked to pay for this credit check, you are entitled to know what form it will take. I know you want this flat - otherwise I'd say walk away, because it is illegal for a Letting Agency to ask you for any money - all fees are paid by the landlord.
So, ask them who will be carrying out the check, what form it will take and if they are at all hostile, point out that since you are paying, you're entitled to know. If they say "oh you're not paying for the actual check, you're paying for our admin costs, then you have them bang to rights. Open your eyes very wide and say "Oh, I'm sorry, I thought Letting Agencies were not supposed to charge tenants"
It's up to you how far you take this, love, but there are lots of flats to rent at the moment (all those who recently jumped on the buy-to-let bandwaggon) so remember you are in a strong position. It's us landlords who are having to look for tenants and keep the rents down, and if the landlord of this flat uses a bent Letting Agent, I'd be inclined to walk away.
2007-03-18 23:54:42 · answer #2 · answered by Anonymous · 1⤊ 0⤋
They usually contact your bank to verify your earnings and potential to pay. Sometimes they use the same external agencies as they would if you were applying for a loan. This is standard practice in the UK when you are renting. Some agencies even ask for references from previous landlords, and ask for guarantors. Make sure your financial affairs are reasonably in order and that you have people to back you up financially especially if you are young.
2007-03-18 23:52:39 · answer #3 · answered by Eleanora 3 · 0⤊ 1⤋
yes, if u go through a professional letting agency, they will do a proper credit check, like those that u undergo when applying for a mortgage or loan.
2007-03-18 23:28:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yea.credit checks will be the same if its an estate agent doing the check.if its the landlord you might get away with it.do a credit check yourself first. for £2 fee. a company called Experian ltd will send you your credit status.
write to Experian ltd,consumer help service,po box 8000,Nottingham,NG1 5GX
2007-03-18 23:29:28 · answer #5 · answered by Nico 1 · 1⤊ 0⤋
Yes its the same.....but a £100 for a check that costs £2 is a blatant rip off....find a more reputable agent.
2007-03-18 23:33:59 · answer #6 · answered by lloydthebear 3 · 2⤊ 0⤋
Similar I think! They check to see if you have any debts, and to see if you are able to pay the rent. A loan is very similar.
2007-03-18 23:29:57 · answer #7 · answered by chloe 3 · 0⤊ 0⤋
Note quite, they will just be checking for Adverse history!
2007-03-18 23:31:48 · answer #8 · answered by djp6314 4 · 0⤊ 0⤋
yeah i think so as they want to know if you pay your bills or not.and if not you will not make a good tenant
2007-03-18 23:27:42 · answer #9 · answered by Anonymous · 0⤊ 1⤋
yep
2007-03-18 23:31:58 · answer #10 · answered by Anonymous · 0⤊ 0⤋