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Referencing

Every Applicant must fulfil the following criteria and satisfy points; 1, 2 & 3 to become a satisfactory (UK) Property Pot Tenant:

1) Affordability – Proof of ability to pay rent over the course of the contract on a monthly basis

Stage A – Employment Reference:-

The Applicant must be working in a Full Time and Permanent capacity; The Applicant must have been working for the employer for a minimum of three months from the start of the Tenancy or be able to provide details to facilitate an additional previous employment reference where they have been working for a minimum of six months (consecutively, prior to their current Job).

References must clearly state the following and not be ambiguous or hypocritical:

  • Salary – Minimum of £12,500 pa / Satisfy Rent to Earnings Chart
  • Permanent – Temporary or Short Contract work not acceptable
  • Long / Fixed Term Contract – Must state expiry of contract
  • Full Time – Part Time positions not acceptable
  • Length of Employment – Minimum 3 Months from commencement of Tenancy
  • Position Held – No Criteria (Some Unacceptable to some Landlords)

If the above cannot be fulfilled then go to Stage B

Stage B – Suitable Guarantor:-

Guarantors must own their own property within the UK, furthermore they must be able and willing to provide the following documents:-

  • Signed & Witnessed Guarantor Agreement
  • Proof of ownership for Guarantors Property (dated within the last six months)
  • Copy of satisfactory original UK Bank Statement or Satisfactory Bank Status Enquiry accompanied by photographic proof of Identification/Address.

NB: If a Guarantor is used then the deposit is automatically increased to eight weeks rent.

If neither the above can be fulfilled then go to Stage C

Stage C – Extra Security Rent (ESR):-

On occasion it can be agreed that the Applicant will provide an additional two to six month’s extra security rent which will be held up front as rent for the duration of the contract, can only be used as the last two month’s rent once notice to terminate the contract is served, unless at the discretion of the Landlord; further the Landlord cannot use the rent in any way as a deposit.

NB: If Additional funds are used then the deposit is automatically increased to eight weeks rent.

2) Ability to maintain the property to a satisfactory standard, to pay the rent in full and on time and adhere to the obligations set out in the Tenancy contract

Stage A – Previous Landlord Reference:-

References must clearly state the following and not be ambiguous or hypocritical:

  • Monthly Rental Figure – Must indicate Applicant(s) share if multiple Tenancy
  • Punctual Rental Payments – To be on time without deductions
  • Contact of Tenancy – To be satisfactory
  • Length of Tenancy – Minimum 6 Months
  • Landlord Details – Must clearly state the Referees home address

If a Landlord Reference cannot be obtained due to a) 1st time renter, b) traveller or working holiday then go to Stage B

Stage B – Character Reference:

Character references must be from a recognised professional (Doctor, Chartered Accountant, Teacher etc.) who has known to the Applicant for more than five years. The referee cannot be a family member or partner.

References must clearly state the following and not be ambiguous or hypocritical:

  • Trustworthy & Reliable – YES
  • Explanation of why T&R – Must give a brief explanation
  • Ability to Pay Rent – Very able
  • Any Reason not to Let – NO
  • Time known and capacity – Minimum 5 years / Capacity must not be a family member
  • Full Postal Address – Must be completed
  • Profession – Must be completed

3) Proof of Identity, Right to Rent, Financial Liabilities, and Ability to maintain agreed facilities

Either of the following accompanied with bank statements;

  • UK Passport and UK utility bill (showing current address)
  • EU/UK Driving Licence (showing current address)

Last three month’s UK Bank Statements (Original or Internet; internet statements must show your name and account number. (Dated within the last 35 days maximum).

Bank statements must fulfil the following criteria:-

  • Clearly state the Applicants name and current address
  • Showing all transactions for three months, dated within the last 35 days
  • Show salary going in & rental payments going out
  • No unarranged overdraft or unarranged borrowing charges

If overdrawn statement must show overdraft limit or provide an interest statement for the previous month showing the last months interest with no unarranged borrowing charges or provide a letter from the bank confirming the applicants overdraft limit.