Lettings advise

Brookert · 29 May 2011 at 15:01

Just wondering if anyone works in lettings or property, or who has knowledge on it.

Basically me and my girlfriend are getting a private flat, not a student one even though we are both full time students. We both have part time jobs and summer work.

The lettings agency we are dealing with are hinting that they might want a guarantor, which is fine I suppose, being that our income is not guaranteed. We do average about over £20000 a year between us, which is from our student loans and part time work. Including summer work its easily over £25000.

The only thing is we are struggling finding a guarantor who is both a homeowner and in full time work/earning enough to comfortably step in (not that they would ever have too)

So my question is, what would lettings agency's be prepared to accept as a guarantor? does it have to be a homeowner? or can we have one homeowner and one person in full time work living with parents (my brother)?

BDEE · 29 May 2011 at 15:04

Advice*

Paul11 · 29 May 2011 at 15:09

why dont you ask them

Brookert · 29 May 2011 at 15:09

Can I edit thread titles?

Brookert · 29 May 2011 at 15:10

Paul11 said:
why dont you ask them

Well, im just afraid that they will dismiss us and keep our holding deposit.

Kutter · 29 May 2011 at 15:11

give them a ring and ask them, it might vary from agency to agency.

Paul11 · 29 May 2011 at 15:16

Brookert said:
Well, im just afraid that they will dismiss us and keep our holding deposit.

that doesnt make any sense

they want to get flats rented out to get their commision.

if they are any decent agency , they will help you and answer your questions of things your not sure about

Brookert · 29 May 2011 at 15:18

Paul11 said:
that doesnt make any sense

they want to get flats rented out to get their commision.

if they are any decent agency , they will help you and answer your questions of things your not sure about

I think im panicking tbh. We know we can easily afford it but this whole guarantor thing is a real pain in the backside.

ColdAsIce · 29 May 2011 at 15:40

Go to an agency that doesn't require a guarnator, it is a real pain in the ass otherwise.

Paul11 · 29 May 2011 at 15:42

ColdAsIce said:
Go to an agency that doesn't require a guarnator, it is a real pain in the ass otherwise.

any agency that does a credit check (usually by farming it out to other companies) are likely to come back with the same requirements.

Brookert · 29 May 2011 at 15:43

ColdAsIce said:
Go to an agency that doesn't require a guarnator, it is a real pain in the ass otherwise.

would, but I've already gone past the point of no return.

Her dad has been a guarantor before, on her sisters flat. Even though his credit history is a bit wobbly (credit card troubles) but he is a homeowner.

Do they not always do credit checks on the guarantor?

ColdAsIce · 29 May 2011 at 15:49

One of the agents we used wanted a guarnator as my girlfriend is Polish. I just argued that she had rented a previous flat for over 2 years. Also has a fulltime job which can be checked. If they still want a guarnator we would simply go else where. They did a credit check and decided that was enough.

Brookert · 29 May 2011 at 15:53

I can show them a breakdown of my student finance payments which may help my case. It shows exactly what I get and when (get full maintenance loan + grant), also the gf's. Add both our jobs in and the fact that we have summer jobs, and tbh I really don't see a problem/

J.B · 29 May 2011 at 16:05

Are there no student flats for 2? I know when I was a student there were a couple of small ones around the town.

When we moved into our first 'grown up' house we had a similar headache with guarantors, we managed to persuade all our parents in the end to sign but it was touch and go.

I was on about 23k at the time and we were renting a house which cost about 800/900 month

Brookert · 29 May 2011 at 17:07

J.B said:
Are there no student flats for 2? I know when I was a student there were a couple of small ones around the town.

When we moved into our first 'grown up' house we had a similar headache with guarantors, we managed to persuade all our parents in the end to sign but it was touch and go.

I was on about 23k at the time and we were renting a house which cost about 800/900 month

All the student ones are pretty horrible tbh, and we want somewhere to be permanently based for the next 3 years.

just going to have to talk it over with the lettings people, might have to have a guarantor each!

ColdAsIce · 29 May 2011 at 17:22

Which part of the country is this?

Brookert · 29 May 2011 at 17:27

Southampton

ColdAsIce · 29 May 2011 at 17:33

Have you tried gumtree and other agency's. Or have you found a flat that you really like already?

Huw · 29 May 2011 at 17:57

There are no hard and fast rules here. The agent is acting on behalf of the landlord, so in your case either the agent or landlord has decided that your income is unstable enough that a guarantor is required. Now they don't have to do thorough checks on the guarantor but they'd be bloody stupid not to; the guarantor will be committing to full liability for the let. Most people believe the guarantor's job is to safeguard the rent payments, but in fact a guarantor takes on full responsibility. Frankly it's a lot to ask of anyone.

Anyway. It shouldn't matter who the guarantor is; there are no laws that govern who they accept. The whole thing is to put the agent or landlord's mind at ease that the let won't be a risk. So it's sensible to get a guarantor who owns property and preferably has a good credit history. A minor CCJ won't look too bad, but anything like an IVA or bankruptcy pretty much guarantees they won't be accepted.

I think any agent would do exactly as yours is doing. Really the only thing you can do now is get a suitable guarantor.

Oh, and yeah, ask the agent too. It won't reflect badly on you at all; as someone else said earlier, they just want the let. If you can prove you're no more risky than any other prospective tenant they'll definitely give you the property.

To be honest you're lucky even to be considered. A huge number of landlords won't touch undergrads with a barge pole.

Brookert · 29 May 2011 at 18:20

Huw said:
There are no hard and fast rules here. The agent is acting on behalf of the landlord, so in your case either the agent or landlord has decided that your income is unstable enough that a guarantor is required. Now they don't have to do thorough checks on the guarantor but they'd be bloody stupid not to; the guarantor will be committing to full liability for the let. Most people believe the guarantor's job is to safeguard the rent payments, but in fact a guarantor takes on full responsibility. Frankly it's a lot to ask of anyone.

Anyway. It shouldn't matter who the guarantor is; there are no laws that govern who they accept. The whole thing is to put the agent or landlord's mind at ease that the let won't be a risk. So it's sensible to get a guarantor who owns property and preferably has a good credit history. A minor CCJ won't look too bad, but anything like an IVA or bankruptcy pretty much guarantees they won't be accepted.

I think any agent would do exactly as yours is doing. Really the only thing you can do now is get a suitable guarantor.

Oh, and yeah, ask the agent too. It won't reflect badly on you at all; as someone else said earlier, they just want the let. If you can prove you're no more risky than any other prospective tenant they'll definitely give you the property.

To be honest you're lucky even to be considered. A huge number of landlords won't touch undergrads with a barge pole.

Ah thanks. Lots of useful info. Yea we didn't mention study till we had cash in hand for the deposit, and even then they seemed fine about it. They seem pretty good tbh, I've only had my job 3 months, and its on a 6 month contract, which will go permanent as of September. All they would like off me is a letter from my employer stating that the intention of the job is to turn permanent after the temp contract, which is pretty reasonable.

Its so frustrating as we can easily afford it, but we have to jump through all the hoops before we can have it.

edit: Oh yea Im not your average undergrad, found out I'm classed as a mature student the other day