Letting agents and landlords wish to avoid tenants who may trash their property, stop paying rent or sub-let without permission. While these situations are rare, they can happen!
So, anything you can do to convince the letting agent and/or landlord that you’re a responsible tenant will work in your favour. Here are the advantages of getting pre-vetted as a tenant.
What is checked during the tenant vetting process?
The tenant vetting process is the landlord or letting agency checking whether you’re a suitable tenant for their property.
They want to know that you’re well-behaved, and that you not only pay your rent on time, but that you will be able to afford it for the length of your tenancy.
The tenant vetting process involves:
- Checking your credit history
- Checking your employment history
- Checking the details of your current employment to ensure what you say you earn and what you actually earn tally up
- Getting a landlord’s reference from previous landlords to establish what kind of tenant you are
Reasons for failing tenant checks
Not every person is an ideal tenant. A landlord will want to ensure that their investments are protected!
There are numerous reasons why someone might fail a tenant vetting. These include, but aren’t limited to:
- A county court judgement against your name. Even if it has been dealt with, it can come back to haunt your credit rating later
- Being unable to afford rent. If you have exaggerated what you can afford, you will get found out
- Gaps in your employment history. If these can be explained, they shouldn’t be held against you
- A bad landlord’s reference
- Poor credit score
Advantages of getting pre-vetted
Getting pre-vetted will see you looked on more favourably! By demonstrating yourself as the ideal tenant, you will allay any fears the landlord might have about you. Also, you could save yourself money in the process.
The more security you can provide the landlord, the more property options will become available to you. No more cheap-looking places! You could also benefit from:
- Not needing a guarantor
- A smaller deposit
Given that HMG are going to impose a ban on letting agent fees in the near future, being pre-vetted will save both them and you money. Letting agents’ fees’ are still going to have to run their checks, but, rather than pass the cost onto you, they will have to find funding for it elsewhere. You will make their life much easier by coming pre-vetted.