TENANT REFERENCING
Tenant Referencing is absolutely crucial to help you make the right decision. Upad referencing costs £50+vat per adult, paid by the tenant.
All you need to do is let us know the lead tenant’s contact details, and the number of tenants moving in. We’ll take it from there.
Upad comprehensive tenant referencing includes:
- Credit Check: An overview of the applicant's credit history including any unpaid loans or bills. A credit check generally highlights any previous bad credit history.
- Affordability check: We take a look at the income, or combined income in the case of more than one applicant.
- Written Employer reference: Ensures that the employer and salary stated in the tenant’s application are in fact legitimate. Employers are asked to provide a signed written statement confirming that the applicant is gainfully employed, and the salary they earn.
- Previous landlord references: Previous landlords (or agencies) will highlight any adverse behaviour or non-payment of rent that may not show up in the credit report.
Take a look at a sample report:
It’s a good idea for tenants to fund referencing, here’s why:
- Tenants will not pay if they know they’re going to fail their reference.
- Tenants tend to react more quickly to requests for information when they have invested in the process.
- An administration fee acts as a holding deposit, which stops tenants from applying for multiple properties. It secures their interest in the property.
Our team is available 7 days a week to help you through the process and answer any questions. Please call us on 0333 240 1220 (Local rate call, even from mobile).
Staff Top Tip — Simon says:
"Reference your tenants: With so many people looking to rent, people are applying for properties that are at the top of their budget. Referencing tenants will give you the peace of mind that they can afford the property."
Click here to get started. You’ll be asked a few simple questions to confirm the terms you’ve agreed with your applicant, and basic information about yourself and the property. We’ll take it from there.
- Once instructed, we immediately get in touch with your applicants to take payment and complete an extensive form outlining their personal details including employment and previous landlord.
- Our referencing team will contact previous landlords and employers, asking for written references. We’ll also ask them a few questions to get a general feel for the quality of your applicants.
- Once all references are in, we compile a full report, which will be emailed to you. You’ll receive a call to explain the report and help you make your final decision.
HOW LONG DOES IT TAKE?
Credit check and adverse credit history report will be available shortly after your applicant has completes all required information, however obtaining references can be a little slow depending on employer and previous landlord willingness to comply. Generally references are finished within 48 hours. If it doesn’t look like yours will complete within 48 hours, we’ll be in touch to update you.
Our team is available 7 days a week to help you through the process and answer any questions. Please call us on 0333 240 1220 (Local rate call, even from mobile)
- Why reference tenants? Referencing aims to answer two questions: can your new tenant pay, and will they pay? We look at their income and financial commitments, their track record of payment, their relationship with their current landlord and any financial problems in their background.
- Do I need a reference for each tenant? You should reference every tenant separately. Any one of them could upset the happy and beneficial tenancy, so you need to know they’re all reliable.
- How long does it take? Normally referencing is complete in 48 hours. Your tenant can help by asking their employer and current landlord to complete referencing as quickly as possible.
- Do I need a guarantor? A guarantor is someone other than your tenant – normally a home-owner – who says that they will pay your tenant’s rent if they fail to do so. Guarantors are most commonly used where there are questions about your tenant’s ability to afford the agreed rent, and are normal for student landlords. If your referencing shows questions around your tenant’s ability to afford the rent, you may choose to ask for a guarantor.
- Do I need to reference the guarantor? If you have a guarantor, then you need to reference them in exactly the same way you’d reference a tenant. You’ll need to know that if they’re called on to pay the rent, they will do.
- Who makes the final decision? You do. Referencing may find some small problems on the report that you feel you can overlook, for example many tenants show up a less-than-perfect credit score simply because they have not been on electoral rolls for all their previous addresses. But if they have CCJs, their previous landlord has had problems with them or they haven’t told the whole truth about their employment situation, you may feel they’re not the right tenant for you.
- What if my tenant refuses to be referenced? Of course, your tenant has every right to refuse to be referenced, but if they do so, you have every right to refuse them the tenancy. If they don’t want you looking into their past, we’d say move on and find a more open tenant.
GETTING STARTED:
Click here to get started. You’ll be asked a few simple questions to confirm the terms you’ve agreed with your applicant, and basic information about yourself and the property. We’ll take it from there.
Our team is available 7 days a week to help you through the process and answer any questions. Please call us on 0333 240 1220 (Local rate call, even from mobile).
