Bullock & Lees take up proper references from our prospective tenants. We write direct to employers or this come through a company e-mail and the same with current/previous landlords. For tenants who have not rented before a Guarantor may be required and please note that they will referenced in a similar way.
Should I have been employed for a minimum time?
Yes. You need to have at least three months continuous employment. If you had a change of jobs or break in employment then this must not have been any longer than two weeks.
What if I cannot satisfy this criteria?
Depending on the circumstances a guarantor may be required or you could opt to pay six month’s rent in advance.
Is renting like buying where I would need to earn a certain amount to proceed?
Yes. The combined income needs to be equivalent to 2.5 times the annual rental commitment. e.g if the rent is £450 per month, the combined earning must be £13,500 gross per annum – excluding bonuses or overtime.
If I need a guarantor, does the same criteria apply?
No. The guarantor’s earnings must be three times the annual rental commitment – excluding overtime and bonuses. They are required to have been in continuous employment for the last six months. Otherwise joint guarantors can be accepted depending on their circumstances.
What if I am self-employed?
You will need to provide your accountant’s details or relevant self assessment details for a minimum of three years. You will be required to have an average net income equivalent to 2.5 times the annual rental amount – excluding overtime and bonuses. If you do not have this information or do not meet criteria then a guarantor would be required or you could pay six month’s rent in advance.
Who is liable for insuring the property?
The landlord is required to pay for the general building and insuring the contents for theft/ water damage. We recommend all tenants have adequate insurance for theft etc of their own property and advisably for accidental damage to the landlord’s fixtures, fittings and contents. Therefore if during the tenancy an accident was to occur then you could use your policy to make a claim rather than lose your deposit at the end of the tenancy to replace the item that was damaged.
Where can I find out information about tenants insurance?
There are various companies that offer such policies please see your local insurance agent.