Referencing Students / Charging Tenants For Referencing
How do I reference an applicant student tenant?
Students are just like any other applicant tenant, so they still have a duty to meet your rental payments and any other tenancy requirements. Simply find out whether they have bursaries, part time jobs, loans, grants from a family member, grants from the government, etc.
Although for working professionals a guarantor shouldn’t be used as a ‘top-up’ to show affordability for the rent and should only be used as a last resort when in arrears in the event of the tenants inability to pay the rent, many students rely on a subsidence from their parents to assist in their rental payment. So in this case you should get the financial commitment and undertaking from the parents in writing that they are prepared to meet this commitment and also get them to act as guarantor in the event the rent not being met. Guarantors should be referenced in the same way as the tenant and be able to show affordability to meet their commitments, plus the subsidence that they have pledged to their child for the rent.
Can I charge the tenant for their referencing?
As long as you’re not in Scotland, then yes you can.
TenantReferencingUK can now offer the most care-free serviced reference plus 6 months rent guarantee insurance (plus legal expenses), with absolutely NO CHARGE to yourself (the landlord/letting agent).
Get your tenant to carry out their own serviced reference AT NO CHARGE TO YOU.
This provides you with:
- Calculation of your new tenants affordability,
- Upload of your applicant tenant; new tenant history created,
- Financial status report with up to 9 linked addresses,
- Full tenant history report, which includes any previous rent default and/or property damage,
- Employers or accountants reference,
- Previous landlord reference,
- Bank statement checks,
- P60, pay slips and identity docs,
- Immigration & fraud document verification,
- 6 months RGI and legal cover insurance,
- Guarantor reference (if applicable),
- All completed on the same day (Subject to answered enquiries).
Have you got a tenant referencing question?
Then simply email firstname.lastname@example.org and it may feature here, helping other landlords and letting agents with the same query in the future.
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