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Why do I need a Tenant Reference?

As a Landlord or Letting Agent it is in your best interests to ensure that you are getting the right Tenant for your property - in fact it's probably the most important part of renting your property.

Although you may think you are saving money by cutting corners and not properly screening tenants this may carry a hefty cost at a much later date.

What are the consequences of not checking a Tenant properly?

It would be great if we lived in a world where trust wasn't an issue and everyone's 'word' was good enough. However, given that it is unlikely you will personally know the person you are renting to, it is vital that thorough checks are carried out on potential tenants.

If the Tenant defaults on their rental payments not only is your investment at risk but you may also face hefty legal fees when evicting such a Tenant.

All in all, taking a few minutes to get your prospective tenant or their guarantor to fill out a form you could save you a small fortune and a lot of stress!

How can I check my Tenant?

The most reliable way to check a Tenant is to use a company, such as Leaseguard, which specialises in Buy-to-Let Products and Services.

What checks are undertaken by Leaseguard?

Leaseguard contacts the current employer to obtain confirmation of salary amounts, type of contract i.e. permanent contract and length of employment. We also contact any previous or existing landlord or letting agent to ensure the prospective tenants didn't leave with any rent arrears and the property was left in good order. Leaseguard checks their credit rating and link addresses to confirm where they have been residing over the previous 3 years, and if there is any associated adverse credit history such as CCJ's. These checks usually only take 48 hours to complete.

Leaseguard is also aware of what to look out for in respect of fraudulent information or responses. Checks can be arranged for guarantors, students, benefit assisted tenants and those who have recently been living abroad.

You can find out more about the comprehensive Tenant referencing service that is offered by Leaseguard by visiting the Tenant Referencing area of our website.

Tenant Referencing is just one way to protect your rental payments but in this financial climate you may also want to consider Rent Guarantee Insurance.

Posted By Admin on Friday, March 26, 2010 | Type: Blog

Rent Guarantee

  • Loss of Rent paid for up to 12 months
  • Up to £25,000 paid for Rent Guarantee and Legal Expenses
  • 24 Hour Helplines available

Tenant Referencing

  • Personal Service
  • 48 Hour Turnaround
  • Up to date technology

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