Who is the ideal tenant?

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News article

Who is the ideal tenant? A landlord's agent's view

October 2010

general practice news

 

Property lettings come in all sorts of shapes and sizes ranging from a one bedroom cottage up to a farm extending to many hundreds of acres.  More often than not, better properties attract many prospective applicants and inevitably this leads to disappointment for the unsuccessful applicants. 

'Why?' is often asked by the unsuccessful applicants. The comments below are designed to illustrate some of the key factors that a landlord's agent takes into account when selecting a tenant.
 

Residential tenancy requirements

Financial capability is one of the key considerations when considering any potential tenant.  A confirmatory letter from the applicant’s bank or building society is usually sufficient and evidence of salary details is also beneficial.
 

Farm tenancy requirements

These are more complex lettings and require far more detailed financial information.  The last three years’ trading accounts are required as a bare minimum and a supporting letter from the bank manager would also be beneficial.   Credit reference checks will be undertaken so it is important to ensure that there is no adverse credit history or County Court Judgements. 

Assuming satisfactory financial references, letters of recommendation from employers or other suitable referees are important.  When farms are being let then detailed business plans will need to be inspected.  This needs to detail realistic and achievable targets and income streams.
 

Tenant requirements

It is important to see how prospective tenants look after property. The letting agent may wish to visit the applicants’ home.  This can often reveal much about the way in which a person or family lives and conducts their life.  It might be easier to tidy a smaller house but larger houses and farms cannot suddenly disguise years of neglect. 

A tenant that makes promises of radical transformations to a property is not always greeted with matching enthusiasm.  Everyone has different standards but if an agreement is properly structured then it can have benefits to both parties. 
 
The most important principle is that there is not necessarily a right or wrong in selecting a tenant but it is about ensuring that the right tenant is selected for the right property. 
 
For further information, please contact Neil Hogbin on 01530 410841 or email neil.hogbin@fishergerman.co.uk
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