Reply to: Renting a property as a contractor

[CatOnMat]

When I moved to rented a few years ago I wasn't actually working at all but having just sold my house had a very healthy capital balance to show for it at the time.

No problem passing reference checks as there was an option to do this on basis of "independent means" i.e. more than enough cash to pay years of rent if required - if one has substantial savings this might be an aternative option.

[northernladuk]

You are the one that sounds a little salty.

Or should I have said whiff of sock.

[jayn200]

I'd anything he says with a pinch of salt.. I say a pinch, I mean a salt mine.

You are the one that sounds a little salty.

[jayn200]

11 references? Wow. Might as well just pay 6 months upfront then... where does one get 11 references?

That was 11 references between my wife and me, they required individual references we weren't able to get joint ones.

For me I had to supply 3 landlord references for places I lived. 1 personal reference and my accountant for 5. My wife had to do those same 5 plus her place of employment so 6 for her.

Every other place has been happy with just 1 joint landlord reference and an employment/accountant reference.

[northernladuk]

11 references? Wow. Might as well just pay 6 months upfront then... where does one get 11 references?

I'd anything he says with a pinch of salt.. I say a pinch, I mean a salt mine.

[Rachael019]

Admin fees charged to tenant are illegal now.

Holding deposit must be returned if you are honest in your referencing/application and you get denied.

Last place I rented asked for 11 references but other than that it was fine. I was able to put in my day rate in there instead of an annual salary and just had to provide accountants reference (I assume they verified day rate I didn't actually see the reference) but the sheer number of other supportive references was insane.

11 references? Wow. Might as well just pay 6 months upfront then... where does one get 11 references?

[eek]

Hi, I found myself in the same situation as the OP.

Since I am new I cannot PM you so could you please PM me? I just need a bit of help in dealing with the estate agents.

You can't receive PMs either until you have more post s

[jayn200]

Admin fees charged to tenant are illegal now.

Holding deposit must be returned if you are honest in your referencing/application and you get denied.

Last place I rented asked for 11 references but other than that it was fine. I was able to put in my day rate in there instead of an annual salary and just had to provide accountants reference (I assume they verified day rate I didn't actually see the reference) but the sheer number of other supportive references was insane.

[Rachael019]

I've been renting as a contrator for years. This is rubbish.

Are you using a national agency called L**d*rs? If so I have used them in the past and am just about to let with them again now, I have been approved already - you need to play them with the correct info. PM me if this is the agency.

Hi, I found myself in the same situation as the OP.

Since I am new I cannot PM you so could you please PM me? I just need a bit of help in dealing with the estate agents.

[whirlpool]

Stay where you are until your bum hurts from sitting on the bench, by this time you won't be able to pay the rent.
Then claim squatters rights.

[TwoWolves]

I never knew it would be a problem renting as a Contractor. I have spent over £700 to Letting Agents for referencing and I have been declined. I feel scammed.

Last year I rented a property through a Letting Agent which I will refer to as 'L'. By then I had been contracting with the same Company for two years. I have worked with this Company through my Ltd for three years now. They only give me six months contract and once it expires, they issue another one which is considered a new Contract. 'L' Compelled me to pay six months rent because they considered me a 'risky' tenant. After six months they permitted me to pay monthly and I never defaulted. Three months into the rolling tenancy they gave me a notice of possession. The reasons they gave for the Land Lady wanting possession were quite fake. I asked them to get me another property and they compelled me to pay £305 application fee - the same amount I paid when I rented through them last year. After taking my money, the declined me that I did not earn enough to afford the rent. Because I pay myself very little dividend and the rest in my Ltd account. I showed them where my earning go into my Ltd (annual gross income is 8 times the total annual rent for the property). They wanted me to pay six months rent for the new property again. I paid two other Letting Agents £200 each and they declined me because 'I did not have a permanent Job', yet when I was applying to rent, I had already informed them my employment status. So be careful the Letting Agents you deal with. Some are there to con individuals seeking to rent.

I've been renting as a contrator for years. This is rubbish.

Are you using a national agency called L**d*rs? If so I have used them in the past and am just about to let with them again now, I have been approved already - you need to play them with the correct info. PM me if this is the agency.

[cannon999]

it works most of the times but they are generally nastier than us and they do it 10 times/day.
part of the application, and which is common practice from what i've heard, is to sign a leaflet in which you wave any of the rights related to the holding deposit in case you are unsuccessful.
they could as well take holding deposit from everyone involved, make them bid against the other or bid against themselves, than give it to only one and game the rest.
they are not even interested in picking the most suitable tenant since they earn extra from tenant search fee.
i am not saying that it happens but very tempted to think so and some recent articles say it's not uncommon.

make sure you comply with provable yearly income 50x monthly rent or whatever the threshold is, subtly mention that you are a business owner and that you employ yourself when you make an offer to the agency(so that they cannot keep it against you). for the referencing agency you can even claim that you are permanent employee ( of your own comp - not sure if legal but you can easily draft a contract).
really search openrent, avoid the big names as plague as there will be definitely a claim on your holding deposit + additional attempts to game you in between.

There is a reason they are similarly hated in society as recruiting agents... but estate agents in london i think hit a new peak.
Some people even say that rents can go up in certain areas when certain agencies put up offices there - involving some florescent green on the adds.

Never seen anything about waving rights to the deposit if unsuccessful. There is no way that would be allowed. However they do typically retain the admin fee if the applicant is unsuccessful however it is stipulated that there must be grounds to doing so. And I would love for the to argue in court that a contractor on 500/d can't afford rent (where the case would end up if they were to try it on saying that I don't meet the financial requirements). You have to fight fire with fire, as you said letting agents are scum.

[GigiBronz]

They tried to make me pay 6 months upfront. I threatened them to drop the application and request the admin fee back and take them to court if they were to refuse admin fee refund. Suddenly providing my job contract as proof of income became acceptable.

it works most of the times but they are generally nastier than us and they do it 10 times/day.
part of the application, and which is common practice from what i've heard, is to sign a leaflet in which you wave any of the rights related to the holding deposit in case you are unsuccessful.
they could as well take holding deposit from everyone involved, make them bid against the other or bid against themselves, than give it to only one and game the rest.
they are not even interested in picking the most suitable tenant since they earn extra from tenant search fee.
i am not saying that it happens but very tempted to think so and some recent articles say it's not uncommon.

make sure you comply with provable yearly income 50x monthly rent or whatever the threshold is, subtly mention that you are a business owner and that you employ yourself when you make an offer to the agency(so that they cannot keep it against you). for the referencing agency you can even claim that you are permanent employee ( of your own comp - not sure if legal but you can easily draft a contract).
really search openrent, avoid the big names as plague as there will be definitely a claim on your holding deposit + additional attempts to game you in between.

There is a reason they are similarly hated in society as recruiting agents... but estate agents in london i think hit a new peak.
Some people even say that rents can go up in certain areas when certain agencies put up offices there - involving some florescent green on the adds.

[cannon999]

They tried to make me pay 6 months upfront. I threatened them to drop the application and request the admin fee back and take them to court if they were to refuse admin fee refund. Suddenly providing my job contract as proof of income became acceptable.

[LondonPM1]

i had to pay 6m in advance as well.
Make you situation clear to the agency ; director, own company, gross income, accountant would provide confirmation of figures. They'll take your fees and holding deposits and fail you with first opportunity to do the same for the next one.
Referencing agencies work for the agencies/LL they'll make a rough estimate of the situation and let the agency/LL shift the balance.
They all require feels+holding deposit so...
Other option is to go on OpenRent they are a bit more transparent and you deal with LL.
One of the reasons London market has been doing well in the past was that it was "well managed". I am hoping for those f**** to burn in hell once the market hits rock bottom soon.

Nice information thanks for sharing ��