Once you have decided you would like to move forward with a tenants application now is the time to consider whether or not you are going to carry out any referencing and credit checks.
For further information on referencing, including your legal obligations, please visit this page:https://www.nrla.org.uk/resources/pre-tenancy/referencing-your-tenant
Should I take a holding deposit?
Holding deposits are a result of the Tenant Fee Ban and are limited to a maximum of one week's rent.
In certain circumstances you can keep the holding deposit if the tenant does not go forward with the tenancy following a holding deposit being taken.
Once you have received it you have 15 days to execute a tenancy (this is when you have an agreed and signed tenancy agreement). This can be extended if both parties agree to a date in the future. You can only hold one holding deposit so once this is taken no other viewings or lettings activity should be conducted until you accept or decline the current tenants application.
We provide a number of resources including a holding deposit form and template letters for our members to use to make this process as simple as possible.
Do I need to use your recommended reference company? No you do not need to use the NRLA recommended referencing however we would always recommend referencing your tenant so that you are sure you want to proceed with the tenancy. This will protect your investment and minimise the risk of tenants getting into arrears.
We work with a Company called Vouch and their service will be integrated into Portfolio which makes the process seamless and trouble-free for you. Prospective tenants will upload their documents which are verified by their in-house referencing people. This can sometimes take time as it relies on the employer and or landlord responding. Please see below for referencing status information. Once the report has come back from Vouch, this will be readily available for you to download and view before you accept or reject the tenant.
These reports cover all of the referencing information including reports on any CCJs.
Right to Rent checks
Our partner Vouch also carries out the Right to Rent checks for you and stores the information for you. (note: you will still need to see the original documents - we recommend asking the tenants to bring them to the viewing)
Please make sure you complete these checks even if you choose not to do referencing as they are a legal requirement.