Just about to move into a rented accommodation found through an estate agent.
Now they want to conduct a credit check on me and my partner and they want £127 + 15% VAT from each of us. So that’s just over £146 each.
I’ve never had to go through this when moving into rented accommodation in the past, so just wanted to know if this was right and things had changed or they’re trying to pull a fast one.
This money is in addition to any deposit required on the property also
mate even if they do pass on the check nearly £300 for the pair of you is extorsion… we can do a creit check at my office for £6+vat per head!!! and I would say they will have better rates than we do…
Apparently its a “new” thing? Friend rents out her house and the person who moved in, had to go through the same thing, paying out the same amount? effin sucks dont it !! Where theres a way of taking our money, when we are already going to be renting off them so wouldnt have applied for accomodation in first place if couldnt afford it, then they will find it…My son is finding the same problem. Everywhere you go its deposit for this, money for that, credit checks for this, rent for that…no wonder theres all this credit crunch shite !!
Thanks guys…My estimation of estate agents just dropped below zero
Sleeper…You can bet they won’t allow us to go through our own credit check agency…They quote bollox about security no doubt, but I’ll try and ask them.
when i was renting a new place i refused to pay all of this additional charges and you know what? they agreed it’s simply a way to force you to pay them extra. they normally get money from landlords and they’re so greedy that they want tenants to pay as well. if you refuse they willing to sacrifice that extra income only to secure payment from landlords
Yeh i told my son to try that too, i mean, they are the ones that want your money and to rent out another crappy place theyve had sitting on the books for months anyway, so if you say, “oh its ok, i will go someplace that DONT charge to check my credit and add VAT as well” they will have to think about losing the sale of the place and have it sitting empty a lot longer…
When i worked at an Estate Agents, the credit check and references cost £21 per tennant and that’s all we charged out.
You can ask the agent to speak to the landlord and see if he/she is happy to accept manual references instead such as employers reference, 3-6 onths bank statement and previous landlord reference. The final decision lies with the landlord, not the agent.
My partner is a lettings agent… they have to charge for the assessment due tot he implementation of new Govt scheme which also comes with some benefits such as the tenency deposit scheme (meaning it must go into a holding acct so a landlord can only take it if you agree to the amount being charged…) And dont foreget you can ask to claim the interest on your deposit money… afterall it could have been making you money over the period of your lease!!!
Its all part of being ARLA registered… sso it is not just a credit check… it is a complete referencing process. So similar security check that your employer would pay to have done etc.
BUT: It does NOT cost what you are being asked… so i can assume you are going with Foxtons… or Jacksons (although Jacksons have halved their fees this week FYI).
Im guessing you are with one of the 2 above… if so… state that you know these are now an unavoidable hoop both sides have to jump throigh (at your expense)… but also poit out, others are charging half as much and still making a stupidly healthy margin on it!
also, check if it includes contact fees (drawing it up) and inventory clerk fees… others state their reference fees are silly low… then sting you on these 2!
Good luck and if you need any specific advice, pm me and i will get my lady to email you with her expert advice… Good luck.
The price is outrageous and extortionate. I had to do a full background check for a airside security pass at LHR, LGW, & EDI. It cost a fraction of that.
I’m also having a background check for a security pass at one of our clients and they are a bank, and it doesn’t cost anything near that.
The deposit scheme has been in force now for a couple of years, and my previous place the deposit went into the scheme but they didn’t charge me for a credit check.
When it comes to Estate Agents, they say it’s industry standard what they are actually saying is we do this but nobody else does.
If there is an industry that needs regulation this is it.
I fully agree it is outrageous… as to the amount they are charging. Especially as there are others still making a killing at half that cost.
One thing i would say is the money checks are slightly more arduous than security checks, as ppl seem to be more arsy when it involves a poss they wont get paid… even though airport security checks could prevent far more serious matters from occurring!!
I am just being realistic… the guy want to move into this pace… and if so, will have to pay charges in the process. So whilst these service charges are unfair in that they are massively inflated… so is paying £60 for a pair of trainers when nike are producing them at £1 a pair.
My advice was aiming at being productive… in that YES unfortunately you are going to have to pay something… but surewly its better to get it down to half that then pay what is currenntly due.
Depends how much you like the place… they will bend a bit, and hopefully accomodate your demands to reduce these fees… but i doubt you will suceed in a crusade to scrap the charges altogether… so it depends if you are willing to lose the place to someone wlse for the sake of £100…
Not saying £100 doesnt matter… but im simply putting it into perspective… if you can half it - gret… you will have a better deal and still get to move into the place you like.
I paid throught the bloody teeth on my plce (tthrough jacksons)… but the rent was a good deal for the rest of the yr etc… and i really liked the place. Sure other places might have done the reference for £100 less… but def wasnt gonna pass up on my pad and live somewhere not as good for a yr for the sake of £100… i was happy to settle with the £1.92 a week higher rent for the nicer place… put it that way hopefully shows where im coming from.
Good luck getting them down to a more resonable price…
You got a big discount on the monthly rent?? Its mad how much they are going down on asking prices at the mo… she comes home each night and i am amazed at how big a hit some landlords are taking… so maybe thats another avenue to explore… could save you a LOT more than £100 over the course of your tenancy… esp if there for a while.
It didn’t cost me a penny for these checks - they’re cheap and were paid by the landlord.
Apparently, as more & more people are renting out their property, rents are coming down and there are plenty of properties (depends a bit where you live though)
and you know what? they agreed 