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Agent requesting 12months rent up front because I am self employed

Started by ALW0219, January 11, 2019, 02:24:26 PM

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ALW0219

My husband and I own our own home but are about to move back across the country to be closer to family. We are planning to rent a place in the new location and rent out our existing home.
I have worked as a contractor through my own limited company for the past 6 months and am bringing in the majority of our joint income. We have been to view a couple of properties with the same agent but have just been told that unless I can present 3 years audited accounts, my 'self employed' income will not be considered. We offered to pay 6 months rent up front and was told that this was not sufficient, that we would need to pay for the entire 12 month contract in advance (plus 2 months rent depositand agent fees).
I was fully prepared to have to pay 6 months but 12 months is a crazy amount of money. Has anyone else had this issue? My salary is 3x the amount the agent said we originally needed to rent the property and I'm struggling to see why we are such a huge risk to a landlord.

Hippogriff

Why does it matter what we think or have experience? The person you need to persuade is the Agent / Landlord.

With foreign students I will ask for the full rent upfront. Often settling for 6 months, then 6 months again later. It's me, as Landlord, who's considering handing over an asset worth many hundreds of thousands of Pounds. I set my own risk profile, right? If I were you I'd obviously be seeing what a different Agent said. This one appears to be guiding the Landlords they work for towards a risk-free endeavour... probably because of enlightened self-interest (they can probably snaffle up their entire free upfront too). Be aware of what motivations people have.

heavykarma

I can't say I am surprised.6 months as a contractor is not very long.You may be in an industry that is prone to sudden changes.You may find other agents or landlords are prepared to take the risk,so obviously shop around,maybe place your own advert?