The Referencing Process
What happens Once I Apply For A Property?
Once you've found your ideal property and paid the administration fee of £115 per adult then you will be sent application forms to complete.
An external referencing agency, Maras, will complete the following checks on our behalf using the information provided on your application forms.
- A full credit check
- Confirmation of employment details including whether you are full time or part time, permanent or on a contract and salary
- Confirmation of your current address and previous addresses over the last three years
- If you are currently renting they will obtain a Landlords reference
- Obtain a character reference
A suitable applicant will be in full time employment and earn a gross income of at least 3 times their share of the annual rental. Please be aware overtime or any benefits such as working family tax credits will not be taken into account.
Needing A Guarantor
Where an applicant is unable to meet the required income or credit checks a suitable guarantor may be acceptable. The guarantor will need to have a gross income of 3.5 times the share of the annual rental, preferably own their own property and have a clean credit history. Signing as a guarantor will mean you have a legal responsibility to underwrite the tenants financial responsibility.
Are You Self Employed?
Applicants or Guarantors who are self employed will need to provide at least one of the following:
- Accountants reference - Date of the last filed account and turnover, one year will be acceptable
- Pre tax profit and loss verified by an accountant
- Self-Assessment tax calculation approved by the Inland Revenue
Once you have passed the referencing process a letter will be sent to you asking you to contact the office and make an appointment to sign the tenancy agreement, pay the deposit along with the first months rent and collect the keys.