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Letting Agent Applicant Fee

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  • Letting Agent Applicant Fee

    I currently live at home with my parents and I'm going to view a flat soon and I already know I want it but the letting agent has told me there will be a £260 application fee for 2 of us. From what I understand it is for them do do credit checks and other paperwork? My biggest worry is paying out that money and get turned down.

    I have just gone full time at work but my employer isn't changing my contract until the beginning of June so i'm worried they will think I won't be earning enough to pay the rent even though I will be. Will they contact my employer who will be able to tell them the situation or will they just want to see my paychecks that only show that i work part time right now? Also, I've gone slightly into my planned overdraft towards the end of the month in the past, will this go against me?

    Another thing is my partner is at University right now and has been in his overdraft for a couple of years.

    Are these all things that could make them turn us down? I emailed the letting agent asking and the response was:

    "The only reasons you wouldn’t get this back is if you have bad credit like a CCJ, IVA or bankruptcy or your previous landlord gives you a bad reference or your employer says you are not permanent/ not earning the required salary for our requirements."

    Sorry about the long post, just want some advice before I hand over the money

  • #2
    Re: Letting Agent Applicant Fee

    I'm a land and have owned 20 buy to let's over the past 7 years.

    Here's my opinion:
    - first of all, you could avoid the fee by going directly to a land lord who does not use a management company - there are plenty on right move etc. Do not be under the illusion that just because the land lord uses an agent that you'll be any better off - all it means is that the land lord is taking a more hands off approach - is this a good thing? I don't think so.

    - ask your employer for an employers reference stating that you'll be full time, when this starts and what your new income will be - you can then submit this to the agent or at least ask them if its acceptable.

    - the overdraft is not an issue since it does not represent bad credit; just make sure that the overdraft balance does not go below the agreed limit.

    Hope this helps.

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    • #3
      Re: Letting Agent Applicant Fee

      Don't pay this fee under any circumstances whatsoever!
      Walk away!
      The letting agent is only using this as a way of making more money.
      If credit checks are required, the landlord should be paying any "costs" as it is in HIS interests not yours!
      Don't get ripped off!
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