Renters must come prepared to secure a tenancy agreement

by Daniel Jones

Potential tenants can help themselves to secure a rental property by entering a letting agents' office with the proper documentation, which may make landlords more willing to sign a tenancy agreement with them, LettingFocus.com has said.

With research by the Intermediary Mortgage Lenders Association (IMLA) suggesting that more people are moving to rented accommodation, competition in the sector is growing ever more fierce - not only among landlords, but also among tenants themselves.

The IMLA research found that 73 per cent of intermediaries were unable to secure a mortgage for at least one of their clients during the third quarter of 2011, with 47 per cent of first-time buyers who could not obtain finance deciding to rent instead.

David Lawrenson, private rented sector expert at LettingFocus.com, said tenants should bring proof of income, proof that they have a job and proof of address before they enter the letting office if they want to secure a tenancy agreement.

"If somebody comes along with all the documents prepared [...] then they are half way there, but very few do it," he added.

"That shows that someone is organised and you can see straightaway whether they can afford it or not and they would get the property ahead of the rest."

He went on to say that tenants who do not prepare in this way risk losing the property if somebody who has got organised gets there while the landlord waits for their details.

Mortgages for Business recently said the buy-to-let market remains an attractive prospect for many landlords, but it is important to take the time to assess the performance of individual local markets before making a commitment.

The comments came after Defaqto reported that the number of buy to let mortgage products on the market has more than doubled over the last three years, while the number of lenders has risen from 56 to 63.

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Published on: October 26, 2011

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