Overview Application Process
Property Management with Letultimate.com >> Overview Application Process
Letultimate.com are quite strict on all tenant applications and we leave no stone unturned when it comes to processing and assessing any applications that are received. In order to reduce time your potential tenants can apply on line for their rental property and receive an instant agreement in principle if they meet the qualifying criteria. Any agreement in principle made is subject to further underwriting checks and does not guarantee at this point that your potential has been successful with the application process.
When a tenant
application is received
When a tenant application is received we will initially
credit score the application using various credit reference agencies.
Letultimate.com has a consumer credit license and a registered data controller.
As we have such licenses this enables the company to have access to credit
reference agency reports direct and non of the work from an application is
outsourced to a third party so as a company we have full control of the
application and we can make a full assessment based on the complete processing
of the same.
If the potential tenant passes the credit check and
credit score procedure we will then proceed to complete Registry Trust
Searches. Registry Trust is the source of the data for the likes of information
on County Court judgements. Even though we credit check the application with
the credit reference agency we still complete the registry trust searches to
further confirm that the tenant has no CCJ’s registered or pending registration
against them. This is a thorough way of double checking a potential tenants
credit worthiness.
Requesting identification from a tenant
If
all is order with both the credit check and registry trust searches
Letultimate.com will then proceed to request ID from the potential tenant. We
may request standard ID or if an application is not meeting the grade at this
point we may request enhanced and additional ID. ID is normally in the format
of 3 months bank statements, 3 months payslips, a utility bill, copy of
passport or drivers license. If a tenant is on housing benefit then we will
request proof of benefits. The ID requested is dependent upon the initial
results obtained from processing the application.
Assessing ID received from a tenant
Once
we receive the requested ID from a tenant this will be passed to a specialist
lettings underwriter who will make a complete assessment of the ID. We assess
affordability to ensure that the tenant can afford to pay and maintain a good
rental account and the rental rate that has been agreed. For this we take into
account their existing credit commitments and we will check to ensure that they
are not funding their lifestyle by living of revolving credit facilities.
If a tenants ID is deemed as satisfactory
If
a tenants ID is deemed as satisfactory then Letultimate.com will proceed to
obtaining the relevant references such as employment and current or previous
landlord references. When the requested references are received we will then
make an assessment of this and verify the source whom provided the references
to our agency to ensure that they have been submitted by the correct source.
Proceeding to a home visit to the tenants current address
When
we have collated all of the data and completed all of the searches and
referencing Letultimate.com will contact the potential tenant in order to make
an appointment to visit their current property which has to match the address
that they supplied on their application form and identification provided.
The
purpose of the home visit is to confirm that they live at the declared property
address and to also assess that they are looking after and respecting their
current rental property. If a home visit is deemed as satisfactory then
Letultimate.com will look to formally agree the application and inform the
applicant of this in addition to letting the landlord know the outcome of the
application process.
When a letting is formally agreed
When
the letting is formally agreed Letultimate.com will look to obtain a holding
deposit or the full monies in advance for the letting. Which option we choose
is determined by the waiting time that a new tenant has prior to moving into
the property. This ensures that we have the full level of commitment obtained
in the interests of the landlord.
When
the tenant has made their monetary commitment we will confirm a move in date
and time for them to move into the property. Once this has been agreed a member
of the Letultimate.com team will meet the tenant at the property is order to
complete the moving in formalities. More information on the moving in
formalities can be viewed on the “When a Letting Completes” page which is
documented on this website.
In
addition to the processes above Letultimate.com complete a range of further
enhanced checks on tenants to ensure that they are who they say they are. Some
of the processing techniques used are confidential and can not be disclosed as
this would advise potential tenants what we do. As a reputable and responsible
company we do not want to give away our own trade secrets but you can be
assured that any application is processed thoroughly and we leave no stone
unturned.
We
are not a company who will process and agree an application just to receive the
arrangement fee from the landlord as this is not good business practise and
this can lead to problems moving forward which could be costly to the landlord
as well as the agent and this would benefit no party involved.
