Tenant selection

Question 1

Use of rental deposits

Answer 1

Personal to the tenant
Must be legally documented in a rent deposit and money held in a separate bank account
Interest to tenant
Agreed terms
Details of release mechanism to be stated

Question 2

What can a rent deposit include

Answer 2

Top up mechanisms for rent review uplifts

Separate deed personal to the tenant

Question 3

What are the usual requests for tenant selection

Answer 3

Bank, accountant and 2 trade references
Previous/existing landlords reference
3 years audited accounts/business plan/credit rating