UKC

3 months bank statements? Why would I need to provide this if I was to be paying the entire 6 month contract up front?
Surely bank statements are required to show you can pay the rent, right?
Paying upfront takes away this doubt and so what else could this be needed for.

I'm paranoid about the amount of personal information flying around this country, and banking info surely is more personal than most. So can anyone shed a light on a reason an estate agent might request this info under the circumstances mentioned. I've nothing to hide but surely it's no one elses business if I don't owe anyone any money, right?

I questioned the agent why do you need this info, and was told 'oh, we aren't going to do anything with it', then obviously my thoughts are then why do you need it. I've paid the fee now to hold it and for the admin costs, so............................

In reply to Dominicandave:

There could be a number of reasons, as someone who previously rented out a property I'd like to see a regular source of income.
Do a Google search and look in the landlord forums - common issues with employment issues when paying six months in advance in cash - house used as a cannabis farm, brothel etc!!
The house next door was done on this basis - nothing was paid for a year (it can take a while to get a tenant evicted) no bills paid and the house trashed - no means to pay anything as no regular employment. They may have been gifted the money for example.

In reply to Dominicandave:
>So can anyone shed a light on a reason an estate agent might request this info

Estate agents are self important twunts. They just want to be nosey under the pretext of 'security', of some sort. As you said they 'aren't going to do anything with it'. If they were to work out affordability with your incoming cash and your outgoing expenses, allowing a set percentage for you lifestyle, you could understand that. But they probably just want another form of ID and a bank statement is pretty good, in that respect.

The good news, though, is that estate agents are slowly being replaced by little bits of software. So really you should pity them. You could explain to them about their uselessness, or you could just let them be swept away with the tide of technology. I will miss having to talk to a dull git in a cheap suit, who only adds value by reciting what's on the card and handing over keys.

NB: Full disclosure.
I don't like estate agents.

In reply to sleavesley:

I don't think any of this can apply as they already said there will be a property check every three months, it's a small market town (kind of why I don't want them snooping in my finances) and having met the agent several times to look at several properties, and she knows the situation. The owner has already been told about the circumstances and accepted me and so I see no reason at all. People are forced to disclose info too much in this country, and we still complain about fraud. Anywhere else they are happy to get your money and be done with it.

Anyway, I am offering them a bank reference from the bank manager, I see no reason why this should not be sufficient. No figures, just reassurance I maintain my account well.

In reply to Dominicandave:

It's all about proving you're not going to turn the place into a drug farm. Apparently paying up front is one of their call signs as they think it buys them clear time.
Although you've obviously gone further than necessary in proving who you are the agent will have a standard operating procedure, and deviating from this could put themselves in a position in the future if something did happen.

I think you would be ok providing bank statements with the payer/payee blanked out only your details and the sum total shown, it could be worth asking about this if you are concerned.

In reply to dread-i:



Estate agents are self important twunts who wear stupid ties with wide knots because they think it makes them look awesome.

However ... individual estate agents are unlikely to be the ones setting demanding these kind of controls.

More than likely this stuff will be being demanded by their operational and financial control departments.


The bad news is that operational and financial control departments are using little bits of software which will have specific inputs defined by the operational and financial control departments. Guess what these are going to be ... yup bank statements, etc. etc.

>

They are twunts aren't they.

In reply to Dominicandave:

If your contract's anything like my lease it'll be a six month contract with a rolling lease after that with some standard termination lead times.

So paying the 6 months up front isn't going to help them unless you can guarantee that you're definitely going to be out the door at the end of that.

In reply to Dominicandave:
So are you renting for just 6 months then?

In reply to Run_Ross_Run:

No but it is a 6 month contract. The owner of the property has had my situation explained to her and has accepted me as tennant. I have made the holding and admin payment, told verbally that the property is mine only to be handed this application form asking for such information. Which doesn't make sense, seems to be arse about tit.

In reply to Dominicandave:

Why make life hard for yourself, it's just three bank statements, they're not asking for a blood sacrifice.

jk

In reply to Dominicandave:


There's the explanation then. The landlord/agents want to see evidence of income into your account for the purpose of paying the rent next time around, be it up front again or monthly.