at what stage does tenant pay deposit and advance rent

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    at what stage does tenant pay deposit and advance rent

    Hello All,

    Hope everyone is safe and well. I'm a new landlord and am letting out my flat through an estate agent. Both tenant and I have signed the contract. The contract was signed 10 days ago and tenants were supposed to move in 2-3 days but then agent told me the tenant will move in later. Today I have been told the'll move in 2 days time and I'll receive the money in 24 hrs after I have handed over the keys after tenants have moved in.I have not taken any holding deposit so for me to let in the tenants without any money paid into my account seems odd.Is this the usual
    practice.When I was tenant,I remember paying deposit and advance rent before I moved in.Appreciate if someone can please advice.

    Thank you

    #2
    Err, rent clear before keys and possession. At the very least, money cleared on the agent's account if you trust agent not to go bankrupt and fold in the mean time. If the agent want you to give possession before money, ask the agent whether they are legally guaranteeing the rent payment (i.e. they'll pay if tenant fails to). They'll say no, now ask yourself why not.

    What's the hold up? Are the tenant struggling to come up with the money, or Covid restriction or some other reason? You wouldn't want problems paying on time before they even moved in.
    I am not a lawyer, nor am I licensed to provide any regulated advice. None of my posts should be treated as legal or financial advice.

    I do not answer questions through private messages which should be posted publicly on the forum.

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      #3
      KTC Thank you for replying. Apologies I should have mentioned,the agent says the money is in their account and will be transferred in 24 hrs once I have handed over the keys.I wasn't sure about the usual practice, does agent pay landlord before tenants move in or after.

      Comment


        #4
        Depends on your Agreement (T&Cs) with the Agent>
        Join NRLA.

        Comment


          #5
          When I've used an agent in the past, balance of first month's rent was transferred into my bank about a week after move in. Tenant was supposed to pay the agent before move in though.

          I now use OpenRent and it's pretty much the same arrangement, although with their system, you know rent & deposit has definitely been paid before move in as you can see confirmation when you log into your portal.

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