Rent in advance question

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  • Rent in advance question

    Hi guys

    Bit of advice needed; I've got a foreign couple who are sponsored students who are potentially looking to let my flat. I'm pretty sure they have a fair bit of money behind them (as often foreign students do), and of course will be putting them forward for official tenancy referencing checks.

    However, would I be allowed to charge them 6 months rent in advance to caveat any risks? (regardless of if they pass tenancy referencing or not) As I know they are paid their student sponsorship annually, and thus to mitigate any risk that they do not pay the rent, I thought this may be a good way of ensuring I get it every month.

    Interested to hear your thoughts

    Regards

    olly

  • #2
    Originally posted by maidstone98 View Post
    Bit of advice needed; I've got a foreign couple who are sponsored students who are potentially looking to let my flat. I'm pretty sure they have a fair bit of money behind them (as often foreign students do), and of course will be putting them forward for official tenancy referencing checks.

    However, would I be allowed to charge them 6 months rent in advance to caveat any risks? (regardless of if they pass tenancy referencing or not) As I know they are paid their student sponsorship annually, and thus to mitigate any risk that they do not pay the rent, I thought this may be a good way of ensuring I get it every month.
    Yes, you can do it. However, be careful: several LZ posts start with this scenario only for L to discover (enentually) that lack of regular continuing contact has left T free to cause mayhem (typical example: running a hydroponic drug growing/producing establishment).
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

    Comment


    • #3
      Jeffrey - thanks for the advice.

      I plan to prescribe in the tenancy that I can visit the property (providing time is mutually agreed and written warning has been provided in writing), so hopefully this should negate this issue.

      Essentially, the rent up front will not change how i manage the property; it would merely ensure that I have confidence they will pay the rent.

      So, headline is a) Yes, i can do this, providing i stipulate it in the AST?

      Regards

      Olly

      Comment


      • #4
        Of course you can so state in the Agreement; other threads show that T can change mind and refuse access to L (unless it's an emergency).
        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
        4. *- Contact info: click on my name (blue-highlight link).

        Comment


        • #5
          I was going to comment on this ability to take advantage of someone who you've decided not to trust.

          I now understand the rules.

          Comment

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