rent Due Date

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    rent Due Date

    Apologies if this sounds like a stupid question; however I am new to this.

    We are just in the process of letting our flat to a new tenant and she will move in on 16th July with 6 weeks deposit and a month's rent in advance.

    1. When is month 2's rent due?

    2. What date is the month due every month? I would prefer to receive the rent a tthe beginning of the month as that is when my mortgage is due? How can I arrange the rent payment schedule to acccomodate this?

    Any advice appreciated.

    Thanks

    #2
    1. 16th of every month.
    2. I'll let someone more experienced answer that.

    Comment


      #3
      Originally posted by lineswhite View Post
      Apologies if this sounds like a stupid question; however I am new to this.

      We are just in the process of letting our flat to a new tenant and she will move in on 16th July with 6 weeks deposit and a month's rent in advance.

      1. When is month 2's rent due?

      2. What date is the month due every month? I would prefer to receive the rent a tthe beginning of the month as that is when my mortgage is due? How can I arrange the rent payment schedule to acccomodate this?

      Any advice appreciated.

      Thanks
      1. 16th August
      2. 16th of each month (in advance)

      I strongly recommend you keep to that - it is a lot simpler for the tenant and it saves confusion when serving notices. Why not just have it paid in by 16th, don't spend it, then pay your mortgage on 1st as usual?

      The other option is to synchronise rent payments with your mortgage by asking T to pay half a month's rent on 16th August, then start paying each month on 30/31st (ie first full payment on 31st Aug for Sept), then half a month again before they move out. Seems unnecessarily complicated.
      'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

      Comment


        #4
        Are you sure MTG? I'd go with Gillsman and vote for 16th.

        First rent payable 16th July for 16 July - 15 August
        Second payable on 16th August for 16 August to 15 September.

        My reasoning is that on the last month of the tenancy, you would not expect a payment on the 15th because that would be moving-out-day (but still part of the tenancy period).

        Comment


          #5
          Originally posted by Snorkerz View Post
          Are you sure MTG? I'd go with Gillsman and vote for 16th.

          First rent payable 16th July for 16 July - 15 August
          Second payable on 16th August for 16 August to 15 September.

          My reasoning is that on the last month of the tenancy, you would not expect a payment on the 15th because that would be moving-out-day (but still part of the tenancy period).
          You're right! Ignore me. So it would be 16th August for Q1.

          I have amended my post to avoid confusion for OP.
          'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

          Comment


            #6
            Originally posted by mind the gap View Post
            You're right!
            I don't have anything else to say, I just wanted that quote to appear twice on LLZ.

            Comment


              #7
              Originally posted by Snorkerz View Post
              I don't have anything else to say, I just wanted that quote to appear twice on LLZ.
              Low self-esteem is such a destructive thing, Snorkerz Shun it!
              'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

              Comment


                #8
                Regarding part 2 of your question you could always ring your bank and get your payment date changed to 16th or 17th then it can be paid when you get the rent

                Comment


                  #9
                  Originally posted by mind the gap View Post
                  I strongly recommend you keep to that - it is a lot simpler for the tenant and it saves confusion when serving notices. Why not just have it paid in by 16th, don't spend it, then pay your mortgage on 1st as usual?
                  A second reason for maintaining the status quo is that if ever the tenant is late paying, then it buys you a bit of time before you have to pay that month's mortgage.

                  Conversely a better reason to change the payment date might be if the tenant gets paid a few days after his rent is due - from the landlord's point of view, for obvious reasons it usually tends to be better if the rent date occurs just after the tenant's payday rather than just before

                  Comment


                    #10
                    True, but leaving mortgage payment date as 1st will give a fortnights grace in case tenants rent is late.

                    Comment

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