month in advance or deposit?

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    month in advance or deposit?

    I took 1 months rent in advance for a 6 month ast that has now lapsed into periodic. The 1 month in advance to cover 1 month rental at the end of the tenancy:

    a) I didn't use a deposit scheme, is that ok or have I fallen foul of the law?

    b) Whats the score with the 1 month taken in advance now that the tenancy has lapsed into periodic?

    Anyone?
    Last edited by mrmrmr; 14-08-2010, 13:30 PM. Reason: typo

    #2
    Most rental agreements specify that rent is due a month in advance (when rent is due monthly). Please clarify what you mean: did you take a month in advance PLUS another month at the start of the tenancy (i.e. 2 x months paid at the start of the tenancy)?

    If so, is it explicity stated in the contract that the additional month in advance is to be used for a specific purpose?

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      #3
      Just the one month up front taken so i think i am ok

      Comment


        #4
        Originally posted by mrmrmr View Post
        Just the one month up front taken so i think i am ok
        Can you clarify a little further? How many months rent did the tenant pay on move-in?

        Comment


          #5
          Rent £675 month, £675 paid up front on moving in (1 months rent in advance).

          Comment


            #6
            Originally posted by mrmrmr View Post
            Rent £675 month, £675 paid up front on moving in (1 months rent in advance).
            So, the tenant paid one month's rent in advance on moving in. Then he did not pay a deposit.

            Why did you say "The 1 month in advance to cover 1 month rental at the end of the tenancy"?

            The month's rent you took when the tenant moved in is to cover the first month's rent.

            For example, T moves in on 1st January and pays £675 on 1st January; that covers rent for the period 1st January - 31st January. On 1st February T pays £675; that covers rent for the period 1st February - 28th February. And so on.

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