How much do they owe?

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    How much do they owe?

    Hoping somebody can help us out as we're relatively new at the landlord game (having only had tenants in our property for 2 years).
    Our tenants have given us a months notice in writing which complies with our tenancy agreement, no problem there. The conundrum we've got is that the tenants normally pay their £475 rent by direct debit on the 1st of every month but the notice that they have given means that they leaving on the 10th of the month, so how much additional rent do they pay?
    Our contract states the amount as '£475 per month' not 'per calendar month' so do we work out out by:
    1 - dividing £475 by 28 days then multiplying that figure by 10, for the 10 days they owe (£169.64)?
    OR
    2 - dividing £475 by 30 days then multiplying that figure by 10, for the 10 days they owe (£158.33)?
    OR
    3 - multiplying £475 by 12, then dividing by 365 and then multiplying that figure by 10, for the 10 days they owe (£156.16)?

    Any help would be very much appreciated as there is a significant difference in the 3 amounts and we don't want to be out of pocket.

    Cheers

    James

    #2
    Methods 1 and 2 are wrong. All apportionments must be on a yearly basis- so use method 3 only.
    And 'month' always means 'calendar month', unless otherwise stated: s.61(a) of the Law of Property Act 1925.
    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).

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      #3
      Thanks very much for that, I'll get in touch with them later today.
      James

      Comment


        #4
        You are aware that you can insist on Ts staying until the end of the tenancy period?

        Comment


          #5
          Originally posted by Snorkerz View Post
          You are aware that you can insist on Ts staying until the end of the tenancy period?
          Not quite. T can leave at any time BUT is liable for all rent up to & inc. the end of the tenancy period.
          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


            #6
            Originally posted by jeffrey View Post
            Not quite. T can leave at any time BUT is liable for all rent up to & inc. the end of the tenancy period.
            Quite right - false imprisonment may not go down too well.

            Comment


              #7
              If they have been good tenants, I would be inclined to pro rata if they want to leave mid term.

              I would do it "Per week" or part of.
              So in your case, I would charge them £118.75 per week.
              Allow tenants to protect their own deposits. I want free money when they do it wrong

              Comment

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