Weekly rental payments

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    Weekly rental payments

    Hi

    My new tenants move in next month. They will be paying the rent weekly and have paid 4 weeks in advance as requsted in addition to a bond.

    My question is, when do they make the next rental payment? Is it on the day that they move in or when they have been there for 4 weeks or somthing else?

    Thanks in advance.

    OG

    #2
    Originally posted by over graced View Post
    Hi

    My new tenants move in next month. They will be paying the rent weekly and have paid 4 weeks in advance as requsted in addition to a bond.

    My question is, when do they make the next rental payment? Is it on the day that they move in or when they have been there for 4 weeks or somthing else?

    Thanks in advance.

    OG
    A couple of things are a bit unclear. You say they have paid 4weeks in advance as requested, but requested by whom?

    If they will be paying weekly then (from my experience) you should accept rent in advance for one week. Unless of course you wish to to hold an extra 4 weeks rent on top of the deposit, which i dont see why you need to as that is what the deposit is for. That means that the next rent day would be at the end of the first 4 weeks.

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      #3
      Isn't this all spelled out in crystal-clear fashion in the tenancy agreement?

      Comment


        #4
        If your AST specifies that the rent is to be paid weekly, I believe you need to use a rent book which your tenant holds in which you record the rent when you receive it.

        P.P.
        Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

        Comment


          #5
          Thanks all.

          I would normally expect rent to be paid monthly so was unsure how it should work weekly. I shall make it clear in the agreement that rent is due one week in advance after the first 4 weeks are completed (so, move in 5 Jan 07, next rent due 2 Feb 07 - 1 week's worth and weekly thereafter).

          Thanks again.

          OG

          Comment


            #6
            Originally posted by over graced View Post
            I would normally expect rent to be paid monthly so was unsure how it should work weekly. I shall make it clear in the agreement that rent is due one week in advance after the first 4 weeks are completed
            Why are you about to draw up an agreement for weekly rental payments if you would rather have monthly payments? Are you unnecessarily bending over backwards for this tenant? At the very least, why not agree to accept rent 4-weekly in advance?

            Who's taking control here, you or your not yet moved in prospective tenant?

            Comment


              #7
              Small question, did your previous tenant that you posted about vacate without a fuss?

              Comment


                #8
                Originally posted by Poppy View Post
                Small question, did your previous tenant that you posted about vacate without a fuss?
                Hi Poppy

                I went on holiday on 13 Nov and had a text on 14 Nov to say that they were not paying that week's rent and would be moving out at the weekend. They owed three weeks rent + didn't give me notice (4 weeks were required). Keys returned on 19 Nov.

                The house was dirty; every room needed decorating; carpets needed cleaning; dining room' lounge' bathroom and loo carpets needed replacing; they left two disgusting beds, rubbish and a broken fridge freezer that needed ditching; my fitted fridge and dishwasher were broken so have been ditched; holes were punched in two stud walls and a door. I fitted new locks. My bond was £300 and they haven't been in touch - surprise, surprise. As they paid just about on-time for two and a half years, I won't lose sleepbut will be speaking to the courts when I have a final cost for the refurb. problem is that most of the work has been dome by myself and my family so no receipts for much of the labour.

                The house is now ready for re-letting and is looking great. My new tenants seem to be good people with good parents. I have increased the bond by 50% and will have the new agreement signed after Christmas (they paid bond and 4 weeks rent to secure the house and I didn't need to advertise it). Oh, and rent increased by £5 per week.

                All in all, I'm quite confident that my new tenants will treat the house much better. Unlike last time, I will be doing inspections after a month or two.

                Lessons learned I think. If it happened again, I'd probably sell it.

                OG

                Comment


                  #9
                  I have one or two comments that might be useful (or not as the case may be!)
                  Originally posted by over graced View Post
                  Hi Poppy

                  I went on holiday on 13 Nov and had a text on 14 Nov to say that they were not paying that week's rent and would be moving out at the weekend. They owed three weeks rent + didn't give me notice (4 weeks were required) A weekly tenancy only requires the tenant to give 1 week's Notice, and you can't make it more even if it says so in your tenancy agreement, without the tenant's prior approval and designated as a special tenancy condition (that doesn't mean that just by signing the tenancy agreement they have agreed to it!).. Keys returned on 19 Nov.

                  The house was dirty; every room needed decorating; carpets needed cleaning; dining room' lounge' bathroom and loo carpets needed replacing; they left two disgusting beds, rubbish and a broken fridge freezer that needed ditching; my fitted fridge and dishwasher were broken so have been ditched; holes were punched in two stud walls and a door. I fitted new locks. My bond was £300 and they haven't been in touch - surprise, surprise. As they paid just about on-time for two and a half years, I won't lose sleepbut will be speaking to the courts when I have a final cost for the refurb. problem is that most of the work has been dome by myself and my family so no receipts for much of the labour. Nobody has mentioned if a detailed and accurate inventory was taken at the commencement of the tenancy and at determination; if not then none of the above applies!

                  The house is now ready for re-letting and is looking great. My new tenants seem to be good people with good parents. I have increased the bond by 50% and will have the new agreement signed after Christmas (they paid bond and 4 weeks rent to secure the house and I didn't need to advertise it). Oh, and rent increased by £5 per week. Don't forget that you will need to provide a rent book

                  All in all, I'm quite confident that my new tenants will treat the house much better. Unlike last time, I will be doing inspections after a month or two. Don't make it more often than quarterly other than to attend to repairs, or it could be harrassment.

                  Lessons learned I think. If it happened again, I'd probably sell it. There's no need to be put off but you need to be more organised, and as I often repeat, you should take 6 weeks rent as a dilpidations deposit.

                  OG
                  The advice I give should not be construed as a definitive answer, and is without prejudice or liability. You are advised to consult a specialist solicitor or other person of equal legal standing.

                  Comment

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