Collecting Deposits

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    Collecting Deposits

    Hey there,
    I am a new landlord renting out a property in central london. I had a lot of good candidates but some were unable to pay their deposit. Is there any way to let them pay in instalments?

    I think you need to go to the basics......


    a) Hand over the keys to anyone who has not paid a deposit in full (if you take deposits) and the first month of rent and these amounts have cleared in your bank account
    b) collect deposits in instalments
    c) Hand over the keys to someone who does not have cash in the bank, and a lot of it. That is a fundamental part of your vetting process.

    In the old days you could do this, because you could escape from a tenancy where the tenant failed to adhere to their side of the contract. This is no longer the case in any easily doable form.

    So no, they are not "good candidates" under the current regime -- they are not candidates in any shape or form


      What Andrew says:

      Don't do it!
      I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...


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