UK Landlord Forum / Life

Hello

If anyone could offer any thoughts would much appreciate.  Tenants have offered to pay 6 months' rent upfront with bond. As it sounds too good to be true I am wondering if  there are potential drawbacks ? Very many thanks in advance for any thoughts or advice     

There are potential drawbacks, I'm sure you can think of what... growing various medicinal herbs, using-up the winnings from their last tenancy (where they didn't pay the rent and scarpered), avoiding the need for checks?

...but, sometimes, it's not too good to be true... just competitive, in a highly competitive market this could be the thing they [try] use to differentiate themselves from the herd... in simple terms they could think it's a no-brainer for the Landlord when, in fact, it can raise questions like you are doing... suspicion. It can also depend on the type of Tenant... for example, foreign students who take a city centre apartment I have always pay the whole fixed term up front... and I would accept nothing less, because I can't credit check them, or reference them, or anything like that. This might be a similar case with other Tenants from abroad.

For a 'normal' England-based Tenant who can be credit checked and referenced... the rent upfront approach could be to avoid that? Or they know they'll fail, so want to avoid that? Maybe they have CCJs that they think will frighten you off (and that's your choice, again). It depends on you whether you still do those checks with the money in your purse. Most Landlords would, I think. But - again - I stress... they could have applied for properties previously and be constantly turned-down, so they are trying to give themselves an edge. We just don't know the position of the property, as you've not gone into that.

So, is it normal? No. Is it unheard of? No.

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You don't mention the circumstances that led to them making this offer.Unless they have just arrived for work in this country,or admit to having poor credit ratings,it is odd. In general,my attitude is that I don't want bother or complications.If they can't supply genuine  proof of salaried income,are reliant on UC, have CCJs or need a guarantor,I would rather wait for another applicant to come along.