SMF - Just Installed!

Paying rent in advance / lump sum

Started by Carla, May 23, 2019, 05:32:53 PM

Previous topic - Next topic

Carla

Hi, I have a new tenant who  only wants to sign a 6 month AST contract.  (Normally I would only consider a 12 month contract with a new tenant but I've agreed to do this). The tenant wants to pay me the full 6 months rent in advance.  Obviously I have no problem in agreeing to this since it guarantees me the rent for that period but I'm just worried as to whether I can do this without encountering some legal problem.  Just to clarify, I did not ask for this, it was the tenant's request.  Any advice would be appreciated as I'm worried about getting some sort of 'come back' further down the line.

Hippogriff

Quote from: Carla on May 23, 2019, 05:32:53 PMI have a new tenant who  only wants to sign a 6 month AST contract.  (Normally I would only consider a 12 month contract with a new tenant but I've agreed to do this).

You appear to be operating as a Landlord, effectively, backwards. How strange is that?

No legal problem... plenty of lets to students do this kind of thing.

Simon Pambin

You need to make it very clear that it's rent and not a deposit in any sense. The other consideration is how much notice you'd have to give to end the tenancy if the rent is paid six-monthly. I think it's OK to say it's a monthly rent, that just happens to be paid all in one, but it might be worth checking with someone who knows.



Out of interest how many months does it take to grow and harvest a cannabis crop?

Hippogriff

From 8 weeks to 7 months... quite a range... but most of it is within 6 months (maybe they'll extend for 1 month?).

heavykarma

How have you come by that knowledge?

Simon Pambin

Did you never stop to wonder why he's always so laid back and easygoing?  :)

heavykarma

I assumed it was the anti-psychotic medication they have him on.

Mortimer

He probably doesn't want to be credit checked.  Run the credit check, confirm his identity, and inspect the flat to make sure it's being used as a dwelling (rather than a place to grow illegal herbs and/or shoot blue movies, for example).