UK Landlord Forum / Life

Hi,

I am in the process of agreeing a new 18 month term with new tenants. They want to pay 6 months rent in advance plus an additional lump sum up front so that the monthly payments are reduced. The total sum of rent I would receive over 18 months is unaffected. Is there any down side to this? Are my rights to evict in case of problems affected? I realise I would have to reimburse the tenants for the remaining term of the tenancy but is there anything else to be concerned about.

Thanks in advance.

Andy

What odds do you want to offer on the place getting raided at some point for being a cannabis farm?

What reason have they given for wanting to make this arrangement? Assume they have passed all the usual checks? I have a few times taken 6/12 months upfront,Chinese students paid by their govt.someone recently divorced paying out of their settlement.It would not affect your usual rights to evict.If something does not feel right about this you should  heed that gut feeling.

Rent in advance for overseas students = fine.

Rent in advance to lower the future monthly payments? = how very strange, if they have it now can they not just keep it in their own bank account, earning a modicum of interest, and dip into it when needed? If they're that worried, it has all sorts of alarm bells ringing in my head... are they truly that bad at managing finances?

When letting property, I like to steer a steady course, straight down the line, normal... expected, no surprise, no odd clauses (except maybe a guarantee to not increase the rent for 2 years to encourage longer term tenancies)... this sounds odd, therefore my Spidey Sense is tingling...

Quote from: heavykarma on February 22, 2019, 08:14:46 AMChinese students paid by their govt.

More often than not it's very, very rich mummy and daddy these days.

One of these [my] students had a Lamborghini... I'm not even joking. He didn't like it, got rid of it, said the steering was "too light"... some people are never happy.

There's me, the all-powerful Landlord, in my crappy 4 year old workhorse Jeep... thinking "why didn't I get lucky and be born in China"... then I come to my senses - after all, learning to speak Chinese - they all call it Mandarin  - is really very hard and I'm not sure that I could've managed it growing up.

I was told by the agents that this Chinese couple would be "monitored" by their govt.No student pranks or drunken orgies for these poor buggers.I was asked when they left if they had been ok.To avoid them being executed I did not mention the dirty oven or the complaints about spitting from the neighbour.Apparently using a hankie is considered unhygienic in their country.Over 60% of the students at Warwick Uni.up the road are from overseas,and the standard of accommodation they expect is very high.Lots of posh cars and designer clothes spotted on campus. I still look back happily to the old  days, pints of scrumpy cider and curry,and a gas meter in my freezing loft.

I know of at least one case where a prospective tenant offered 6 months cash upfront in the hope that it would increase his vetting score because he had no reliable income and could not get a guarantor.

That is not a tenant I would personally risk, but imagine that some would.