Landlords - What day do you receive your rent?

BernadetteN

This is a question to all landlords....

We have recently rented out our house, not the first time ever but the first time in 10 years so we're really not acquainted with renting. The first month we received a cheque into our bank account on the first of the month which cleared on the 6th. We are paying a letting agent a full managment fee for looking after the house and the rent is due in the contract on the first of the month. Now this month we have received NOTHING and the letting agent keeps fobbing us off and says they are waiting for the standing order to arrive from the tenant then we have to wait for them to give us a cheque which will take a further 5ish days to clear. Even if we get money today, we will not actually receive any cleared money until 20th September now and we paid the mortgage on 1st now we are on overdraft waiting for the money owed to us.

So for anyone in a similar situation, how long do you wait for your rent?

Thanks for any advice.

sooz

What does it say on your AST with the tenant?
And what is your agreement with the LA?

I don't use an LA, and in my ASTs it says rent is due on the first day of the rental period. I explain to tenants that when they set up their standing orders, they must tell the bank that the money has to reach me by that date, not leave their bank on that date. The only exceptions are when that date falls on a weekend or bank holiday, which the tenant has no control over.

Even if your agreeement with the LA includes rent collection, I'd question why they have to write & send you a cheque. They could do a bank transfer.

Finally, if you are going overdrawn every month due to rent being 20 days late, I'd have to question your business finances. How will you be able to afford an urgent repair, say if the boiler breaks? Or (since your LA sounds fairly useless) how will you afford to pay the mortgage for 6 months if you have to evict the tenant if/when the tenant stops paying at all?