Should I insist on cash? Urgent question

kingshir

Hello All

Am a new landlord and I have a tenant who (if his credit checks are ok) wants to move into the property this Friday lunchtime. He wants to give me a cheque or do an internet transfer for the rent and deposit. I won't take a chq (I know that much at least) but is a transfer guaranteed as it won't get into my account until Sat/Mon? I asked about special clearance and the bank say it still takes approx 3 days. Anyone got any advice pls -am seeing him tonight to get contract, inventory, rent forms etc signed - or should I wait?

vandanfc

What about a Bankers Draft ? I think (but might be totally wrong) that they cannot be issued unless the money is actually in the account. It will cost them, but if they are in that much of a hurry then it shouldn't hurt too much.

Vanda

http://www.bizhelp24.com/small_business/ways-to-pay-money-2.shtml

Heth_2

I wouldn't give him the keys until you have deposit and first months rent cleared in your account, or in cash. When we started the contract where we are now we had to take both along in cash (not that practical when it is that much money but we did it).

NastyMatt

The bank transfer can take 3 days.. if he banks with the same bank as you then it may take less time. Otherwise it's a bankers draft (as vandanfc said) that is garaunteed or cash.

If I was you'd I'd be upfront with him.. it's your property at the end of the day.

frugglewump

Practically every time I've rented the agency or landlord has insisted on banker's draft or cash for the deposit + 1 month's rent.

chriz1000

What about a CHAPS transfer?

lallyaya

I would insist on cash or a bankers draft. If you let him move in and the cheque bounces by law you will have created a tenancy - therefore you would not be able to get them out without evicting them - even if you get a contract written out to the contrary its not worth the paper its written on.

Once a tenancy is deemed to have been created the tenant has certain statutory rights and only a court can evict them. Contrary to what many people think a tenancy agreement isn't needed, the tenants statutory rights can never be signed away and these agreements mainly exist to try and protect the landlords rights.

Its a worse case scenario but not worth the risk - he can just take his cheque to him bank and ask them to pay it in cash which he can give to you. If they are going to cause a fuss about this do you really want them a tenant?

Joannaclaire

We've always paid deposits by bankers drafts.

JennyW_2

definitely cash or bankers draft? You obviously haven't seen Pacific Heights?

booey_2

I'm another one who's always paid by bankers draft.