Paying 6 months rent in advance - what happens after that?

Doucam

As the title says really!!

Now this is no way definate, but hubby and I were talking last night about this, and if, and it is a HUGE if!! we could come by the money to pay 6 months up front, what happens next?

ie, if someone had lent us the money to get out of this place, would we able to pay them back each month what we would have paid in rent?

And then, what at the end of the 6 months, what have other peoples experiences been?

Have you had to find the 6 months in advance again, or do you revert to normal monthly after that? do they trust you to pay after the first 6 months?!!!

Or would a guarantor be ok instead of 6 months? or both?

Just mulling things over at present, to see what our best options are!

Thanks as always!

newdawn_2

Watching with interest......cos I would liek to know to!

WLITC

Doucam wrote: »

As the title says really!!

Now this is no way definate, but hubby and I were talking last night about this, and if, and it is a HUGE if!! we could come by the money to pay 6 months up front, what happens next?

ie, if someone had lent us the money to get out of this place, would we able to pay them back each month what we would have paid in rent?

And then, what at the end of the 6 months, what have other peoples experiences been?

Have you had to find the 6 months in advance again, or do you revert to normal monthly after that? do they trust you to pay after the first 6 months?!!!

Or would a guarantor be ok instead of 6 months? or both?

Just mulling things over at present, to see what our best options are!

Thanks as always!

If I'm reading the question right and your on about renting and having to pay 6 months up front because you are BR, then I would imagine the 6 months would work more as a deposit and you would continue to pay rent each month from the start. Then if you decide to leave, I guess (depending on the terms) you'd either not pay rent for the last 6 months, or you get the 6 months deposit back when you leave. In terms of a guarantor, again it would depend on individual agents/landlords, but it would seem logical that if you had a guarantor, then there would be a need for a 6 months deposit as they have a guarantor should you not be able to pay.

Doucam

Sorry yes, we are BR, and the place we are in is dreadful, not only is it too small, but it is very very damp, not only that but the neighbour on side of us seems intent on making our lives a misery, and it is getting to me a lot now

So I was just trying to work out if there could be a way out, and it would maybe be ok if we only needed to pay the 6 months once, because the person we would be asking would know that they would get it all paid back within 6 months, but if we had to pay 6 months again it would be a problem as it would be like a rolling loan and I don't think he would agree to that, which is fair enough!

We have been renting for over 2 years now though, and can provide ref's, so I would hope that even though we are BR, the ref's should be enough, but I guess they won't be!!

You would think that if we had a guarantor it would be enough, but I'm not sure it will be.

As I said just mulling over at present, but it's good to know the what if's in case we are lucky!!

confused76

sorry to hear you're having such problems with your neighbours, it takes a massive toll and infringes on your privacy and quiet time. we live in a small flat and the neighbours can be noisy and are ridiculous about parking spaces - i wish we could move but we can't afford to...

i hope you can get a guarantor, you can't live like that. otherwise have you tried looking on gumtree.co.uk there are some private landlords on there which won't do the credit checks an agency would do

good luck

IF

Hello Doucan, I'm sorry about your dilema! Can't help with your question....just wanted to send you a cyber hug xx

goRt

I'm a private LL and I do exactly the same checks agencies do - costs £25
I'd want a home owner as guarantor or a serious deposit (as it takes several month to remove an overstaying T)

WLITC

yeah, I agree with Confused76, try something like the gumtree or other sites and newspapers. Lots of landlord don't even use agents because their fees are quite high. I would imagine you'll find plenty of reliable private landlords who will rent to you and probably won't even credit check you. Personally I find agents a rip off too. A few years ago myself and a friend rented from an agent and if I remember right, we had to pay £50 each to get credit checked/approved, etc, along with some other bull crap fees!

dojoman

It would depend upon the terms of your contract, it may be that the 6 months is seen as a deposit, or it could be that you would not have to pay any rent for the initial 6 months. Hope you can sort something out soon

Angiepange

Hi Doucam

I am interested in finding out the answers to your thread too. If our Mortgage Rescue is not successful we will be having to look for rented and as both BR I have been trying to look into what the usual procedure is regarding rent up front, deposits and guarantors etc.

I was always under the impression that if you knew you weren't going to pass a credit check as long as you had either a guarantor or 6 months rent up front you would more likely be accepted. Now we cant get a guarantor unfortunately so I thought we would most likely be asked to put down 1 months rent as a deposit and give 6 months rent in advance. That way I was hoping if I borrowed the 6 months off of family then at least they would know each month they would be getting a payment back from our income as we wouldnt be paying the rent till after 6 months passed.

To think we might need 6 months rent as a deposit and then continue to pay rent on the first 6 months when we move in is really worrying. In our case we could be looking at needing £5k up front and there is no one who could lend us that and not have it paid back. !!!

nervousmother

As alot of you know I work in lettings, When someone pays 6 months rent upfront with us it is not seen as a deposit. It sits within the 'tenants account' until each month when the rent becomes payable, it is then paid to the landlord on a monthly basis. That way if anything happens and the house is unliveable the remainder can be given back to the tenant.
At the end of the 6 month period we then let the tenants pay on a monthly basis.