Landlord asking for 3 Months rent in advance plus 1 month Deposit.

saayinla

LL is asking for 3 month's rent in advance just because 2 out of 3 month's statement showed debit.

Coming from a previous rental of over 4 yrs never missed a payment.

IS she taking a !!!!?

Overdraft are meant to be used and are there for a reason.

(I have Interest free over draft up to £1k and never exceeded it.)

PS: EA as just informed me that the Landlord as informed her that I have to operate a dehumidifier every-time I cook as not to allow condensation to form in the Kitchen, sure this is not Good? when asked about the cost of running the equipment, EA said it has to go on my bill.

She said opening the windows alone when cooking does not cut it for her and will be checking in every couple of months to see.

BitterAndTwisted

That may not be the reason they are asking for so much rent in advance. Have you tried to discuss this with the LL?

In most parts of the country the rental-market is strong so LLs have the upper hand. It might just be a case of taking it or leaving it.

princeofpounds

Disagree. You have no financial cushion and so in adverse circumstances would present a high risk of defaulting on payment. Whilst I feel that direct access to bank information is intrusive and would never give it for a tenancy (credit check is ok), I wouldn't blame her given that she now knows the situation. She could have just said flat no.

Edit to add: Mind you, I'd also be wary about handing over too much rent in advance; can be an indicator a LL is cash-strapped themselves. However, it's more worrying when you go over 6 months, even if they go bankrupt tomorrow it's unlikely an eviction would happen quickly.

G_M

It's unusual though LLs sometimes ask for this where a prospective tenant's credit history is no ideal.

Has the LL don a credit investigation? Do you have a poor credit history?

BitterAndTwisted

If they're in overdraft two months out of three it's obvious that they don't have adequate savings set aside. Therefore something unexpected which reduces their income, even for a relatively short period of time, could have catastrophic effects. If I were a landlord I would have the same concern.

ViolaLass

saayinla wrote: »

Overdraft are meant to be used.

I can understand your concern at the LL but this statement is nonsense.

redped

saayinla wrote: »

Overdraft are meant to be used and are there for a reason.

Interesting point of view. I would say that an overdraft is a backup plan if all else fails, rather than a first resort.

Anyway, I'm with princeofpounds on this one - now you've shown her the info, she has weighed up the chances of you not paying and feels that she'd be happier if you paid 3 months in advance.

auroan

saayinla wrote: »

Overdraft are meant to be used and are there for a reason.

Really !?!?!?! I'm not a landlord, but if a prospective tenent of mine had that attitude, I'd be of the same inclination.

I've never had to use my overdraft. Like others have mentioned it's a last last last last resort safety net.

saayinla

princeofpounds wrote: »

Disagree. You have no financial cushion and so in adverse circumstances would present a high risk of defaulting on payment. Whilst I feel that direct access to bank information is intrusive and would never give it for a tenancy (credit check is ok), I wouldn't blame her given that she now knows the situation. She could have just said flat no.

Edit to add: Mind you, I'd also be wary about handing over too much rent in advance; can be an indicator a LL is cash-strapped themselves. However, it's more worrying when you go over 6 months, even if they go bankrupt tomorrow it's unlikely an eviction would happen quickly.

Thank you for this, I initially had about £3K overdraft but never gone more than £1K overdrawn and even bank has increased my Overdraft to £5K but still I havent used it since the increase.

G_M wrote: »

It's unusual though LLs sometimes ask for this where a prospective tenant's credit history is no ideal.

Has the LL don a credit investigation? Do you have a poor credit history?

Landlord did not do a credit check and my credit history is very good I believe, no loans, 1 credit card with less than £100 balance.
So I do not have a bad credit record.

BitterAndTwisted wrote: »

If they're in overdraft two months out of three it's obvious that they don't have adequate savings set aside. Therefore something unexpected which reduces their income, even for a relatively short period of time, could have catastrophic effects. If I were a landlord I would have the same concern.

No it does not, I do have a savings account and intentionally overdraw my account because I know I have the cash in my savings account which I can just move across if required.

Landlord as asked for a savings account evidence which Iwas prepared to give but the EA is insisting even if i do show a savings account she will still insist on collecting the 3 months rent plus 1 month Deposit.

saayinla

PS: EA as just informed me that the Landlord as informed her that I have to operate a dehumidifier every-time I cook as not to allow condensation to form in the Kitchen, sure this is not Good? when asked about the cost of running the equipment, EA said it has to go on my bill.
She said opening the windows alone when cooking does not cut it for her and will be checking in every couple of months to see.

Brodiebobs

im quote shocked by some of the replies on here, although i dont rent myself at the moment, its something we have looked into doing, i dont believe using an overdraft is a sign you financially insecure. We use our overdraft every month, its interest free so theres no point moving money from savings if its not costing anything, would this mean a prospective landlord would think we couldnt handle our finances?