Paying rent as one lump sum

Tixy

Some landlords would certainly consider this option, some are also likely to decline it.

If you want to rent a place and are unlikely to be able to demonstrate affordability then why not talk to some local letting agents and mention that its something you would consider to help you secure a rental property.

Would you expect to be in a position to pay a further 6months upfront in 6m time?

Mistral001

RoxRoxBling wrote: »

What do you mean by offer this money as deposit? You pay a deposit regardless.

I mean on top of the deposit that the landlord requires.

If the tenant for what ever reason has to be evicted in the first month and the place ends up being badly damaged by the tenant, the landlord has a large deposit that he/she can take the money for the damages out of, but I assume if he/she accepted 6 months rent up front he/she would still have to pay back 5 months rent to the tenant no matter what.

RoxRoxBling

Tixy wrote: »

Some landlords would certainly consider this option, some are also likely to decline it.

If you want to rent a place and are unlikely to be able to demonstrate affordability then why not talk to some local letting agents and mention that its something you would consider to help you secure a rental property.

Would you expect to be in a position to pay a further 6months upfront in 6m time?

That's what I was thinking 6 mnths down the line, in theory, if in the first six months I can save a portion of my wages equal to rent then that would cover the next 6m period. But would depend on the LL.

Angry_Bear

Mistral001 wrote: »

I mean on top of the deposit that the landlord requires.

Except that "Tenants may be able to sublet parts of the property if they pay a deposit worth more than two months' rent as this counts as a 'premium' which gives them additional rights." according to the .gov.uk website: http://www.direct.gov.uk/en/HomeAndCommunity/Privaterenting/Tenancies/DG_189119

I'd be pretty wary about that one!

tbs624

RoxRoxBling wrote: »

Well that's the thing, if one is willing to pay all of the rent upfront, then why do you need to prove your credit worthiness?!

..because there is the possibility that you may not move out at the end of the Fixed Term, and fail to pay any rent due after this?

RoxRoxBling wrote: »

Perhaps not "a lot of the time" but only in the one example you have given.

The scenario described by runninglea is not uncommon. The Police and LL associations warn LLs about it.

G_M

1) deposit of more than 2 months rent grants additional rights on the tenant. No intelligent landlord would accept a deposit this size

2) Cannabis/prostitutes DO typically attempt to pay rent upfront to assist in keeping the LL at arms distance thereafter. Many LLs know this so just say no. Others consider the upfront rent a bonus and say yes

3) A tenant on a 6 month AST who stays at the end of the 6 months, creates a periodic tenancy. If they have no income (other than the upfront rent which has now run out) then the rent dries upand the LL is stuck with the hastle of dealing with arrears

RoxRoxBling

G_M wrote: »

1) deposit of more than 2 months rent grants additional rights on the tenant. No intelligent landlord would accept a deposit this size

2) Cannabis/prostitutes DO typically attempt to pay rent upfront to assist in keeping the LL at arms distance thereafter. Many LLs know this so just say no. Others consider the upfront rent a bonus and say yes

3) A tenant on a 6 month AST who stays at the end of the 6 months, creates a periodic tenancy. If they have no income (other than the upfront rent which has now run out) then the rent dries upand the LL is stuck with the hastle of dealing with arrears

1) I did not mean a deposit, but rent, 2) I am neither of the above 3) Thanx for your input..

I apprectiate your view on this. Sorry for asking a silly question, but how would paying the rent upfront keep the LL at arms distance as opposed to paying rent monthly?

G_M

RoxRoxBling wrote: »

1) I did not mean a deposit, but rent, 2) I am neither of the above 3) Thanx for your input..

I apprectiate your view on this. Sorry for asking a silly question, but how would paying the rent upfront keep the LL at arms distance as opposed to paying rent monthly?

1) I was responding to Mistral's stupid suggestion in post 2 above
2) I'm sure you are not - but the landlord cannot be sure!
3) you're welcome!

Having got their mits on a wodge of cash, some LLs might be less inclined to keep their eye on the ball.

Not all, of course. Not me!

lowlitmemory

Wow... I have paid 6 mths upfront on almost all the flats I have lived in with no problems... never thought it could be an issue!

(I am not a cannabis-grower or a prostitute either )

This was when I was a student and therefore not in steady employment but did have access to large funds of savings which then got replenished over the 6mths. Plus it saved us a couple of hundred quid on fees.

Having read this thread though I can see why some landlords might not go for this. Perhaps they do judge on appearance and knew I would never make a living as a prossie

N79

I allow it when Ts have passed my normal checks (amazing some people like to do this - they must be mad as I get the interest and benefit of the money rather than them).

I also allow it sometimes with Ts arriving from overseas (who always fail the referencing) provided I have an employers reference (a bunch of local foreign companies pass my details to their incoming long serving foreign staff as they know I will bend referencing provided the company provide a reference - so far so good!).

If rent is paid up front then I always serve S21 at 4 months and then re-reference the Ts before a new tenancy is signed to manage the ongoing payment risk issue highlighted above. I always take a normal 1.5 months deposit as well.

So take care - it is a signal of potential risk coming from Ts so needs to be managed.

Personally, I don't have an issue with renting to prostitutes but cannabis farmers are a disaster as they always do significant structural damage to the property.:D