Tenants & Landlords security and rights

IveSeenTheLight

I've read a few posts about tenants rights, tenants securities and landlords rights and landlords securities.

To try and compromise between these areas, for tenants wanting security for a longer period how about this suggestion.

• A standard 1 months rent is used as a deposit.
• The tenant through agreement can build up an excess in their rent to say 3 months paid rent either by paying up front or making an increased rent for a few months (wait for the explanation before you open you mouth in shock)

This gives the tenant and landlord a bit more security in that as the tenant has paid a little more in advance, any of lifes hardship could be used by this extra ayment (lose your job etc).
It will ensure that the BTL mortgage is still paid and gives the tenant that 3 month breathing space should they need it (or more if mutually agreeable).

Additionally, when either the landlord or tenant notify that the lease is to finish, it gives both parties three months notice with the bonus to the tenant that they do not have to pay the rent for 3 months while they are organising their move.

I'm open to any opinions on this and whther from Lanlords and Tenants if they think this is a good idea or not.

I know this is not standard practice, but surely it could be written into a tenancy agreement

pcwilkins

It's not that unusual for this to happen in some form already and it's perfectly legal and possible. T can pay as much rent in advance as he wants, if LL agrees --- in some cases I've seen T's pay the full 6 months in advance and then not pay any rent for the full term of the agreement. This usually happens when T has a bad credit history --- LL can avoid risk of T not being able to pay if LL has payment for 6 months already.

I can't see any advantage for the T, though. T loses the interest that would have been earned on the rent he's paid in advance. It seems to me that if T has the spare cash to pay 3x rent in advance, he would be better off sticking it into a savings account and paying the rent out of that as and when it's due.

This gives the tenant and landlord a bit more security in that as the tenant has paid a little more in advance, any of lifes hardship could be used by this extra ayment (lose your job etc).

I don't really understand what you mean here --- do you mean that the LL could use the extra payment if LL lost his job, or what?

It will ensure that the BTL mortgage is still paid and gives the tenant that 3 month breathing space should they need it (or more if mutually agreeable).

Again, no real advantage to T. If T has the money to pay 3 months in advance he's better off keeping the money himself and earning interest on it. Then he he still has the breathing space cos he's got the cash in hand.

Additionally, when either the landlord or tenant notify that the lease is to finish, it gives both parties three months notice with the bonus to the tenant that they do not have to pay the rent for 3 months while they are organising their move.

Just because the T has paid 3 months up front doesn't mean that the LL has to give 3 months notice before ending the agreement --- 2 months is the legal requirement and I'm not sure if you can change that. Anyway, I still don't see why T is better off this way. You say they do not have to pay the rent for 3 months, but they've already paid it so in fact they're no better off --- in fact, worse off, cos they've lost the interest.

Peter