Secure way of paying 10 months' rent upfront

friendsrgreat

With the rental market being what it is and a dearth of available properties, I have offered to pay the landlord 10 months' rent upfront. Can anyone advise me on the most secure way for me to do this? What do I need to have in place? What have others done in the past - any do's or don't's? Many thanks for your help.

propertyrental

Bank transfer. 1st transfer £1, check it arrives safely, then transfer the balance.

But paying 10 months upfront may not persuade the LL to let to you. Some LLs would actualy avoid this. It's what cannabis farmers and people smugglers do to try to keepthe LL at arms length.

MikeJXE

When I started renting 4 years ago with no rental history and not enough income but a large savings account I paid 6 months up front to the agent. Bank transfer was the only way, a £1 first to be sure then the balance. That is the risk you take 

sourpuss2021

Although offering to pay upfront seems increasingly common, there are some landlords who would rather be paid month by month but over the asking price.

No doubt some landlords want it all upfront AND over the asking price, but hopefully you won’t encounter that!

AskAsk

propertyrental said:

Bank transfer. 1st transfer £1, check it arrives safely, then transfer the balance.

But paying 10 months upfront may not persuade the LL to let to you. Some LLs would actualy avoid this. It's what cannabis farmers and people smugglers do to try to keepthe LL at arms length.

as a landlord, i would always welcome rent up front as it offers security but it wouldn't be a factor on whether i would take someone on as a tenant.  i would still want to go through the vetting process as normal.

theartfullodger

propertyrental said:

Bank transfer. 1st transfer £1, check it arrives safely, then transfer the balance.

But paying 10 months upfront may not persuade the LL to let to you. Some LLs would actualy avoid this. It's what cannabis farmers and people smugglers do to try to keepthe LL at arms length.

Plus brothel operators..

But if you really really want to do it, do it as above, but with an exchange of terms agreed between you & landlord/agent BEFORE paying.

Will you be happy if you decide to leave before the 10 months are up & there's no refund??

SDLT_Geek

friendsrgreat said:

With the rental market being what it is and a dearth of available properties, I have offered to pay the landlord 10 months' rent upfront. Can anyone advise me on the most secure way for me to do this? What do I need to have in place? What have others done in the past - any do's or don't's? Many thanks for your help.

First check that there really is a property and it really is up for rent from the person you are dealing with!  There are plenty of scams out there, especially if it seems "too good to be true".

macman

If I were a landlord, I wouldn't want 10 months rental income arriving about a month before the end of the tax year, when most of it would otherwise fall into 23/24, rather than 22/23.
And why 10m, assuming a 12m AST?

friendsrgreat

SDLT_Geek said:

friendsrgreat said:

With the rental market being what it is and a dearth of available properties, I have offered to pay the landlord 10 months' rent upfront. Can anyone advise me on the most secure way for me to do this? What do I need to have in place? What have others done in the past - any do's or don't's? Many thanks for your help.

First check that there really is a property and it really is up for rent from the person you are dealing with!  There are plenty of scams out there, especially if it seems "too good to be true".

Thanks for the warning. I went round the property with her, so there is one.

user1977

friendsrgreat said:

SDLT_Geek said:

friendsrgreat said:

With the rental market being what it is and a dearth of available properties, I have offered to pay the landlord 10 months' rent upfront. Can anyone advise me on the most secure way for me to do this? What do I need to have in place? What have others done in the past - any do's or don't's? Many thanks for your help.

First check that there really is a property and it really is up for rent from the person you are dealing with!  There are plenty of scams out there, especially if it seems "too good to be true".

Thanks for the warning. I went round the property with her, so there is one.

And have you checked you're dealing with the landlord, rather than just somebody who happens to have keys?

LegallyLandlord

For me as a landlord, affordability is key. If the income isn’t 2.5x the rent, it’s a no. I don’t accept anyone with CCJs or low credit scores. I wouldn’t change my mind even with an upfront payment as that doesn’t help me month 11. 

I know this sounds harsh, but I have invested a lot in my properties and want to do all I can to make sure tenants can afford the rent. I’m not a social housing provider