Rolling rent payment in advance
General Discussion

newbie20
newbie20
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3 Posts
1 month ago
0

Is it possible to request the following from a new tenant: 6 months upfront payment, to be rolling so that we always have 6 months of payments 'in the bank':

Month 1 : 6 months rent (plus 5 weeks deposit secured in a govt backed scheme)

Month 2: 1 months rent (plus we still have the 6 months paid upfront)

Month 3: 1 months rent (plus we still have the 6 months paid upfront)

Month 4: and so on

Our prospective tenant is known to us and has plenty in the way of assets but does not have the required income per month (semi-retired gent).  We would not be able to get rental income protection due to his not meeting the criteria so we are looking at another way to safeguard our income in the unlikely event he didn't pay. 

Presumably this is allowed?  He is happy to do this, but I'm just checking the legalities.  The 6 months rent would be ringfenced by us and returned at the end of the tenancy (likely to be a long term let) or could be used for the last 6 months if notice was given.

 

 

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