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  • Deposit Protection

    2 months rent in advance in lieu of deposit?

    Instead of a deposit, I am thinking to take 2 months advance rent - thought please

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    What happens of 3rd month's rent is not forthcoming - or if there are damages on cessation of tenancy?

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    Hi SKS

    The term 'tenancy deposit' may be interpreted as an amount of money taken in advance where the tenants have a chance to recover part or all of that money after the tenancy has ended. So if its rent paid in advance as listed and recorded in the tenancy agreement then the parties have agreed that the proportion of the rent requested has satisfied the terms of the agreement. If by performance of the tenancy i.e. cleaning, damage. rent arrears the advance payment was retained even though all the required rent payments due under the agreement were paid, the extra amount may be considered to be a tenancy deposit and subject to the Tenancy Deposit Protection legislation. You may want to check the wording of any tenancy agreement to reflect the two months rent paid in advance.

    John King - Tenancy Deposit Scheme (TDS)

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