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  • Buy-to-Let

    Which Tenants would you choose?

    Again assuming the tenant is fully-employed references have checked out, and we have agreed it's not a drug dealer! Then if someone wants to .....pay in advance, I would....... never ask...... why as I couldn't care less, when they are doing something that benefits me! If they are doing something that disadvantages me, then I would ask why! Big Grin
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    I kind of agree with you both.

    Of course I'd want the 6 months payment up front but I'd also be suspicious as to why they'd want to do that.
    A drug dealer can come in many guises but there's a lot of other illegal activity that they could be into.

    As someone recently said, it's about trying to find out what the tenant doesn't tell you!!
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    A year in advance is a lot of money upfront, it would definitely be worth doing an in-depth background check, I also agree with others in this thread that number 3 will be craving stability and therefore may be good for a stable tenant.
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    This is an interesting question and after reading everyone else's comments I still stand by my original thoughts on page 1, I would of chosen number 3.

    What did you do in the end?
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    Any upfront payment of a large cash sum MIGHT be an attempt at money laundering (by giving you cash up front, and then shortly afterwards cancelling the contract and expecting a refund). There is a lot of info online about what you can do, but some tips may be:
    - say it's non refundable
    - don't accept cash
    - if you do refund any part, you will only transfer it back to the same account it came from
    - make sure you have proper background and ID checks (bills, passport/drivers licence, etc).
    - speak to your solicitor for advice.
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    The above is a general comment and is not intended as legal or professional advice; you should not take any action in reliance thereon without obtaining advice specifically tailored to your circumstances from your own solicitor or other professional advisor(s).
    Hi Guys, quick update.

    I went with the money upfront. He has a dog which I knew about so that would be the reason for the upfront payment. I imagine the EA told him to offer 1yr upfront to look more attractive.

    My friend who has been looking to rent in London with a dog had similar problems with EA wanting rent upfront.

    Anyway so far so good. Really nice guy. No problems so far, hopefully he'll stay a while!
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    Are you aware of how what you propose to do would affect the the S21 process!!?
    Once reason why I ONLY accept 1 month rent in advance and two months rent as deposit.
    Plus an RGI policy!!!
    Doing what you do will be nightmare if you have to evict.
    Consult someone like Landlord Action before you go down this route!!
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    Fortunately the situation Paul sets out is no longer a concern since the Court of Appeal decision in Spencer v Taylor. Taking rent in advance will not have a negative effect on an s21 notice in a periodic tenancy provided there has been a previous fixed term tenancy
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    David Smith
    Landlord & Tenant Solicitor
    Anthony Gold Solicitors

    Find me on LinkedIn: uk.linkedin.com/in/dsnsmith

    All opinions are my own and do not reflect those of my firm. No comment made should be taken as legal advice and you should consult a solicitor or other legal professional for advice on your specific situation.
    Superstrike is to do with deposits
    Believe me if you take more than 1 months rent in advance with the AST being 1 months rent paid in advance a s 21 would not work with just 2 MONTHS notice
    Just ask landlord action they will know the situation
    I don't think I am wrong but am willing to be corrected by anyone who deals In S 21 processing
    Once an AST proceeds onto a SPT I'm not sure how such advance rent is considered for S21
    Not many tenants would hand over 6 months advance rent without a new AST!!!
    I profess I'm not too sure about these issues which is why I would check before I committed myself to such a situation
    This game constantly changes and it is not wise to believe that things remain the sane
    Always worth just checking you ate correct before you dive in!!!
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