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LondonGuy
What are the risks of paying a lot of rent in advance?
I work in temporary employment, so a prospective landlord for a London rental property has asked if I can pay 6 months rent in advance. This means that I won't need to pay rent again for another 6 months.

What is the risks of this?

For example, what if the landlord sells the property next month.
                     
 




rapunzel
Rating
your landlord would not be able to do that as your tenancy would be a contract that is legally binding and you will have rights as a tenant to stay there


Bilbo
Rating
You have a tenancy whether he sells or not - the only loss is the interest you might have earned at the bank.


David B
Rating
YEAH i WOULDN'T PAY THAT MATE

sounds ridiculous

one, maybe one and a half months in advance should suffice


Love to Help
Rating
DONT DO IT!
tell him you'll give one months rent in advance, but anything more than that is a scam. If you've signed a contract for a place stating the lease length, that should be good enough for the landlord, as it is a legally binding document.

there are so many risks!
like you said he could sell the house
he could just disappear with your money

i could go on for days with negatives, seriously forget it!


kesmund
Rating
Find some were else


Mikey
Go for a proper 6 months Tenancy agreement.
You might need to put up around 45 days of rent as deposit but that is refundable at the end of the tenancy.
Under that you would need to give 1 month's notice before vacating and he would need to serve you a 2months notice.


Equalizer
don't do it!! how many more people has he asked for 6 months in advance and you could all end up with the same place and same keys!! multiple rent scam and he's gone


L
Not sure i would do it.

If you are able to pay 6 months rent now, why not stick it in a separate bank account where it is safe and you can still pay the land lord monthly?


The One
Rating
If you sign a contract with the estate agents he cant sell, but check before you do it


Happy Penguin
If the landlord changes his end of the bargain (like sells the property) then he is obliged to pay it back, assuming you have written proof of your transaction.

Aside from this though, you might not want to be tied to living there for so long, anything can happen (for example a horrid neighbour might move in, or you might for unforeseen reasons want to move elsewhere).


Sparklepop
Rating
If you get a contract written up and KEEP a copy, he CAN'T sell the property next month. He is legally contracted to keep you as his tenant for the whole 6 months. If he wants to sell, he must give you 2 months notice - but this cannot be before 4 months have passed. You are legally allowed to stay there for 6 months in total, even if he wants to sell at the end of that time. He will not be able to throw you out.

He's just trying to safeguard his income. As you work in temp. employment, your wages could vary each month. He is worried that you might not be able to pay the rent some months.

If you CAN afford to pay the rent up front, then go for it. It will make no difference anyway - you will also be legally obliged to pay rent for 6 months. You wouldn't be able to move out after 3, 4 or 5 months.

If you can't afford it, there's nothing you can do but try elsewhere and hope that they don't mind you being in temp. employment!

Good luck! xx Emmie


ebosgramma
Rating
If you are happy with the apartment then I see no reason not to pay 6 months in advance. The landlord is concerned that you won't be able to pay because you work in temporary employment. He just wants to be sure he will get his rent.
The biggest risk I see is if the place turns out to be a dive you are stuck for the full 6 months but that is not really all that long.
I say go for it if you are pretty sure you will be happy staying there for the full 6 months and you have the money available to pay it.
Just be sure you do all the right things first. Read and fully understand the lease, ask for changes to any part you are unhappy with. Take photos of the apartment. Try the heat, electric outlets, water pressure and temp. Drive by on a weekend night to see if the neighborhood is quiet, if the neighbors are partying, if there is drug or police activity but I suggest doing these things before you rent any apartment, anyhow.


Ammo
Rating
Uhhh I wouldn't take that chance - you usually only pay a month in advance there is no way I would hand over 6 months - he could do a runner, sell up or be scamming a few people to do the same thing and none of you end up with the property


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