I am new to using open rent so would be grateful for some advice? I have a tenant going through referencing who has a lump sum due to house sale but can’t buy as started new business so not enough books yet. Offered to pay 10 months up front but what happens when contract comes for renewal can we have a clause that states 10 months must be paid up front again?
Thanks for any advice!
10 months upfront and then pay monthly would be more normal
The guarantor failed but it appears a pension was ignored is that standard practice? Does that mean I can’t use the guarantor? Sorry bit lost a sea!
I’ve had a retired guarantor fail referencing too. The person owned at least two houses outright and two well established businesses. I’m guessing it was not demonstrating regular/secure income that covered their costs and the tenancy that may have been the issue but will never know. In the end, just went for 3 months rent in advance on a rolling basis ie: I always had 3 months rent in the bank which paid for the last three months on the tenancy.
Useful insight into using a guarantor here: Tenancy Agreement 33 days of tips – Tenant Guarantees
Thanks for your time everyone, much appreciated.