Please can anyone advise about a proposed 6 month rental with all 6 months rent paid upfront. The tenants failed referencing on adverse credit but can’t provide a guarantor. They say they only want to stay 6 months anyway. What is the best way of guaranteeing the rent is paid if the contract automatically rolls on month by month after the 6 month let and they decide to stay on? Thank you.
consider using a guarantor company. The tenant pays them in advance.
Tenants lie , so I would say no and go to next applicant
I would class this as a scam
What do you do if they don’t leave at the end of the AST
You won’t have a guarantor and you’ll have tenants not paying !!!
If you do decide to go with them make sure your contract is written as monthly rent not a six month lump sum or you will not be able to serve a section 21
My advice is still
Where are they going in 6 months time? They will not find another property so personally with known credit issues and no g’tor I would politely decline.
Thank you all for your advice. It’s helpful to get the wisdom of the collective. I am moving forward and won’t stray into that territory again
Very clever! You would’ve potentially lost thousands. Completely pointless in today’s rental market.
I’ve had rent paid upfront several times (no advantage there really), however I wouldn’t without a guarantor, and of course you won’t be able to get rent guarantee as they have failed referencing. I don’t think once the tenancy has started if through open rent you can 3 months ask for another 3 months and then return when they leave after the 6 months. Personally there is a demand for rentals why would you put yourself at risk.
Thank you. In the end the tenants used
RentGuarantor.com, which they are paying for. Has anyone had experience with that company? Perhaps it’s connected to OpenRent?
Our landlord accepted them. We’ll never have to use them, we bought it as reassurance for the landlord. Great option as we have nobody we can ask.