6 months up front?

Landlord Discussion
1

Hi, I’m new to OpenRent. I’ve taken a holding deposit from 3 tenants for my flat, but we agreed that one of them will pay 6 months upfront andthe other two will have guarantors.

Can OpenRent take 6 months upfront like that before I proceed?

I sent OpenRent a message but have no reply yet.

Thanks

2

Yes you can - you just adjust the advance rent amount in the contract page. I think there’s a £10k limit to how much advance rent that Openrent can accept/hold for you. In this case, you can specify to your tenant to pay the rent amount over this limit directly to you.

3

The thing is, only 1 of the 3 tenants agreed to pay 6 months upfront. The other two agreed to pay the usual 1 month in advance.

Am I right in thinking, there’s no option to do this?

Thanks.

4

I dont think there is. Tenants are normally jointly and severally liable for the full rent so i wouldn’t get involved in individual arrangements for each of them.

5

Ah ok, sorry I missed the part where only one tenant is paying the advance rent. No there is no option to do this via Openrent, but as Richard says, the tenants are jointly and severally liable for entire rent… best not to differentiate the treatment for each tenant.

6

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