I have seen some landlords asking for first month and the last months rent in advance instead of a deposit. What is the benefit of this for the landlord? And is this legal?
Don’t do it, no point. Advance rent of more than one month will be illegal in a few months anyway.
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It has been legal up to now, but its risky if you make a mistake and there’s little point anyway as it can only be used for rent, (not damage etc). It should also be clear from the contract which month it would cover. If there is any doubt about this or the landlord keeps pushing it back when the tenancy becomes rolling periodic, then it could be challenged as an unprotected deposit and risk a 3x its value penalty and a fine. However, as others have said, it will shortly be illegal under the RRA.
Thank you for your responses. Yes, I did wonder why someone would be asking for first and last month’s rent only, and no deposit!!