No Guarantor. How to request 12 months rent in advance with Rent Now contract?

OpenRent Chat
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I have 3 prospective international students with no UK guarantors. I’ve exhausted all other possibilities to find one.This isn’t something I usually do, but universities have withdrawn their guarantor schemes.

Therefore I suggested they pay all 12 months rent upfront. They agreed and have no problem with it, they even proffered that they’d done it last year.

I don’t understand how to facilitate this through Rent Now as my rental is £2700/month (I rent my 3-bed as a whole flat). I can’t use the advanced features for upfront rent as it’s capped at £12,000 (about 3 months as the deposit is included in this figure) and further that I couldn’t ask for 12 all at once even if I could because it would trigger a periodic tenancy. I can’t see how I can use a custom clause to stipulate a custom payment plan because the ‘Rent’ section of the standardised contract has wording that indicates that after any upfront rent, the payments shall be made monthly thereafter. I’m worried it will cause a contradiction. The bottom of the contract creation page with the drop-down boxes says ‘Create Contract’ (ie. there’s no preview) and I’m nervous to try something out in case this automatically emails it to all the tenants.

The tenants have already provided me Proof of Study and Right to Rent and I’m just awaiting a reference for their previous year’s accommodation. I don’t want to lose them because I can’t work out how to formulate the contract through OpenRent. However, I’m coming to the conclusion that it just isn’t the platform for this kind of contract.

The OpenRent admins have done what they can to help but I feel I’m just going round in circles with emails. It’s a tricky circumstance, but I’d have thought landlords would want/need/be allowed to request a significant amount of rent in advance under certain circumstances. I’ve read it’s fairly standard in the absence of a guarantor. So much money in advance is not something I would usually request, and never force on anyone, but I have no other means of assurance (especially in such a turbulent time).

Any ideas? And if anyone could be as specific about the contract creation page after you receive a holding deposit that would be a great help!

Best,
George

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Get them to put it straight into your bank account

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Thanks Colin. I think I agree. How do I word the contract though? Is that sound?

Just state it’s paid monthly like a standard OpenRent contract but have a private arrangement?

Or put preferred payment terms in an additional clause just so it’s in writing?

Best,
George

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I use the RNLA contract and i just write on it the plain facts . Rent paid up to…

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So you think it was easiest to withdraw from OpenRent and cancel the proposed holding deposit. Then draw up my own contract to give to the tenants?

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I always download the NRLA contract and add what we both want I have never used anyone elses. How you proceed is up to you