Tenant failed referncing on affordibilty but want to pay 3 to6 month advance rent. is it legal?
Is it legal to pay rent in advance? Yes!
Here’s how to do it via OpenRent.
You can accept multiple month’s rent but be specific about the deposit stating it specifically on the tenancy agreement. Also if a holding deposit is paid, also state it specifically so there is no confusion and risk of a breach in the new legislation (effective from 1st June) when the tenancy comes to an end.
Can anyone tell me what happens after the first payment of 3 months up front. When do they pay the next rent?
They would pay it in month 4. However, if they can’t afford the property, then they can’t afford the property and given that it can take up to a year to evict someone, 3 months initial rent is hardly compensation!