How do you stand legally if Tennant wants to pay in cash,
For a first time meeting rent and deposit I only take cash , real money and give a receipt ,. Cash is not illegal
I believe a clause which states no cash is not considered unreasonable.
Personally I hate dealing with cash, more visits to bank which are disappearing by the day. I like the fact all transactions are easy to trace, I insist on standing order.
Cash can have its benefits if you don’t mind collecting - gives chance to check out the property!
I collect cash from some renters . therefore i do not need to go to the bank for spending money and can keep an eye on the places as well !!
I wonder if having cash reduces the amount people actually spend. Its probably easier to waste more on plastic!
You may be right I have no credit cards. Only use my debit card to put money into the bank, maybe 4 times a year.
I have a credit card which I only use for its standard insurance on goods bought, and the ability to claim back if the trader is dodgy.
Thanks, my bank let’s you pay cash in the post office, also another question, has open rent got a facility where Tennant can pay depoist over 3 months, it’s hard times
I think there is a limit per year at the post office 10 k a year. If a tenant wants to pay a deposit over 3 months I would question their ability to pay the rent
Yes thankyou that’s certainly worth looking at
Just give them your bank account number and sort code and ask them to pay in the cash at a bank.
I’d be extremely wary of that and would never give a tenancy to anyone who wanted to pay cash. It almost always means there’s something illegal going on.
When I see both of your questions, I have to say I would not rent to that tenant. Not worth the risk
Not true. All Polish/Eastern European TT that we rented to, paid in cash and they were among the best TT we had.
It’s unlikely that everything was above board. Where did the cash come from? Probably not legal , tax paid, employment.
calm down people. it is not your duty to determine source of wealth. what if the prospective tenant has a corner shop and people pay in cash. H decide to pay LL cash so as to reduce cash at hand?
leave the investigate to the relevant authorities. it is either you WANT to or DONOT want to accept cash as LL.
i will accept cash if i want to , however there is high risk of me blowing it before it hits my bank, so i prefer it paid in
Not all people are good at online banking. But in our case, TT just wanted everything to be in real time. They give you the cash and sign the agreement at the same time. With online banking they would have to do it beforehand. I myself wouldn’t trust some stranger to have my money before I get the keys.
Where the money comes from? None of your concern. Apart from that, they go to the bank with ID and get the necessary amount paid to them. You’re a real dinosaur with old, rigid views and very biased at that.
Well said Charles Why do people assume because cash is paid there is a fiddle? Is it because they are fiddlers? I pay all my building invoices in cash. elec gas water tax by cheque. NEVER a credit card , never online banking. I use an accountant for bookwork. When I was doing building work some customers would say “how much for cash?” I would say " same as if you give me a cheque"
Yes I agree I’m not going ahead with it, they were two Greek lads working in construction, they didn’t want to go through open rent for some reason so that was the final nail
I think you are wise. Anyone who insists on paying in cash is most likely hiding something.