I don’t think there’s any call for insulting me just because you disagree. But I can see from what you’ve said that maybe you do need to step into the modern world where finances are concerned. But as you’ve implied you’d be happy to rent to criminals I suppose that’s entirely your choice. Have a lovely day.
You still insist that people are criminals without any evidence? It’s a cultural thing for some countries. Looks like you just don’t like foreigners “who bring their funny ways with them”, LOL Don’t want to say anything bad, but your behaviour warrants nothing good, either.
You also have a good day.
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Ah, once again with the insults. The last resort of the utterly incompetent
Tim I have taken cash, signed the agreement and given the keys at the same after checking on them ofcourse. PS no online banking for me . I have NEVER used a cash machine either, quite proud of that now.
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Firstly, a landlord or letting agent are required to take ID from any tenant. This must be done at the start of a process. The ID needs to also include the Right to Rent which is basically a check on immigration status. You will need a valid photo ID such as a driver’s license or passport, a proof of current address from a bill such as council tax, utility bill, or bank statement, in the case of a foreign national, a document from the Home Office or the ID card which looks like any other government issued document card which must have a visa long enough to cover the period of rental of your property. That’s the first hurdle. Then you must have proof of where the funds are coming from. This would be a bank statement which shows wages going in and can be compared by name of the tenant employment contract.
Once you have this, you may take cash, but I would not recommend it as you still can not prove 100% that that cash came from the known source. Also, because most leases will extend to a period where the rent will exceed the risk threshold of £10000 which is probably going to be reduced to £1000 in the legislation, I would not take cash at all. Also if the tenant opens a new bank account and you have not verified the bank account for source of funds, you may be in breach of the law as well. Please see the MLR 2022, AML 2023 which effects real estate transactions, or message me. I do this for a living. Also, in getting ID etc fr9m a tenant it is not enough to to look at it. You must use a screening tool to verify the ID is legitimate and the source of funds via employment is also.
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Cash usually is a fiddle as you put it. The reason is cash is usually earnings which may not have been duly taxed which is a legal issue and if this is the case, you may go to prison for up to 10 years. Not worth it.
i think that’s mis information. You are not registered to do money laundering checks. just by receiving a bank transfer for your first rent payment does not mean you have proven the source of wealth. Again its not the LL duty to prove source of wealth.
it is a matter of preference - you either accept cash as rent payments or you don’t. No one will crucify you for accepting or not accepting cash
We are not robots. Open rent takes the stress off you by taking your first rent, registering deposit and drawing contract. The first rent collection Open rent does, see it as money in escrow - I see to you, you buy from me. I don’t know you , you don’t know me. I could pay you and not get the keys. Please Open rent be a middle man. If after 10 days of payment no issue, release the money to the LL. that’s escrow
if you were a letting agent on the high street, you draw your contract yourself, you register the deposit yourself, I see no reason why you won’t accept the payments directly.
on a different note, assuming I just relocated to englad, am yet to open a bank account but have disposable cash i came in with, right to rent is satisfied, passport and visa all checked out, would estate agent prevent me from renting because i do not have a bank account?
Don’t judge people before you know understand their story.
its a personal preference. you either accept or you don’t. for me, i have accepted first rent in the past but i almost spent everything before i had the chance to take the rest to the bank
my point is EVERYONE IS NOT A CRIMINAL … if you are still stressed about the post try sing along
Baby, calm down, calm down
Landlord, this your rules e put my heart for lockdown
For lockdown, oh lockdown
lanlord you rigid like Fanta, Fanta
…
Oh-oh-oh-oh-oh-oh-oh-oh-oh-oh-oh
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Your description of the RIght to Rent process is wrong. Nowadays it is done by getting a “share code” from the prospective tenant.
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The landlord may be committing an offence under the ML a legislation. You are wrong. The law is very clear on this. Look at the NRLA website for information on responsibility of a landlord or agent regarding a tenancy
if a landlord is paid in cash. there is no oblgation to determine if it has come from a legitiment source . If someone pays by a standing order or direct debit how do we know where that has come from?
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Paying by bank transfer such as BACS or Standing Order/ Direct Debit give you the extra security that the bank who is regulated by FCA and PRA require the bank to have controls in place which are subject to audit by a recognised audit firm and supervision by the regulator. Banks are fined everyday for poor control environments. This gives you,the landlord, the security that you are not taking in proceeds of crime. Also accepting cash opens up the possibility that you may not declare the income fully. HMRC would then have interest in this and your bank may even close your banking facilities.
I get all that… I have been trading for over 50 years. taking cheques and cash, never had a problem and always used an accountant > What ever works for the individual is ok >I ran a shop for 10 years it was all cash back then
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IT is very easy for inland revenue to check on rents , cash or otherwise, they simply ask the tenant
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Not everyone using cash is in the fiddle, but most small tradesmen on the fiddle use cash.
Law has changed with the times Colin. Yes cash was the norm for years. BTW, accountants have been considered as with solicitors as higher risk.
They never ask the tenant. It’s not their obligation.
i don’t think you know how Anti money Laundering (AML) act works . Don’t just read stuff off a blog without putting it in context or understanding the premise.
NRA is probably the worst site to read stuff about AML. If you want to satisfy the AML procedures, maybe start reading stuff on the FCA website. by the time you get past page one, you will quickly realise it is not your job to track source of wealth and taking cash from tenant has nothing to do with AML. In fact its more interpreted as you the LL wanting to avoid paying tax because cash received most likely won’t be documented. There are LL who receive cash and document their income properly.
stop dishing out wrong advice about AML. The gov might as well ban cash payments in shops and ask everyone to do a bank transfer so we can all follow the AML act.
calm down people and don’t put a needless yoke on your shoulder
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they can ask anyone , anything to do with their business if they want to . The inland rev have great powers.
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i have had a tenant for 25 or so years always pays cash and 2 commercial places for 10 years each, always pay cash , i give a receipt to all . No cash machine for me
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I like cash, years ago would pick up £2k+ on a monday morning and it would make me very happy. 
Today i will happily take a month or two in cash, if its 6 months in cash then i might twitch a bit
There are still some advantages to having cash if you think it through…
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