Hi,
My letting agency got an offer from a new tenant but they will only move in after 5 weeks.
We did not start referencing yet.
Would you wait for 1 complete month for a new tenant to move in ?
What happens if the tenant backed up after a couple of weeks ?
Would the landlord be entitled to deduct from deposit ?
Thanks
If itās the right tenant than waiting a month before they move in is perfectly reasonable. Sometimes it involves leaving empty for much longer, until the right tenant comes along. Never rush in a tenant, always wait for the right one.
If they back out you get to keep the holding deposit. (1 weeks rent)
1 Like
Hi,
Thanks for reply.
If the holding deposit is only 1 week rent then it will not compensate if the tenant pulled over after two or three weeks.
Add to this that my letting manager may charge the landlord almost 2 weeks rent when agreement is signed.
Yes, difficult isnāt it. Things are definitely stacked against the landlord.
But picking the wrong tenant would be far more costly in the long run. Itās far more important now with the renters rights bill coming in.
Dont pay agent until tenant is in situ. Itās a tenant find fee, no tenant, no fee. AST should ideally not be signed until day they move in,
āHaste now, repent at leisureā
2 Likes
I think AST should be signed now in case we will accept the tenant.
This way tenant will be legally responsible for rent starting 1 August.
But if we do not sign agreement , he can pull out with no obligation.
1 Like
Is the property empty? One reason for not signing early is if a previous tenant doesnāt move out then you can be sued and be required to pay for temporary accommodation for your ānewā tenant.
If new tenant signed and then backed out you would be expected to market property right away and find a new tenant, and mitigate your costs. You could then sue.
Iāve never signed early and never had an issue, communication needs to be good.
Hi I was in a similar position and as they really liked the property and I had agreed they could bring their 2 little dogs I asked for the tenancy to start in 2 weeks rather than the 4 week wait
That was nearly 2 months ago and they have been great tenants so far , I think I would have waited the 4 weeks though
Iāve had agents who have asked me to wait for weeks for tenants so itās not unusual
1 Like
OK
sounds good.
So they actually agreed to sign 2 weeks earlier ?
I will do the same.
Hopefully they will agree.
Thanks
Iām always happy to wait a month. Who can move in tomorrow, except scammers?
1 Like
I advertise mine as soon as I know tenants are leaving but Iām proactive about asking if they are staying or going a few months into tenancy
Last year I signed for a house a three months in advance and it was worth the wait
Everyone else that wanted it immediately were doing the rounds and not getting accommodation ( high risk of over crowding etc)
If they look like good tenants itāll be worth the wait.
They probably have to give notice on their existing property so donāt want to have two concurrent rentals, which is fair enough.
If they back outz you keep the deposit.
Yes, it wonāt fully compensate you for the lost income but look at it from their viewpoint tooā¦ They would have paid you for something that theyāre not going to be using.
Iām in sales and one thing I always teach people is the art of a successful negotiation is when both sides feel like theyāve lostāŗļø
This topic was automatically closed 90 days after the last reply. New replies are no longer allowed.