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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To wonder why agents wouldn't want a years rent upfront?

41 replies

leopardprintlindt · 21/07/2022 17:53

I've been told by an estate agent today that they 'wouldn't want a years rent upfront because of insurance reasons' and if I wanted the house I'd need to earn over £75k.
Does that sound normal?!

OP posts:

fyn · 21/07/2022 20:49

@leopardprintlindt working for the NHS and having kids means absolutely nothing. We had some lovely tenants, children, worked, rent was never late, looked after the house. There for eight years.

Turned out he’d boarded out the basement and built a false wall in one of the outbuildings. First thing we knew about it was the police coming to the office after he fled abroad.

EuripidesEumenides · 21/07/2022 22:18

You could turn the question around - why would you as a prospective tenant want to pay the money upfront? It just doesn't smell right. The fear would be something dodgy is going on. And with all the potential liabilities the landlord and agent could be on the hook for what even take the chance?

NellesVilla · 21/07/2022 22:23

Could you pop the lump sum into a friend’s account and get them to pay you a “salary” each month from it to look like you receive a decent payment each month and therefore have no issues making rent?

NewBootsAndRanty · 21/07/2022 22:28

fyn · 21/07/2022 20:49

@leopardprintlindt working for the NHS and having kids means absolutely nothing. We had some lovely tenants, children, worked, rent was never late, looked after the house. There for eight years.

Turned out he’d boarded out the basement and built a false wall in one of the outbuildings. First thing we knew about it was the police coming to the office after he fled abroad.

What was he hiding in there??

Getoff · 21/07/2022 22:31

People want to pay up-front to prove they can pay, when they don't have regular income they can show.

Someone who has enough savings to pay rent (and all other living expenses) for the rest of their life may not actually pass the test if the test is whether they have a source of regular income.

Shattered04 · 21/07/2022 22:51

My elderly mother recently had to pay 12 months up front because she failed the standard means-testing and it was the only way anyone would rent to her. She was relocating and had sold her house, but wasn't sure where she wanted to settle near us (and we were in the process of moving and hadn't decided either as we hadn't sold our house at the time!)

I guess with a very obvious source of cash (sold house) and being elderly so unlikely to be faffed with running a drugs ring, it's a bit different though.

roarfeckingroarr · 21/07/2022 22:54

Exiledone · 21/07/2022 18:07

Surely in most areas nowadays a years rent would equal around £15/20k. If someone has that kind of disposal income to throw at rent they're either rich enough to buy a house or obtained it through criminal means.

If you move around a lot it makes sense to rent. We're moving into a £3k pcm place while renovating our home ready to sell, then will buy a new place that's better suited to us while we're renting

RufustheFloralmissingreindeer · 21/07/2022 22:57

Dd was asked to have 50k in her bank account with one of the landlords

some have asked for the whole 24k (two of them hoping to flat share) up front

they are trying to rent in london and properties are just flying off the market

mumda · 21/07/2022 23:04

Cannabis farms.

Hardbackwriter · 21/07/2022 23:32

leopardprintlindt · 21/07/2022 19:38

I get the concerns about money laundering, cannabis etc. But if someone has three children who go to school locally , works in the NHS, and has references, why wouldn't you?

Because there will be other people who want to rent the property who also have jobs and references and who pass the affordability test and so are safer bets. If there weren't then you'd find landlords would be happy to rent to you.

Changechangychange · 21/07/2022 23:36

Exiledone · 21/07/2022 18:07

A two bed flat around here would cost £550k to buy, or £1600pcm to rent. There is no way you could buy with a £20k deposit!

fyn · 22/07/2022 07:04

@NewBootsAndRanty lots of drugs! Cannabis farm in the basement and everything behind the false wall.

AlmostThereMaybe · 22/07/2022 08:05

I heard of a landlord who accepted 12 months rent upfront - turns out the tenant knew they would soon be sent to prison and wanted to sort somewhere to go when they came out

taybert · 22/07/2022 08:11

I’d rather the lump was in my account than the landlord’s. Why not just have a monthly standing order? You could have the lump in an ISA or savings account earning a bit of interest. (Not much but better than nothing) I can’t think of a good reason to hand over such a large amount of money that you don’t need to all at once.

Perple · 22/07/2022 08:14

Ll would have to pay tax on the full amount in one year which might not work out best for tax levels

Coffeesnob11 · 22/07/2022 08:25

I sold my house but couldn't find anything to buy or rent so ended up in my mums spare room with my ds whilst j looked for anything. I have ended up in rental whilst I try and buy but struggled as many landlords didn't want a single wage, even though I earn really well and could prove I had the equity from my house in savings. They were worried that if I lost my job I didn't have a partners wage to okay rent so I did offer to pay more in advance. Luckily I found something where the ll was happy with the normal deposits etc. Just because someone can afford to buy doesn't mean they can in this crazy market.

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