Renting in London with 6/12 months upfront but not quite meeting the 30x income rule?

[ACaseOfYou6]

Hi everyone, I’m looking (perhaps in vain) to rent a 1bed flat alone in London by paying 6-12 months rent upfront, as I’m in permanent employment but don’t quite meet the 30x rule. (I have savings that could cover 3-4 years’ worth of rent.)

Is this something that feels at all realistic in today’s market?! I’d be relocating from quite a long way away and don’t have much experience of how the market works. I don’t want to spend money on trains, hotels etc if my search is unlikely to come up with anything.

If you have that much saved would you consider buying outside of London if relocation is likely anyway?

A friend has done that and it worked fine. Check upfront when enquiring if they'd be happy with it to save time.

@ACaseOfYou6

In which part of London will you be working, OP?

You would need to find somewhere before the Renters Rights Bill becomes law OP, as offering money up front will become illegal

That’s really helpful to know, thank you! Did your friend also fail the 30x rule, out of interest? That’s my real point of worry.

I have but as I’d be living alone, I really want to be in the same area as my friends and family. And I want to move quickly due to personal circumstances that I won’t go into!

@ACaseOfYou6

Which area is that, OP?

Zone 2 south london, basically. Clapham/Brixton/Camberwell/Oval type areas.

OP I have done this without having 30 x salary. I provided bank statements that showed savings that would cover rent for more than a couple of years and I also offered to pay upfront as you are proposing. I had no issue.

@ACaseOfYou6

Would this be suitable for you?

https://www.rightmove.co.uk/properties/156086255#/?channel=RES_LET