Would you accept rent upfront?

[DaysofHoney]

We’ve had an offer on our home of 12 months rent upfront. It’s a large house in London, and the offer is from a family with four children - this checks out and is the kind of family we’d hoped to rent to.

The agent has submitted their offer, saying they are directors of a start up, and will pay the upfront rent from savings (not currently paying themselves enough to meet affordability criteria).

This sounds too good to be true. But if the agent vets them properly, sounds like a win-win?

Has anyone been in this position or anyone with any advice? No idea how common this is or not.

No. They could be a cannabis farm using the family as a front.

Also what would you do if they stopped paying rent after a year,? It could take you a year to evict them if they don't leave.

I was in a similar position when I rented. I offered six months rent upfront. My landlord considered it but fortunately I then passed their affordability criteria. I think letting agents affordability are higher than necessary at times.

Yes. This is classic cannabis farm tactic (I'm on a lot of landlord forums).

But I hear differing stories from others here! I think difference is my landlord met me directly. Looked at my Facebook and linked in! He lets through openrent.

I offered rent upfront when I’d moved out but prior to divorce.

i wouldn’t have passed affordability checks on my part time job but had about ten years rent in savings.

the guy didn’t accept up front rent but did let to me.

it probably helped I had a responsible public facing job and internet history showed me attending conferences/doing presentations etc.

This is from the NRLA

It’s sad that you have to be suspicious….but you do. My friends daughter paid a years rent up front but knew she would only be there a year. She had savings to do it and the landlords were happy to let to her. This was a while ago now though and I suspect much has changed.

We rent big houses and have done for 20 years - even as a couple these days and are now in early 60s. — we have a great track record - and most certainly don’t run cannabis farms!! Do they have a track record of renting you can go back to and are able to reference out because if they have it’s very unlikely they are doing this for anything other than the given reasons. ( and I sympathise with them having been there)

I would do your own references as well as the letting agency. I had to pay a year upfront when I got divorced as I didn't meet the income multiples but I went out to dinner with the LL and was interviewed by him and he met my colleagues and took references from my boss himself

I would because I know multiple people who have had to do that. My MIL is one of them, she offered 6 months because she desperately needed to get out (landlord was selling) and houses that accepted dogs are sparse around here.

I’m a single mum on benefits - my ex husband has just paid my second year rent up front a month early - he’s also my guarantor

It's really common to pay rent upfront in London nowadays

You’d have to reference them yourselves in great detail- don’t rely in your agent to do it. The only time I used agents they managed to miss some spectacular errors in the referencing that my dodgy tenant had faked.

I’d always prefer to rent to someone employed and who passes affordability. And start with 6 months, so you can start to evict sooner if they turn out to be delinquent.

I’d look for someone better myself.

I likely wouldn't in that situation.

I did with my tenant, but they had a stable job where they'd worked for 10+ years.

Are they moving locally? Do you know why they are moving? A new business is a massive gamble and if it doesn't work out could be very costly.

Can you meet the family? Seems unlikely that cannabis farmers would actually have 4 kids in tow.

I used to rent to foreign students with no credit rating and this was the norm. I had three lots in a row they were my best tenants ever!

It's quite normal so probably fine and NOT a cannibis farm hahaha. I used to work in a letting agency. But ideally you also want a guarantee etc. The letting agency won't really know a lot more than you and you won't be able to go after the letting agency for any lost income a year down the line, it won't really be their fault. You could look at rent guarantee insurance.

My DSS paid 12 months up front because competition for rentals is fierce and he’s unemployed currently (but has savings). I don’t see an issue with it but I’d say the chances of you looking for a new tenant in 12 months is higher this way.

I had to pay 12 months' rent upfront last time I rented. I had some savings but wasn't working at the time and it was the only way I could get the landlord to rent to me. I definitely wasn't involved in a cannabis farm or anything else dodgy!