Can you take a deposit by installments?
8:50 AM, 25th June 2015, 11 years ago
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We have a potential new tenant who can’t afford to pay the whole deposit (of £400) and the first month’s rent (of £400) up front.
She has asked if she can pay the deposit in installments – £100 per month.
If we went down this route, would we protect the deposit at the end of month 4?
We are wondering if it might be better for her to pay the deposit up front and then pay us weekly for the first month or so?
Any advice would be appreciated.
Thanks
Pam
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Member Since August 2013 - Comments: 788
1:41 AM, 10th July 2015, About 11 years ago
By law you do not have to take a deposit from a tenant, so out goes all the legislation with it, if you do not want to risk falling foul of the law, risk facing a fine of 3 times the deposit , simply don’t take any deposit, and if anything at all, a deposit of £400 won’t break your bank? so why bother. If your tenant damages something then get him or her to have it fixed while the tenancy is still running, if they fail to carry out repairs to any damage, serve them a notice under section 8.