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Can deposit be paid in x2 instalments?


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I've basically found someone who wants to rent my property however its at the top end of their budget and they can only pay a months rent in advance and half the deposit now with half the deposit a month later.

Ideally I want to rent it out asap so am willing to help them I agreed to them paying half now and half in a month.

So my question is how and when do I protect the deposit once I get it, when I've got all of it in a month or 2 months? as I can't protect bit by bit.

I will be issuing a 6 month AST -should I list in the AST the amount of deposit and when I expect it paid too...

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If you use ins scheme you "should" protect each half (at a cost of £30 per dep) this is the "legal" way to do it ......

Personally i would hold the 1st half as rent up front and then update the ast (redo if ness) to change it into "dep" when 2nd half is recd...

OR charge T £30 twice to cover cost of protection ...

If using custodial scheme i have no idea as i refuse to use it !!!!

The Rodent

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Well, I was thinking of using ins. scheme if I was going to get whole deposit at start as usual.

I was planning to register it when I received the full amount and explained I could only register it as a lumpsum not in installents and the date they gave me the whole deposit would be taken as the date I received it and would be protected accordingly perhaps in the custodial scheme.

I don't think they will be able to pay another £30 as they appear to be struggling with the deposit.

So far they have been referenced -all fine and have paid a referencing fee -thats all.

I'm waiting for their final answer on this -as I seem to have lost a potential tenant who viewed staright after and wanted it but I gave these guys first preference as they'd made appt first, and now the other potential tenant has found something later the same day!

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