u0rjgr Posted August 22, 2006 Report Share Posted August 22, 2006 Hi, I will be a new landlord in less than 2 weeks! A point that was bought up when discussing payments with my new tenant was the method of payment. Basically I would see the two options being Direct Debit or Standing Order. Could you guys suggest which one is the best to use and also whether they are free to set up! Thanks, Andy Link to comment Share on other sites More sharing options...
xilla Posted August 22, 2006 Report Share Posted August 22, 2006 Hi im lead to believe standing order is best if its a fixed amount to be taken, it is setup by the tenant and there is no cost to the landlord hope this helps Link to comment Share on other sites More sharing options...
Trenners Posted August 22, 2006 Report Share Posted August 22, 2006 Hi Andy, I'm don't think you can create a Direct Debit between personal (ie: tenant to landlord) bank accounts. Standing Order is the usual method for the payment of rent. I always ask my new tenants to complete a Standing Order Mandate (that I provide) and then I send it to their bank. This ensures that 1) the standing order form is completed properly and 2) it gets sent to their bank. Good luck, Mark Link to comment Share on other sites More sharing options...
u0rjgr Posted August 22, 2006 Author Report Share Posted August 22, 2006 Thnaks guys, great help. Do you know whether the banks can issue the standing order form? Andy Link to comment Share on other sites More sharing options...
Trenners Posted August 22, 2006 Report Share Posted August 22, 2006 Hi, You should be able to find an example standing order form on the web - if not - email me and I will send you a copy of the one, in Microsoft Word, that I use, Mark Link to comment Share on other sites More sharing options...
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