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Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7539
Experience:  BA (Hons), PgDip, Practising Solicitor
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Before I sign new lease with new tenant in a few weeks, when

Resolved Question:

Before I sign new lease with new tenant in a few weeks, when should I take various monies from new tenant?

1. Rent Deposit
2. Advance rent
3. Legal fees

Can I take this in advance today, or do I have to wait unti 30th April 2012?
Submitted: 4 years ago.
Category: UK Property Law
Expert:  Thomas replied 4 years ago.

Hi
Thanks for your question.
I would ask that your fees (avoid referring to them as “legal fees”, this may suggest you are instructing a solicitor (which you should be)) are transferred to you know on the basis that you shall keep them in the event that the new tenant withdraws from the transaction.
The rent and the deposit can be taken at any time, provided that you have them in cleared funds on the day of completion. Note again my comments in respect of the deposit – if your intention is to use the deposit from the old lease then you can only do so with the express written consent of the old tenant.
If you take the rent/deposit before completion I would provide the tenant with some reassurance in writing confirming that these monies are held strictly to their order pending formal completion of the lease
You just each need to completely clear about distinguishing the money and on what terms you hold the money before the transfers are actually actioned.
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Kind regards,


Tom
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