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View Full Version : Should rent be collected monthly or weekly?



vik
11-03-2007, 13:49 PM
Is it normal practice to collect rent monthly or weekly? Also is it possible to set up a standing order mandate for weekly payments?

jeffrey
11-03-2007, 13:54 PM
Depends on what lease or tenancy agreement states, but monthly is better- weekly rent necessitates rent book.
You could have weekly standing orders, I assume, if Bank has no objection- but it's a lot of hassle, isn't it?

Ericthelobster
11-03-2007, 14:41 PM
I agree with Jeffrey, but certainly my bank lets me pay weekly standing orders if I wanted to.

vik
11-03-2007, 15:46 PM
jeffrey what do you mean by 'weekly rent necessitates rent book'

jeffrey
11-03-2007, 15:51 PM
jeffrey what do you mean by 'weekly rent necessitates rent book'

See s.4-7 of LTA 1985, especially s.4(1).

vik
11-03-2007, 15:56 PM
do you have the link. thanks

P.Pilcher
11-03-2007, 15:58 PM
What jeffrey is stating is that if your tenancy agreement requires the rent to be paid weekly, then the law requires you to furnish your tenant with a rent book in which the receipt of each week's rent is recorded. This is then the tenant's evidence that his rent has been paid. If the tenancy agreement states any longer period - say four weekly or monthly then this legal requirement no longer exists - even though the tenant decides to pay his rent every week!

I had a tenant once who was clearly used to the "rent man" calling every week. He was not happy when I told him what his rent was, then relaxed a little when he realised that it was monthly. "Can't I pay you every week?" He asked. I worked out the equivalent weekly rent and every Friday, when he clocked off, he went around to the local bank, took out his rent money and credited my rent account. He didn't get a rent book either, but a bank paying in book with duly completed counterfoils had to suffice. I couldn't really complain though - at least he paid!

P.P.