Letting and weekly/monthly rent ?

snapplejacks

Hi,

I'm going to be moving out of my home to england in a few weeks.

I have a friend who will move into the house and pay me rent on it..
the going rate i've been told is £140 per week.

Now i need advice just on what to do....
should i have this collected by direct debit or standing order and should i set it up for weekly or monthly ? as i know the going rate is 140 per week. anyone give reasons for either ?


Thanks.

Senna

if its a friend, just ask them what they would prefer, my current landlord asked me which i would prefer weekly or monthly.
€140 a week would be about €620 a month. If you go with monthly at €620 you will make more money over the year.
52 x €140 = €7280
12 x €620 = €7440
Direct Debt is always best, let your friend set it up with his bank, all you need to give him is your bank details.

BJJDUB

Standng Order is the way to go. Get your friend to go to his bank and get a form to set up a standing order. He will need you to provide information re: your bank account. Payment monthly in advance would be the norm.

snapplejacks

thanks senna...one quick question, how exactly does 140 per week equate to approx 620 a month ?

and bjdub....i tend to agree with the standing order....i believe (just say for instance) if my friend had to miss payment through the direct debit method there would then be costs incurred...whereas the standing order would continue the payment from next month onward and my friend could resolve the missed payment between me and him.

Victor

Senna wrote: »

€140 a week would be about €620 a month.

€140 a week is about €607 a month.

No goofy maths please.

BJJDUB

Snapplejacks, 140 per week equates to 606.67 per month ((52x140)/12).

There are several reasons why you should go with standing order and not direct debit - the main reason it that you have nothing more to do once the standing order is set up (other than checking you bank every month to ensure that the payment has arrived). You are also correct regarding the bank charges if the DD is returned unpaid.

There are other factors you must consider - I am unsure if you are sharing your UK accommadation with your friend or renting your current (Irish ?) property to your friend.

If it is an Irish property your friend may have full tenancy rights after 6 months tenancy - you should check this and take professional advice.

Hope the above helps !

Senna

Victor wrote: »

€140 a week is about €607 a month.

No goofy maths please.

When i moved into my last house my rent was €140 per week or €620 per month. I was given the options, i went for weekly as it worked out less.
The landlord had divided €140 by 7 (day in week) = €20 and multiplied by 31 = €620. That was his way of working out the monthly rent, i know it not exact, but i assume he was trying to get as much money as possible.

I just relayed how my rent worked. Goofy maths or not.

Ps. my apologies i got DD and standing orders mixed up. But do banks charge if a standing order payment is missed also? or do they charge to set up a standing order, some used to, but that might have been a long time ago.

The_Conductor

Something to keep in mind, if you are tax resident in the UK- your friend should be witholding tax on the rent he pays you, and forwarding it to the Revenue Commissioners. There are a few threads here in the Accommodation/Property forum discussing this.

galway008

Ohh yeah sure