Is the rent late or should I allow extra time for bank transfer?

sexykitten7258

Hi Im a landlord first time renting out my house and its a fair bit away from where I live now with my partner. I am due the rent on the 5th of every month but I havent received it yet. My partner says its probably the bank transfer thats taking a few days but should it not be in my account on the 5th. I have done everything legit for the tenants and Im not sure where I stand. The lease agreed said rent will be paid on the 5th of every calander month.
Any input would really appreciate it?
Thanks

wench

If they are using a different bank to you then it will take one working day to transfer, usually.
As the 5th was a saturday, if they have set up the standing order for the 5th, it would be processed today and paid to you tomorrow.

If they seem otherwise good tenants, I wouldn't get too wound up over one day.

listermint

Some banks can take 2-3 days tbh. Id give it a chance yet.

Posy

The 5th was a Saturday so if it's a transfer it could take a couple of working days. Wait until at least Wednesday before freaking out.

Azureus

Depending on the bank, a transfer between different branches can take up to 5 days (ie ESB->Bank of Ireland).
It usually only takes about three though,so if its not in by Wednesday I'd maybe give the tenant a quick call and ask them has it been put through. Wouldnt get too worked up about a few days if they're decent tenants.

wicklowwonder

I made a similar mistake with my current landlord. I bank with Ulster Bank and in my previous house the landlord was also Ulster Bank so if the DD went out of my account the 10th it landed in his account immediately. In my current place rent was due the 7th so I set up DD 7th. Money leaves my account the 7th but Landlord doesn't receive it in his AIB account until the 10th. He said it to me in passing a few months ago, I told him the way I set it up and offered to move it back 3 days so it would be in on 7th he was happy enough to leave it as it was.

Neyite

Yeah the banks are feckers like that. My rent falls due on the first, and since I have a standing order from one bank to another - wages account to joint account , I have had the money disappear from my account promptly on the 1st (they make sure they are not tardy that way) and it could be up to 5 days later that it goes into our joint account. Since its a lump sum to cover all the rent, bills, credit card repayments, loan repayments its 1,200 that each bank sits on for a day or so on either side to earn themselves extra interest. Sneaky.

I rang each bank up a couple of times and each one pointed the finger at the other, but one guy I got through to explained that its in the fine print somewhere and that if I wanted it to appear on the same day instead of into the abyss, to cancel my standing order and manually transfer the amount each month online. (he probably does not work there anymore )

I think I will do that. Purely because its an utter cheek to take the money that should be earning interest in my accounts not theirs, and it bugs me because they wont lend to people yet pull this crap.

Op, I ranted a bit, but yeah, give your tenants the benefit of the doubt, you could always mention it in passing and if its the banks holding onto it, then make alternative arrangements.

anticonno16

I'd say you've been shafted

UDP

You will just have to contact them if it is not received within about 5 days of when it is due. The tennants should be transferring the money 2-3 days before it is due to compensate for the time it will take.

mathie

sexykitten7258 wrote: »

Hi Im a landlord first time renting out my house and its a fair bit away from where I live now with my partner. I am due the rent on the 5th of every month but I havent received it yet. My partner says its probably the bank transfer thats taking a few days but should it not be in my account on the 5th. I have done everything legit for the tenants and Im not sure where I stand. The lease agreed said rent will be paid on the 5th of every calander month.
Any input would really appreciate it?
Thanks

anticonno16 wrote: »

I'd say you've been shafted

OP did you get a deposit plus one months rent in advance?

If not I'd agree with anticonno16

stargazer 68

I pay my rent by direct debit every month - without fail for the last 5 years. My LL rang me earlier this year to say the rent hadn't been received and could I go to the bank the next day and pay it. When I contacted my bank they said it had been sent as usual and had not been returned to them. LL called me to apologise - his bank had made the error - he actually said he should have known better than to question me! (smug smile)

So just check with your bank too just in case before you call.

vietnam5

Hopefully the money was in transit somewhere and you're now back on track. However never let it go more than a couple of days late. It's not fair to you or your tenant. Therein lies the road to ruin - and a build up of payments which your tenant can never claw back.

Thus speaketh a burnt landlord!

amdublin

vietnam5 wrote: »

Hopefully the money was in transit somewhere and you're now back on track. However never let it go more than a couple of days late. It's not fair to you or your tenant. Therein lies the road to ruin - and a build up of payments which your tenant can never claw back.

Thus speaketh a burnt landlord!

I agree.

Personally I think you should contact your tenant straight away as soon as it has not arrived I.e. The day after it is due.
Confirm with them it has been transferred
- if it has, grand, you are entitled to check....and as long as you are polite should cause no insult...
- if they haven't transferred it shows you take no messing...