I’ve been living in rented accommodation with my missus ever since we got married just under 4 years ago and this is actually the first time I now have to transfer money out of my bank several days before the payment due date. At first, I was incensed that the landlord would have such a condition even though the tenancy agreement stated that the payment due date was on the 1st of each month. After more digging around the net, I found that (in the UK at least), it is my responsibility as a tenant to ensure that the landlord receives my payment on or before the due date for the rent.
This site was particularly useful for me in my particular situation (which mirrors the OP almost exactly) – http://www.landlordzone.co.uk/forums/showthread.php?35542-when-is-rent-due-when-paying-by-BACS-transfer.
So now, I just need to create a new savings account purely to hold the rental funds so that I won’t have an overdraft – on the downside, it’s more difficult to manage my credit since I’m effectively setting aside rental a month ahead of time (just so that I won’t get caught out and end up having to pay overdraft fees).
- Tenancy types – a round-up (simplybusiness.co.uk)
- Renters: Know your rights (blogs.confused.com)
- Our guide for those caught in the rental trap (mirror.co.uk)