When securing a tenancy, the tenant needs to hand over a specific amount of deposit to the landlord or letting agent, which is usually the cost of four to six week’s rental fee.
The reason behind having a deposit is to cover any damage to the property all through the tenancy period. The deposit can be the main reason of disputes, with some landlords reported to be withholding the deposit for no reason, or paying it back some months after the end of the tenancy. Arguments over damages may rise.
The best way to dodging these kinds of problems is to cautiously go through the inventory with the landlord or a letting agent, pointing out any problems or damages before you move in. A deposit amount is not intended to be set against the last rental fee.
It is quite common for letting agents to charge a fee to their clients when they move into a property. This encompasses all the work done by the agent such as reference checks, carrying out credit, and administration charges.
The fees may range from £25 up to £150 for each person. Moreover, a holding deposit of typically between £50 and £200 is also necessary. This is generally deducted to the first month’s rent, although it cannot be refunded if the potential tenant chooses not to proceed with the tenancy.
Home Renting Guide
Each section has been broken up and placed on its own page below to make it easier. Click the links for the individual topics and go through our complete guide to renting your home.
Table Of Contents
1. Introductionto renting your home
2. Renting From A Letting Agent Or A Landlord
3. Viewing A Home For Rent And What Essential Questions To Ask
4. Tenancy Contracts Explained
5. Responsibilities Of The Tenant
6. Renting Deposits And Fees
7. Tenancy Deposit Schemes
8. Rental Insurance
9. Dealing With Complications That May Arise When Renting
10. Where To Go When In Need Of Help