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Escrow accounts for advance rent

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288 views 1 replies latest reply: 28 January 2016
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Tenant

I recently left salaried employment to launch my own business. I move to the UK from overseas so I don’t have access to a UK guarantor. The landlord through the lettings agent, is aksing for 2 months deposit plus 6 months rent upfront. I can afford this but of course would rather not part with so much cash up front as I am wary about what would happen if there was an issue with the flat and I needed to leave and ask for the return of rent advanced. Is there a way that money could be held in some kind of escrow acount for my protection? 

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Administrator

Hi Lisa

It is quite normal practice to pay rent up front if you don’t have a guarantor or an employer. In terms of escrow accounts if you google search you can find a few but be wary as there are a lot of fraudulent escrow services out there – some even have FSA details. This link might be helpful – it suggests this site which looks reputable but carry out your own checks as I haven’t ensured its authenticity.

Alex

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