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When should you pay a deposit

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315 views 1 replies latest reply: 08 December 2015
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Tenant

Hi… I am wondering when it is safe to pay a deposit for a flatshare. I have heard some scary stories of people being victims of fraud and losing money..

Has anyone else been the victim of fraud or paid a deposit and then been messed around by the landlord?

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Administrator

Hi Ollie

You only need to pay your deposit on the day that you move. The deposit is to protect the landlord if you cause damage to the property – it gives them a way of recoupoing loss from that damage. So there is no need to pay the deposit over until you have access to the property (i.e. the keys). Make sure that you get a receipt for the deposit – the best way to pay it is by bank transfer so you have a record of who it was paid to and when. It might also be worth asking the landlord which deposit protection scheme he/she will be paying it into as that will allow you to follow its progress.

The only exception is a holding deposit which you would pay in advance to get the landlord to stop advertising the property. This should be much less (a week or two’s rent) and again make sure you get a receipt and tranfer it so you have a record.

Alex

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