Flat buying- reply asap please!!

Currently in the process of trying to put down the deposit for a flat.

Having never done this before I'm not sure what to expect. Its a group of 8 of us and the landlord wants two months deposit each to secure the place - thats £7200 in total.

Is this normal??? Do we need some sort of paperwork to have some legal grounds when transferring this sort of money?

Reply 1

Duckles

1

Original post by gweneliz

Currently in the process of trying to put down the deposit for a flat.

Having never done this before I'm not sure what to expect. Its a group of 8 of us and the landlord wants two months deposit each to secure the place - thats £7200 in total.

Is this normal??? Do we need some sort of paperwork to have some legal grounds when transferring this sort of money?

Flat BUYING? or RENTING? Very important distinction! :smile:

Reply 2

gweneliz

OP

Original post by Duckles

Flat BUYING? or RENTING? Very important distinction! :smile:

ahhh sorry very stressed - renting!!!!

Tenancy agreement?

Original post by gweneliz

Currently in the process of trying to put down the deposit for a flat.

Having never done this before I'm not sure what to expect. Its a group of 8 of us and the landlord wants two months deposit each to secure the place - thats £7200 in total.

Is this normal??? Do we need some sort of paperwork to have some legal grounds when transferring this sort of money?

You absolutely DO want paperwork for this kind of money transfer!

Are you going through an agency? They should have plenty of paperwork to sign and be countersigned by the landlord and all other tenants.

I would expect to be seeing a copy of the contract and get a receipt for your deposit from the agency (or landlord). You will also want to check for additional fees (such as check out fees, end of contract fees, inventory fees, key collection fees, cleaning fees etc... you name it agencies can add it!)

Also very important is that you get information about where your deposit will be held whilst you are tenants. There are 2 (ish) schemes that the landlord or agency can hold your money with, and it ensures that it is safely looked after during your tenancy.

Reply 5

dean01234

19

Its normal to put down some kind of deposit, find out if its a security deposit that would also cover damages etc. Because for sure the estate agent doesn't actually hold onto that its done through a regulatory type thing. £7.2k sounds like a lot but at the same time 2 months doesn't sound that unreasonable.

Reply 6

donutaud15

22

Two months seems a lot. We've always paid six weeks deposit.

You need to make sure that the landlord gives you paperwork stating that the deposit is in a deposit scheme. It has to state which one etc. Also make sure you all have a signed tenancy agreement that says how much deposit the landlord was given.

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Reply 7

Duckles

1

Original post by donutaud15

Two months seems a lot. We've always paid six weeks deposit.

You need to make sure that the landlord gives you paperwork stating that the deposit is in a deposit scheme. It has to state which one etc. Also make sure you all have a signed tenancy agreement that says how much deposit the landlord was given.

Posted from TSR Mobile

For a student let, 2 months doesn't seem unreasonable. I've had a lot of private lets and yes it is typically 4-6 weeks rent upfront, but one agency (not the best agency, but quite cheap) demanded 6 months rent up front OR a guarantor. We opted for guarantor since 6 months rent is ridiculous!

Reply 8

Helpme.

8

Original post by gweneliz

Currently in the process of trying to put down the deposit for a flat.

Having never done this before I'm not sure what to expect. Its a group of 8 of us and the landlord wants two months deposit each to secure the place - thats £7200 in total.

Is this normal??? Do we need some sort of paperwork to have some legal grounds when transferring this sort of money?

I think you should do a tenant agreement
Go to your local estate agent i think they do it but they charge around 100£

Reply 9

SophieSmall

21

Original post by Duckles

You absolutely DO want paperwork for this kind of money transfer!

Are you going through an agency? They should have plenty of paperwork to sign and be countersigned by the landlord and all other tenants.

I would expect to be seeing a copy of the contract and get a receipt for your deposit from the agency (or landlord). You will also want to check for additional fees (such as check out fees, end of contract fees, inventory fees, key collection fees, cleaning fees etc... you name it agencies can add it!)

Also very important is that you get information about where your deposit will be held whilst you are tenants. There are 2 (ish) schemes that the landlord or agency can hold your money with, and it ensures that it is safely looked after during your tenancy.