2nd Year Accomodation

Jaynee123

Hi All,

Can anyone give me an idea as too how much is normal for a 2nd year student to have to pay up front for accommadation. My son's at Oxford Brookes and he's expecting to have to pay up to £200 security and 4-6weeks rent in advance and this all has to be paid as soon as they find a flat? This would mean the landlord would hold upwards of £600 for at least 4 months before son moves into flat in September? Can someone explain what they system is cause this seems completely out of order!

Jaynee123:eek:

Lokolo

It really depends on where you live and who your landlord is.

We had to pay £100 deposit (which is a couple of weeks), in February, moving in September. My landlord is quite relaxed and actually bought the property for his son when he was at the same univeristy, now just keeps renting it out to students.

My friend in Soton had to pay a £500 deposit (which is abotu a month and half) at around the same time as me.

When I move down to Soton next year for my placement I have to pay a months deposit as soon as we say we want the house.

Make sure the loandlord holds the deposit in a Deposit Scheme. Ask him for details. (the one my landlord uses is: http://www.depositprotection.com)

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The reason they want it so early is because students tend to drop out at such random times. If, in Sep, one person drops out its really unfair on the landlord that hes now losing out, of which time, most (99%) of other students already have somewhere to live and therefore he cannot replace them.

Petlamb

I am moving into a shared house with a load of 2nd years (but I will be a first year) - we've just put our names down for a house and have each had to pay £200 deposit, £35 admin and the summer rent is £250 - but that isn't due till July.

I would expect there would be some regional differences in figures though, seeing as that is for Sunderland and I doubt it's comparable financially with most southern unis.

I'd say it sounds fairly right, as Lokolo says, most places are going now and if someone does a bunk, the chances of the LL/LA filling the space are pretty slim.

Char_pdc

Hey

I'm based in London so not sure if its comparable (because the housing market moves so quickly there isn't really a specific student market) but that sounds about right to me. I paid a £200 holding deposit which also covered some admin fees. I then paid a 6 week damage deposit and a month's rent up front

Agree with making sure its a tenancy scheme and they are aware where the money is.

I however, did not have to pay the damage deposit before I moved in.

HTH

Jaynee123

HI Everyone,
Thanks for the replies-I have to admit I'm shocked that you are all expected to come up with so much cash especially Char_pdc, how do you all come up with the money, because we are going to struggle to find the £600+ that my son will need, (and it appears that letting out to students is a lucretive business, all that lovely money sitting in an account growing interest for who?)

Jaynee123

Char_pdc

I only had to come up with a large sum of money for the first house I moved into (3 years ago now - about £300) because when I receive each damage deposit back, it pays for the next one, so to speak.

I don't have any advice on finding the money because I paid for it with a summer job, as in London everyone starts house-hunting a lot later than everywhere else - max. one month before you move in!

MrsManda

Renting a house as a non-student generally involves you giving the equivalent of a month's rent for damages, and a month's rent in advance. Most private landlords renting to students will demand the same conditions, and may ask for upto the equivalent of 8weeks rent for damages (never heard of anyone asking for higher). This I've always presumed is due to there being a higher percieved risk in renting to students both in terms of them disappearing without paying their rent, and in damage to the property.

There isn't as much interest to be earned by the landlord as it appears, not least that finding an instant access account which pays a decent interest rate at the moment is difficult. Due to the Tenancy Deposit Scheme now in place, the deposit is either kept by the landlord but a premimum needs to be paid to an insurer who provides conflict resolution if there's a dispute over returns, and will repay the money (minus any damages etc...) if something happens to the landlord. Or it is placed in a custodial scheme with the interest going to paying for the scheme.
The TDS is great for students as prior to this they were at the mercy of landlords with very few rights to complain.

But I agree that the first house's deposit is difficult to find. This is what most students I know, spent their interest free OD on. As Char_pdc said - you generally only have to find it once, as you can keep moving it through houses.

Jaynee123

I just can't help feeling that a student shouldn't have to pay this money so far in advance ie: in March when they don't move in until September! After all the landlord has already got the money from the student who is renting the room at that moment in time! Surely they could just take a holding deposit until July and then ask for the rent in advance! Oh well I'll just have too sell the family silver!

Jaynee123

Oldernotwiser

Jaynee123 wrote: »

I just can't help feeling that a student shouldn't have to pay this money so far in advance ie: in March when they don't move in until September! After all the landlord has already got the money from the student who is renting the room at that moment in time! Surely they could just take a holding deposit until July and then ask for the rent in advance! Oh well I'll just have too sell the family silver!

Jaynee123

As MrsManda said, most students use their interest free overdraft to pay the deposit; if you pay it then there may not be much incentive for your son to look after the property and to get the deposit back.

Many landlords get no rent or only half rent for the long holiday, so it's not surprising that they should want to be covered in the event of someone dropping out. Make sure your son understands that he's signing a binding contract and that he will be liable for the rent if he should change his mind about it.

Gingernutmeg

Oldernotwiser wrote: »

Make sure your son understands that he's signing a binding contract and that he will be liable for the rent if he should change his mind about it.

And make sure that his mates understand this too, if they're signing a joint contract!

TDQO

Never, ever, ever sign a joint contract!!! If anyone moves out then everyone else has to cover their share of the rent... NOT a good deal!