Cash deposit?

jwtaylor876

Hi MSE, like half of south Manchester I should be moving house next weekend. We've got the house sorted but they want us to sign the contract the day we move. This would be OK but they sent us a letter saying they also want the deposit and first month's rent when we sign it.

They don't accept cheques, so what they recommend is paying by bank transfer to their account at least 4 days in advance, but I don't want to pay £500 without having even seen a contract.

We were thinking of each of us paying cash on the day and asking for receipts, but walking round with £500 isn't something I like to make a habit of either.

Its through a proper letting agency so I'm sure it'll probably be OK, its just very different to every other time I've rented a house, where its all been organised months in advance and they accepted cheques.

Has anyone had a similar experience or got any advice?

Cheers
Jonny

Aquatronixjenny

Personally, I would pay cash. I would never ever transfer money into someone elses bank account, its too risky. I paid the deposit on my current house in cash.

lvm

Just ask for a copy of the lease to be emailed to you. Even if it's a blank one without details - should save the landlord/agency a lot of time on the move in day as well as you will only have to skim-read the thing.

When I worked for property company in Edinburgh it was standard practice for tenants to see a copy of the lease beforehand and made my life easier when they came to sign - especially since it was 21 pages long!

Benji

Demand a copy of the contract be sent to you before the signing day. It is not reasonable for you to be expected to sign a contract that you haven't had time to take advice on, nor even read properly.

With regard to the deposit, it is normal for deposit and first months rent to have to be paid before keys are handed over in 'cleared' funds. If the funds bounce, your landlord is stuffed. Short of a transfer, cash with receipt is your only option.

Benji

Aquatronixjenny wrote: »

Personally, I would pay cash. I would never ever transfer money into someone elses bank account, its too risky. I paid the deposit on my current house in cash.

Why is a transfer more risky than cash? You can't get mugged on the way to the check-in!

casper_g

Paying by bank transfer (faster payments) on the day you sign the contract would seem sensible. What sounds risky is paying them, by whatever means, 4 days before you see and sign the contract!

jwtaylor876

Cheers guys, I'm gonna email and ask for a copy of the contract and probably pay in cash. Maybe I'll drive to the bank though