Avoiding scams, when paying deposit and rent

finger

Hi guys,

I'm about to rent off a private landlord, rather than an agency for the first time. I'm always wanting to be cautious about falling for scams or anything when there's a decent sum of money involved.

The landlord wants me to pay by bank wire. Does that seem reasonable? I assume it's fairly traceable. If I pay the deposit/rent and the landlord changes the locks or something when I'm out, it'll all be tracebale, unlike cash? Is theer anything I need to look out for?

chris_m

finger wrote: »

The landlord wants me to pay by bank wire. Does that seem reasonable? I assume it's fairly traceable.

I assume that this means an online banking transfer directly from your account to his and that his is with a UK bank? If so, that should be safe enough - in the event of a dispute your bank will be able to confirm the account to which it went. Not a lot different from a cheque, except you don't have to write it and the LL doesn't have to pay it in.

When setting it up in the first place, I would suggest only sending a small amount first (£10, maybe) to make sure that he has given you the correct details and that you entered them correctly - mistakes are easy to make and, whilst fairly easy to sort out, can be a hassle. Obviously, tell the LL that you're doing that (and why) and, once he's confirmed that the payment arrived OK, you'll send the balance.

Once you've satisfied yourself that the transfers are working correctly, it could be worth setting it up as a standing order (not direct debit) so that it happens each month automatically with no risk of you forgetting. All you'd have to remember is to cancel the SO when you move on or extend the expiry date if you decide to stay beyond the initial period.

dimbo61

There is a difference between a cheque and online and that its instant as the LL will have the deposit/rent in his account within 2 hours!!

chris_m

dimbo61 wrote: »

There is a difference between a cheque and online and that its instant as the LL will have the deposit/rent in his account within 2 hours!!

True, I missed that bit - however, that is assuming that both banks handle faster payments and that the FP system is working at the time. It's not always, although it is getting better.

clutton_2

do write a reference for the internet payment - GreenStDeposit for example - that will appear on your bank statement for more clarity

chris_m

clutton wrote: »

do write a reference for the internet payment - GreenStDeposit for example - that will appear on your bank statement for more clarity

Indeed, that will also help the landlord see what the deposit in his account is so he can see that the rent's been paid - especially if he has more than one property rented out.

BitterAndTwisted

You should satisfy yourself that the landlord is who he says he is and that he does actually own the property concerned. You can check the entry for it on the Land Registry site for the princely sum of four quid.

Johnhowell

dimbo61 wrote: »

There is a difference between a cheque and online and that its instant as the LL will have the deposit/rent in his account within 2 hours!!

Depends on the two banks/BSocieties involved. Some transfers can still take a few days to appear in the recipients accounts.

theartfullodger

BitterAndTwisted wrote: »

You should satisfy yourself that the landlord is who he says he is and that he does actually own the property concerned. You can check the entry for it on the Land Registry site for the princely sum of four quid.

Completely agree, and for only £4 you can know if you are dealing with the right bloke. The address given for owner may also be useful - if somewhere else you know where he (probably..) lives.. If address given is the property itself chances are he'll either be stupid (not good..) or on the fiddle (worse....)

www.landregistry.gov.uk
- "Find a Property"


Nothing to stop you asking for his "permission to let" from his mortgage company & to see his Landlord's insurance: If he doesn't have both or isn't willing to show them to you then walk away....

Cheers!

Artful