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Paying a rent deposit and 1st month's rent
SuzieSue
Posts: 4,109 Forumite
Hi
My friend will be looking to rent a property for the first time. When would she normally need to pay the rent deposit and the first month's rent? Would it be when she signs the tenancy agreement or would it be the day she moves in or the day before?
Thanks for your help
My friend will be looking to rent a property for the first time. When would she normally need to pay the rent deposit and the first month's rent? Would it be when she signs the tenancy agreement or would it be the day she moves in or the day before?
Thanks for your help
0
Comments
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From my experience it's always been before moving in whilst all the paperwork and signing is done.*Assuming you're in England or Wales.0
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SerialRenter wrote: »From my experience it's always been before moving in whilst all the paperwork and signing is done.
Thanks, so she should ensure she has enough available funds for the deposit and 1st month's when she goes in to sign the agreement?0 -
That is correct,
The amount they ask for as a deposit varies, but its usually one to two months rent.
Also if they're a pain like my letting agent they might not be able to take check or card. Nothing makes you quite as paranoid as walking through town with a significant amount of money in your pocket!*Assuming you're in England or Wales.0 -
also remember that you might have additional fees to pay for as well, like the agent fees.
These may have already been covered by your holding deposit thou (assuming you paid one)0 -
Good point,
Here are some examples of fee's (taken from my own tenancy)
Referencing charge £50 per person
Security Deposit 1.5 months rent
Preparation of tenancy agreement inc VAT £84 (who knew hitting print was so costly!)
1st rent
They often don't show the VAT on some of the charges like printing the tenancy agreement, sorry I mean "preparing". So my advice would be to ask for a statement of ALL costs.*Assuming you're in England or Wales.0 -
It must vary from agency to agency. I signed all the paperwork but didn't have to pay deposit/rent until the day I moved in, about 2 weeks later.[STRIKE][/STRIKE]I am a long term poster using an alter ego for debts and anything where I might mention relationship problems or ex. I hope you understand
LBM 08/03/11. Debts Family member [STRIKE]£1600[/STRIKE], HMRC NI £324.AA [STRIKE]137.45[/STRIKE]. Halifax credit card (debt sold to Arrow Global)[STRIKE]673.49[/STRIKE]Mystery CCJ £252 Santander overdraft £[STRIKE]239[/STRIKE] £0 .0 -
It would be fairly safe to assume that everything would need to be paid, in cleared funds, before she gets given the keys....
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SerialRenter wrote: »Also if they're a pain like my letting agent they might not be able to take check or card.
They are 100% doing the right thing.
A cheque can bounce, a card payment can be reversed.Well life is harsh, hug me don't reject me.0 -
I have today agreed to rent a house from March 1st. Agent has asked for 100.00 holding deposit and 250.00 reference fees. That seems fine, they have also asked for the one months rent (1000.00) as deposit but want that in seven days time. This seems very early to me as we do not move in for six weeks.
What do you think?0
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