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Renting a house - when do I pay the deposit

(11 Posts)
lavendersun Wed 10-Feb-16 12:15:03

I am waiting for a call from an agent. If we decide to rent one of the houses we are seeing next week I know that we will pay the referencing fee/lease fee when we decide to take it forward.

We are looking to start the lease in a month's time (agent said it would take 3-4 weeks anyway).

Can anyone tell me when it is 'normal' to pay the hefty (10 week's rent plus the first month's rent) deposit, is it when we sign the lease which I would expect to be a couple of weeks or just before it becomes effective?

Just wondering when to access the cash.

blamethecat Wed 10-Feb-16 12:18:56

I think you usually pay it on the day you move in/sign the contract.

lavendersun Wed 10-Feb-16 14:06:48

Thanks blame, but wouldn't we sign the lease well before we moved in and so wouldn'tt they want something to secure the house?

No idea, and they still haven't called me back.

I am having such a bad time communicating with letting agents - so pleased we decided to sell Chez Lavender rather than rent it out at this point!

kirinm Wed 10-Feb-16 14:09:54

You'll pay the deposit a day or so before you move in. It'll have to have cleared in their accounts.

10 weeks is hefty!

lalalonglegs Wed 10-Feb-16 15:19:21

I would assume that you would pay the deposit as soon as you have credit checks back etc and are good to go. Otherwise the owners will be left in a position of holding the house for you with the possibility of you changing your mind and walking away. Likewise, if you do not sign contract/pay fee asap, the LL could choose someone else. If you were just to sign the contract, the LL could argue that the contract is incomplete without the payments and cancel it should a "better" tenant come along.

I agree - ten weeks is a lot of rent.

kirinm Wed 10-Feb-16 15:24:18

They sometimes ask for a holding fee but I wouldn't be putting down 10 weeks worth. The holding fee would obviously be taken into account when you pay the remainder. There's no way I'd be giving a letting agent that much money upfront.

lavendersun Wed 10-Feb-16 16:05:12

I was thinking of a holding fee too - works both ways doesn't it.

Dh said I should offer them £500 to hold it (plus referencing/lease fee).

Deposit is £3.5k plus first month's rent. Usually 6 weeks rent plus first month but we have a dog so they want more and it is a small farmhouse not too smart either but all we can find where we want to be.

However, I am still awaiting for the agent to bother return my call. I don't suspect they will be willing to take DH's offer somehow.

This renting lark is a nightmare, we haven't done it for nearly 20 years, pita.

kirinm Wed 10-Feb-16 16:18:03

I'm trying to go from renting to buying and it's a total bloody nightmare!

Holding fee is normally about £300.

specialsubject Wed 10-Feb-16 16:24:33

get informed! Landlords are subject to regulation but agents are not. Make sure you read this and know your rights.

www.gov.uk/government/publications/how-to-rent

lavendersun Wed 10-Feb-16 16:40:04

Thanks very much Kirin. I will look forward to hearing how much bloody Savills want if they bother phoning me back.

Honestly, none of the agents I have contacted have been that impressive and they are all supposedly decent firms.

lavendersun Thu 11-Feb-16 17:04:17

I have now had confirmation from two agents that the referencing/lease drawing up fee will hold the property for 4-5 weeks max! Better than I expected to hear.

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