Post
by kenfrapin » Tue Mar 15, 2011 3:35 pm
To add to above post, advance consists of 2 things
1. One month's rent in advance paid when you move in
2. A maximum deposit of 1.5 months rent held in with a legal deposit company like DPS (Deposit Protection Scheme). This is now a mandatory means of holding a persons deposit. There are still some agencies and landlords who take a lower advance and keep the deposit with them but many times, when you move out, you have to fight to get the entire amount back because they levy unnesccesary charges and deduct a lot from your deposit. Some people even run away with it which is why it is now legally protected by companies like DPS.
The deposit is only kept to ensure you make monthly rent payments and pay all utility bills and council tax. If not, then this deposit is used to cover that amount. Also, deposit will be used if you have damaged anything in the property or not kept it as clean as it was when you moved in. Its extremely important to get an Inventory report when you move in that details everything present in the house and the condition its in. This ensures both sides are protected when it comes to leaving the property.
Make a mental note of all this when you plan to take a place. Bottom line is you need approx 2.5 months rent up front of which you should get 1.5 months back when you leave subject you making all payments and keeping the place clean and tidy. Make sure the deposit is kept in a neutral company and you have online access to it. Once you move in and something is not as stated in the Inventory Report then send an email and also take a pic of it for later use.
KP