What do I need to pay before moving into a new property?
You will need to pay your administration fee, your holding deposit/reservation fee, deposit and first months rent.
What is a holding deposit?
It is another name for a reservation fee which you pay to the agent as an agreement that you will be going ahead with the property and in return the agent removes the property from the market and does not show it to anyone else. The reservation fee is non-refundable but it is almost always deducted from your first months rent.
When does this need to be paid?
It is advised that the monies are in cleared funds at least 3 days before you move in to the property.
What is the admin fee for?
The admin fee covers the agencies cost for processing your application and drawing up contracts for you. It can also include the collecting of your references.
What is the referencing fee?
If your references are not included in the admin fee, the referencing fee covers the agencies costs for collecting references for you.
What is the security deposit?
The security deposit is normally between 1 month or 6 weeks rent which is held in case of any damages done to the property. Providing that you don’t damage the property, your deposit will be returned in full at the end of the tenancy.
Where is the security deposit held?
It is held in a protected custodial or insurance based scheme with either the DPS (deposit protection scheme) or the TDS (tenancy deposit scheme)
How do I get it back?
At the end of your tenancy a check-out report will take place to assess the condition of the property. Yourself and the landlord will then review the check out report and both of you will either agree the property is clean and undamaged or, if the landlord is not happy with the condition of the property, they can deduct a certain amount from your deposit. You can then choose to agree or disagree with the charges. No money will be released to either party until an agreement has been reached.
What is checking in / out fee for?
This pays the inventory clerk for their time to come to the property and to create a detailed inventory and report.
Is the inventory clerk impartial?
Yes, they are always a third party company to ensure that they are impartial.