Rents, Deposits and Agency Fees - what is the cost?


Finding and obtaining accommodation withi the Private Rented Sector can come at a cost. It is important that if you're looking for a propertyy to live in, you consider the costs before agreeing to moving into a property or signing a tenancy agreement.

Rent

When a tenancy agreement is signed with a landlord, it is your responsibility to ensure that the rent is paid and received by the landlord as part of your obligation to the agreement.

The payment to the landlord should always be paid on the agreed date as documented within the tenancy agreement. For example the 1st of every month.

If you don not keep up with the rent, the landlord will be entitled to ask you to leave the property through legal proceedings.

Always ensure that the amount of rent for the property is affordable to you.

Deposits

Landlords will usually include a deposit payment to be made in relation to the tenancy agreement. This payment is seen as a form of insurance to ensure that you do not damage the property. If damage is caused then the landlord claims the money back from the deposit you have paid.

If a deposit is required, then you should ensure that the landlord uses a recognised Tenancy Deposit Scheme. These government approved schemes ensure that your deposit will be fairly safeguarded and in the event of any damage to the property will provide a free service between you and the landlord to resolve any issues.

The landlord must show you how your deposit is protected within 30 days of you paying it. Your landlord is required to provide you with the details of the  scheme your deposit has been placed in including the contact details, terms and conditions and the deposits reference number.

If your deposit is not protected by a recognised scheme then seek advice from the Housing Solutions Team.

Rent In Advance

Most landlords will also require a rent in advance payment. Always ensure that you are able to afford this payment.

Agency Fees

Letting agents charge fees for administration cost, preparing inventories and drafting tenancy agreements. Always ask the costs of the fees and a breakdown on what you are being charged.

If you require any advice, contact the Housing Solutions Team.