psych_78
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yes this is legal and no you would not be paid interest from the landlord for this deposit!!! I would stay away from any landlord that requests a 6month deposit!! It is a lot of money and there can be some dodgy landlords out there that don't give it back by claiming that you have damaged something or that you missed a month's rent or something ridiculous like that!! |
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isleofskye
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It's his house he can ask for what he likes. Wether he gets it or not is another matter. |
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Rats
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six months rent in advance seems a very high rate. I would be very suspicious and look elsewhere. There is plenty of rented accommodation available and I am sure there are many who wouldn't charge this rate. It is normal to ask for a deposit for up to 3 months.
If you are keen on this property and want to try to secure it, hold your ground and tell them that you consider it completely unreasonable.
If you are not a uk national, they may be concerned that you will skip the country without paying the rent and they would be out of pocket but they need to be realistic that most people don't have this much money available. Offer them good references and if they won't compromise, walk away.
There are a lot of unscrupulous landlords about and if it seems unreasonable, it is probably a good sign that they will shaft you somewhere down the line.
Good luck! |
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dels replies
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No the landlord can ask as much deposit as he likes.25 years if you are prepared to pay it.the landlord has no responsibility to you for lost bank interest.It's just up to you to find a landlord that will let you a flat for 1 month deposit which is the normal.Make sure the deposit is in a secure account so that you can get the money back at the end of your tenancy. |
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MiniMed
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It is legal, however they don't usually ask unless you are unemployed, or in a poor financial postion, in which case they are just covering their own backs really. |
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Lady Claire of Current Events
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I rent from a landlord and when we moved in it was one month in advance and a deposit (usually the same as a months rent).
It could be that its because you have lived abroad, but that really shouldnt matter as you will pay a deposit. I think you should start looking for another agent. This is ringing alarm bells.
Good luck |
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sleek
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Chase him!! He's a chancer! |
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amsterdam
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It's legal but it's not normal. The law regarding deposits changed very recently (April 6th) and now it must be held in an independent account, ie, not by the landlord. Ask the agent about this, he should have been reading up on it, as I have. Some agents offer these accounts.
Remember, everything is negotiable. If your references are good, and the agent has a flat you like, I'd go back to him and say "Sorry, no, I'm only prepared to give one month's rent as deposit" If he insists on 6 months, walk away. There's a shortage of good tenants, and if you can demonstrate that you are one, you're in a strong position |
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joyceeleann
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I don't know about the UK but in USA...it is legal if you have bad credit..its a way of making sure they will receive their rent money |
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mandala
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Hi there. I think this may be wrong. However should you not be in a regular job (i.e., literally just got back from the EU and cannot show a consistent history of work here) the landlord may feel this is insurance in case you do a runner or are unable to afford the property.
I personally don't think the landlord can ask you up front to pay that much. "However that is my opinion". I have looked at some websites for you and suggest you take a look at these (see below) but can't find anything concrete to help you further. In my own renting experience I have paid a deposit and the first two months rent on top of that...but I've never paid 6. Try your local citizens advice bureau / council to get the legal aspect.
If this is the only way you can get a property make sure that you read the tenancy agreement before you sign it.
Also about the interest being paid back
I don't think you have a chance there....but again my opinion
http://www.thesite.org/homelawandmoney/home/tenancyrights/yourrightsasatenant
http://www.thesite.org/homelawandmoney/home/renting/commonlandlordbattles
http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/RentingAHome/index.htm?cids=Google_PPC&cre=Home_and_Community&gclid=CJK1-KiCvosCFQ8vlAod22IRwg
http://www.direct.gov.uk/prod_consum_dg/groups/dg_digitalassets/@dg/@en/documents/digitalasset/dg_066409.pdf
http://www.pattinson.co.uk/public/content/rent/GuideFortenants.aspx |
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robinwhale
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Landlords can ask what they want as an up-front deposit. Yes it's legal, maybe not very helpful though.
The landlord is very likely to have had a bunch of people run out on him owing money so he is trying to minimise future losses.
On the good side, there is a new law either just come into effect or about to that requires landlords to put deposits into a "government" fund where the landlord can't rip you off, and it gains some interest.
If you find a good place and the landlord is asking too much deposit for you, go and talk to him. If you present yourself well he may decide to lower his requirements. |
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adam
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Of course it is legal - depends what is agreed in tenancy agreement, This is coming up more and more now with influx of eu members. Interest will not normally be refunded and if it is very minimal amount. If renting through a well reputed agent they can hold on your behalf and drip it to the Landlord monthly. With the news TDS Tenancy deposit scheme now out see website this will give you and your money more protection. |
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stephanie
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i personally wouldn't do it~ he has your $$ for six months in advance. what if he choses to sell the place after two?? you have already given him the $$. not a wise choice. |
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mpstephens13
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If you sign a long term lease, the landlord may let you out of the 6 month request. They can ask for any amount of time up front, and no, they will not pay you interest. This is usually for security deposit and will be given back if you stay the term of your lease and don't do any damage. |
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David B
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As to the amount, it is legal (just). It is however highly unusual and is hopefully just the agent hedging his bets as you are a risk having recently returned from abroad. You have to be very clear exactly what is being asked. Is this advance rent ? or is it a thinly disguised attempt to circumvent the new laws on deposits, which are highlyregulated now.
My advice - find a different agent!
(oh on the interest, tough if its rent - if it is a deposit it depends on which guarentee scheme is used, but still basically tough, as the interest is usually funding the guarentee and arbitration scheme) |
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Smurfett
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it might not in the uk but in usa you can't do that i would ask around |
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