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Been asked to pay a deposit for your accommodation?

Written by: SU Advice https://www.upsu.com/advice/

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A landlord or letting agency can only request a deposit for a maximum of 5 weeks rent (provided the monthly rent is less than £4,167) for assured shorthold tenancies.

 

To calculate 5 weeks rent:

Monthly rent x 12 = Annual rent

Annual rent / 52 =  Weekly rent

Weekly rent x 5 = Maximum deposit which can be charged

 

This must be protected in an approved deposit protection scheme and you should be given details of this within 30 days of making the payment.

 

Been asked to pay a holding fee?

Some landlords or letting agencies may request a Holding Fee – this is different to a deposit and are capped at 1 weeks rent and is usually requested whilst pre-contract checks are carried out.  If the landlord or letting agency decides not to rent to you, they must refund your holding deposit.

If you feel you are being asked to pay too much or have difficulty getting your money back from a landlord or letting agent, please get in touch.

Contact us for further advice: https://www.upsu.com/advice/  

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