I’m new to private renting, and the whole deposit and rent deposit thing is confusing me.
If the property I want to rent is £1500 a month, I’ve paid a security deposit of £350…
Am I right I’m saying I will still need to pay a further £1500 deposit?? So all in all, I’m paying £3000 before I can move in???
It’s all so confusing and rather expensive.
it is a months rent in advance plus a security deposit of up to 5 weeks rent.
The £350 is not a security deposit. It is a holding deposit. It will count towards your final balance once contracts have been signed.
Yes, £3000 upfront if the monthly rent is £1500. You should get the deposit returned if all conditions of your lease are met when you move out.
So basically it’s common to pay one month rent in advance and 4-5 weeks rent as a deposit. Before you sign the tenancy you will go through referencing for which they take a holding deposit which depending can be non refunding or only refunded partially as they will deduct costs of the referencing or for having taking it of the market etc. That holding deposit will go towards the property deposit. In your case if it’s both £1500 and you paid £350 for holding deposit then you will pay the remaining balance of £1150 for the holding deposit plus the one month rent in advance which would equal to £2650 if that makes sense. So yes in total £3000. The holding deposit will be hold by a third party and returned to you once you’ve moved out (given there are no liable damages etc). Hope this somewhat made sense Happy New Year