Full Deposit for rental not holding fee

Tenant Discussion
1

So I have found this nice property up my desired standard and can’t wait to call it home!
Problem: landlord wants me to pay full deposit directly to his bank account (not just holding fee) before I even see a draft contract. He is doing everything himself out of open rent.

On my mind is: what if after paying the full deposit is the last time I hear from him?
I don’t want to loose the property but I don’t want to loose my hard earned £1000 either!
NB: have searched the registry records at .gov.uk and fund that he is the rightful property owner. And rightful owner of his company

Kindly advise. Thanks in advance

2

Where did you see property advertised?
Is the property on RightMove website?
Have you viewed property and met landlord?

You need to satisfy yourself it’s no scam.
Never pay upfront, plaice holding deposit if satisfied, go through referencing.

Do not place security deposit until signing contract.

Paying direct to landlord outside of OR is totally normal.

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3

Thanks for your advice mark10. Property advertised on open rent, right move and Zopla. I have viewed and met the landlord who l looks approachable, undertaking and friendly. Has said no to holding fee wants full deposit.

I’m having trouble convincing myself I won’t lose my money

4

To advertise on RightMove requires landlord to prove ownership, so a good sign.

Have you been credit checked and passed referencing?

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5

Credit check yes. Clean. Referencing not done yet

6

Is he a new landlord? This is not the normal way, you may fail application yet, to which he can only keep a holding deposit (1 weeks rent) if you have provided false info, or withdraw application.

He wouldn’t be able to legally keep the security deposit.

7

New landlord he is. Indeed I would feel safe placing only holding fee but he won’t take it

8

i have never taken a holding fee .If I say the place is yours , i mean it

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9

Has he said deposit will be lodged with a scheme?

10

Yes he has. Doesn’t want to use open rent

11

You may choose to give him benefit of the doubt, but he is doing it incorrectly.

Direct him to the TDS website.

https://www.tenancydepositscheme.com/asktds-should-i-pay-my-deposit-before-or-after-signing-a-tenancy-agreement/#:~:text=As%20a%20deposit%20is%20usually,you%20to%20do%20so%20before.

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12

Doing it incorrectly indeed. Ok let me start thinking positively and if I should give him benefit of doubt.

Im thinking that I shall come here to tell you all how I cried myself to sleep when I don’t hear from him again after I have paid :roll_eyes:

13

Let’s hope not :slight_smile: it should be a two way relationship, reasoning both ways. Check the link I sent.

14

I have checked the link. Thank you Mark10. Indeed it outlines the correct way of going about this. I’m wondering how to send them this link without offending them

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15

It’s a tricky one, may be best addressed on phone. Not sure how much you’ve discussed the topic though.

16

We are discussing via open rent messaging

17

Ask for at least a draft copy of the contract and if you wish, proof of ownership of the property prior to paying.

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18

Thanks David122. Will do!

19

You haven’t asked to see a draft ?!
I must stop assuming…

20

Thanks. I have asked to see a draft contract. Still waiting for him to share it.