Do I need to pay a deposit?
Paying a deposit will depend upon your landlord and this is a question you will need to ask them.
We would recommend discussing this at the viewing before making an offer.
Types of deposit?
There are several options available, and this will need to be agreed between you and the landlord and any decision should be reflected in your tenancy agreement.
- A traditional deposit should be no more than 5 weeks rent. You should receive information about where the deposit is held as soon as your tenancy commences and no later than 30 days after paying it to your landlord. This will include the Prescribed information, the deposit certificate or receipt, and a copy of the chosen scheme's terms and conditions or scheme rules.
- Deposit replacement product. The landlord may suggest a deposit replacement product which generally means you will pay a third-party company about 1 week's rent, which is not refundable. Under the rules of the Tenant Fee Act 2019 your landlord should offer information about the pros and cons of using this type of option. You do not have to agree if you do not want to.
- No deposit taken