Rental deposit security questions

P

Prelude

Guest
Hi,

I am about to handover a deposit for a house I am moving into next week. The deposit is payable to the letting agent, whom I've met. They are a local letting agent - although I had never heard of them before this. They don't have a functioning website currently. I have no reason as such for mistrust and perhaps I am being over cautious - I think it's just stories I've heard previously making me wary!

Does the agent hold onto this deposit or does the landlord? If the letting agent or landlord went bust, am I the last person to get paid!?

Does anyone have any advice on how to complete this transaction in a secure way?

Help appreciated.
 
I don't know the answer to your question but I think that you should probably pay by check and make sure you get a receipt for your deposit. That way there is at least a paper trail if the agent claims they never got the money, etc.
 
I believe the normal method is (or used to be, anyway) that the letting agent would collect deposit and first month's rent, deduct their fees and forward the balance to the landlord. The landlord is then holding the deposit and is responsible for refunding it at the end of the lease/tenancy.
Sybil
 
hi sybil,i can put your mind at ease,ive rented loads of houses over the last 20 yrs and i no the law and rites you hav as a tenant belive me.i hav seen it all,if you give the agent the deposit then day hold on to that deposit for you,same goes if you hand it to landlord,at end of day it really doesnt matter who which one has it,they by law hav to give you a receipt,and dont ever "EVER" hand it over untill you hav a receipt,if they say they will drop it bin to you another day or somethig like that then give no money.trust me on this one,lol.i hav rented from some lovely people in my time but when it comes to leaving, deposits are always a problem if you hav no receipt. if there is ever any thing you need to no just ask , i wil be glad to help you or put you in touch with someone who can.enjoy your new home or office or wotever it is you rented,lol,take care...........
 
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