Securing your accommodation: Fees and costs

STEP SECURING ACCOMmODATION: 06 FEES AND COSTS

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Once you have decided on the accommodation you like, things may seem like they are moving quickly or a lot of money is being asked for. You can ask for a full list of fees (plus due dates) to ensure you can plan for this. If the fees are going to put you in a bit of financial difficulty you may want to consider getting some money advice £ £ to ensure you have all the funding you are eligible for and budget your money. Avoid taking out payday loans to cover costs, there are other ways to pay! If there is a fee you are unsure about come and ask us and we can check £ what it is for and if it is reasonable and legal.

What happens when?

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Holding fee: This fee is paid to show your commitment to renting the property and as such the letting agent/landlord will no longer advertise it. You’re unlikely to get your money back if you later decide you don’t want to take up the property. Maximum one week rent per property.

Security deposit and first month’s rent: A security deposit is taken in case you cause any damages that you fail to repair. It can also be kept by the landlord or agent if you have outstanding rent. Maximum five weeks’ rent per property.

No deposit option is permitted as long as the tenant can choose between the no deposit option and paying a security deposit.

It’s important you understand the options available so get in touch with SUBU Advice before deciding which route you wish to take.