More information on guarantors and deposits!

Welcome to part 2 of our ultimate housing guide. In this guide we will be taking you through fees, guarantors and deposits.  

1. Renting fees

Before the viewings you shouldn't be paying anything, the following are the payments you will be expected to make: 

After the viewing...

Holding fee: This is to reserve the property in your name. The property will be taken offline and will be yours whilst you work through the paper work. 

This is usually one weeks worth of rent and will then be put towards the deposit. If you pull out, fail checks, or miss reasonable deadlines, this won't be paid back to you. 

Upon signing the contract...

Security deposit: This is five weeks/ a months worth of rent and is refundable at the end of the tenancy.

The deposit being refunded is subject to the property being left in the same condition you received it. 

If you see any other fees other than the ones listed here, they are almost certainly not permitted and you should not pay them. If you aren't sure, please get in touch. 

2. The contract

The contract is legally binding. It shows both yours and the landlord's obligations - you must read it!

We do have an online contract helper which you can use, it'll ask you questions as you make your way through to help you understand what you are getting into. It'll also tell you what should and shouldn't be included, and will deliver it in more accessible language because contracts can be very legally worded. 

Key terms to be aware of in the contract:

• 'Joint and several' - this means everyone is responsible for all the rent and damages. The landlord is letting the whole property to the group, not individual rooms. 
• 'Head/Lead tenant' - this will be the first point of contact for the landlord and will also be who will get the deposit back. This should be someone who is responsible and who you trust. 

The renters' rights bill may also be coming into place for the next academic year - to read more about it check out this story. 

3. Guarantors, Right to Rent, and references

Guarantors
This is someone living and working in the UK who will underwrite your tenancy. If you were to fall into financial hardship, they would pay your rent. 

You will almost always be asked for a UK based guarantor for any shared living or PBSA. 

Without a UK based guarantor, you will generally be asked to pay all the rent upfront. 

If you don't have the funds to pay upfront, which is totally understandable, there are companies you can use. These include Rent Guarantor, Housing Hand, and UK Guarantor who will act as your guarantor for a fee. 

Right to Rent
These are checks your landlord will do on you to make sure you are legally eligible to rent a property in the UK. Don't be surprised if they ask to see your VISA or passport - these will need to be the actual copies and not photos. 

You will need these when you want to secure the property, which could be on the day of the viewing if you like the property. 

Referencing
Not every landlord will ask for a reference but many will. You are able to use the University as your reference where we can provide a statement from us saying you have paid your rent on time and in full. 

4. The deposit and protection

Your landlord must use one of the three deposit protection services...

• Deposit Protection Service
• MyDeposits
• Tenancy Deposit Scheme

These protect your deposit and make sure it isn't taken away from you unfairly. 

You will be given this information in your contract so keep an eye out for this. 

Getting your deposit back
Although this may be a long way off, it is still important to understand how you would get your deposit back. 

You must return the property in the same condition you received it - this includes the same condition of repair, and cleanliness.

The most common deductions from your deposit include...

• Cleaning
• Damage and redecoration
• Gardening
• Batteries in detectors
• Lightbulbs

Top tips...

• Take photos when you move in and move out
• Complete your inventory (carpets, walls, stains)
• Don't be afraid to challenge deductions

This is the end of part 2 of our housing guide, now head over to part 3 where we will be going through bills and utilities, repairs and common issues and the community. 

If you haven't read part 1 - house hunting, check it out here.