Freshers Beware of the Dangers of Letting Agents!
We have all seen the avid attempts by the university to urge letting agencies to release their housing lists in February. Many students rush into decisions as early as early November and as friendship circles change in the space of three months, this could cause huge problems for you and the group of people you are going to have to live with for a year.
For a newbie to letting agents, there are a few things you need to know before you start hunting for your perfect house:
- Letting agencies’ priority is MONEY. Full Stop. They are not concerned with urging you to really think about your different options. Make sure you ask questions about the property and the process as they are unlikely to spend the time explaining it to you unless you ask. Do not nod your head aimlessly when the letting agent is blathering on about things you do not understand.
- Agency fees vary between letting agencies. The agency fee is an upfront charge usually from £100-250 per person, to process the contracts and sort out all the paperwork. Yes, it is essentially one massive rip off but you have to pay it before you can sign any paperwork, so make sure you save up for it or have an extensive overdraft, lest it cause you to lose the house you really want.
- Alongside first months’ rent, security deposits are also paid before moving into the property. The security deposit is what you must pay to compensate the landlord if you decide to set off fireworks in the centre of your living room or take a crowbar to the walls; but you will get this back when you’re lease has ended – KEY POINT: you must ask the landlord for the deposit back as he/she has no obligation to give it to you unless you ask for it.
- Do not sign anything until you have looked around other properties or researched the areas. Take into account that if you live far away from your relevant campus, you will have to invest in a bus pass, if you can speak to the current people in the house you’re interested in renting – ask questions about the landlord and the average price of bills they pay each month.
- READ THE TENANCY AGREEMENT. Yes, it is incredibly dull and yes you would prefer to watch a re-run of Come Dine With Me, but you need know what you are agreeing to and question any clauses that you do not feel are fair or necessary. If you are struggling to understand the legal gobble-de-gook, then venture down to the Citizens Advice Bureau on St Aldates, who are happy to offer any advice.
Choosing a house can be an enjoyable experience, just make sure you know the do’s and don’ts before you set about searching for the perfect property!
