Agents wanting 2 months deposit on a flat.
Jan 23rd 2009 | 11:22 pm
#16
Retired and loving it!
Joined: Sep 2007
Posts: 5,211
From: Ontinyent - Valencia region (campo)
Re: Agents wanting 2 months deposit on a flat.
If the agent does go bust, then so what?
I'm not sure about the tax relief though. Gladly, we put our rental income through for tax purposes so we would have no problem if our tennants wanted to claim tax relief.
Feb 27th 2009 | 9:00 pm
#17
Just Joined
Joined: Feb 2009
Posts: 2
Re: Agents wanting 2 months deposit on a flat.
Hey all.
Just a quick enquiry. Found a brilliant apartment that Im very keen to rent (yup moving again, back to Estepona!) But the Agent is asking for 2 months as a deposit. Now i know its normally one month. but they aint budging. Obviously im a bit concerned with leaving such a large amount with.. well basically a complete stranger. They are Crystal Shore properties if anyones ever had any experience of them. He said that as the owner isnt a fiscal resident of spain, then the deposit would be held with them. But what if htey go bankrupt during the tenancy? What happens to my deposit?
Also interestingly, i can pay my deposit by credit card subject to a 2.5% card fee. Would this offer me any protection? I really want the apartment, as Ive looked at a lot of other apartments in the area and havnt liked them, plus I want to move quickly. So I'm tempted to just go for it anyway, but I would like to have some sort of comfort in the deposit being secured.
If anyone has any sound legal advice and some firm links to this (not just hear say) then i'd be very very appreciated to hear from you as soon as possible.
Thanks guys
Andrew
Just a quick enquiry. Found a brilliant apartment that Im very keen to rent (yup moving again, back to Estepona!) But the Agent is asking for 2 months as a deposit. Now i know its normally one month. but they aint budging. Obviously im a bit concerned with leaving such a large amount with.. well basically a complete stranger. They are Crystal Shore properties if anyones ever had any experience of them. He said that as the owner isnt a fiscal resident of spain, then the deposit would be held with them. But what if htey go bankrupt during the tenancy? What happens to my deposit?
Also interestingly, i can pay my deposit by credit card subject to a 2.5% card fee. Would this offer me any protection? I really want the apartment, as Ive looked at a lot of other apartments in the area and havnt liked them, plus I want to move quickly. So I'm tempted to just go for it anyway, but I would like to have some sort of comfort in the deposit being secured.
If anyone has any sound legal advice and some firm links to this (not just hear say) then i'd be very very appreciated to hear from you as soon as possible.
Thanks guys
Andrew
we have the same question in the same circumstances with the same firm, by profession, I have been involved with the financial Industry for some years, hence I asked the same question, "in what type of account is my deposit held?", a "client account" offers no protection to the person renting, small, (or large) firms have full control of this type of account and can use these funds as they see fit.this type of account description may confuse the renter into thinking that it is a UK Solicitor's client account, not so!, the Law Society Audits these accounts and they are insured and protected.
Only a Trust Account or legitimate Escrow account provides consumer protection.
Like you,we have been asked for two months "deposit", quite a lot of money with no guarantee we will get it back.
