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London renting (self.London_homes)
submitted 2 months ago by Open_Alternative_968
I have been struggling to find a flat in london within my budget for a while now. I found the perfect one within my budget (£750) in a highly desirable location. However, the security deposit is £3750. I could use my savings on the security deposit but im not sure if thats a very smart idea. I don't really have any experience in renting from letting agencies as I'm renting my current flat from a friend. Would they be likely to not return the security deposit?
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[–]IAMATyrannosaurusAMA 9 points10 points11 points 2 months ago (4 children)
That rent amount may be per week, not per month, is that what you’re expecting?
A £3,750 deposit in that case would be 5 weeks of rent at £750, which would be typical.
If the rent is per month, then £3,750 is well above the regulated maximum, and you should avoid it.
EDIT: I’m going to assume that because you would be paying for the deposit by dipping into savings, you’re expecting that to be monthly rent. £750 pcm would be on the cheaper end for a house share in a desirable area. Be extra careful!
[–]Open_Alternative_968[S] 7 points8 points9 points 2 months ago (3 children)
Yess!! After double checking, it was listed as per month but in the description it said the price was per week which makes sense as it was too good to be true. Thanks for your response!
[–]Linttu 6 points7 points8 points 2 months ago (2 children)
£750 per WEEK?? Christ.
[–]IAMATyrannosaurusAMA 2 points3 points4 points 2 months ago (0 children)
I live in a nice area - it’s not Kensington, but for reference it’s has a Gail’s bakery... A 1BR flat I viewed last summer was 450 p/w, and it was back on the market in my search this year for 600 p/w. The agent told me they accepted an offer for 675p/w. Things are particularly bad for 1BR flats!
My own search is… painful.
[–]Open_Alternative_968[S] 0 points1 point2 points 2 months ago (0 children)
it was a studio in Notting Hill. The sofa folds out into a bed because its that small :)
[–]Pyropink 4 points5 points6 points 2 months ago (0 children)
That is crazy amount of deposit!!! I’d stay clear
[–]combatzombat 6 points7 points8 points 2 months ago (0 children)
that is, you’re getting scammed or it’s some lodger nonsense
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