I’ve seen a new property advertised which I’d like to rent and am thinking about putting a holding deposit down. However, the rent is really cheap – should I be worried it’s a scam?
You’re right to be cautious if the rent is a lot cheaper than the market rate. Don’t be hurried into paying a deposit before you view the property and look at your tenancy agreement. Viewing the property is important so you can check that it has been advertised honestly.
If the landlord refuses or puts off arranging a viewing, this is a possible warning sign that they aren’t legitimate.
Even if you have seen the property, it’s still important to check your tenancy agreement carefully.
You should expect your tenancy agreement to give the name and address of the landlord, along with their contact details. Ask for this information to be added if it’s not already included.
If no contract is provided, or there is no information about your landlord, it’s another warning sign the letting could be a scam.
Finally, it’s a good idea to see if the landlord is a member of a professional landlord association or accredited by the local council. Membership isn’t compulsory, but it will mean they are legitimate and will operate to a minimum standard.
Trust your instincts. If in any doubt, don’t part with your money.
*****
Check out our Consumer online advice on Consumer Scams and many other issues. Or give us a call. Our trained advisers can help you take the right steps.