Timeframe for paying first rent and security deposit
My husband and I have been landlords for more than 20 years and do not use letting agents. However, I have a question now relating to letting agents as my son is trying to rent a flat with 2 friends in London. The agent is Foxtons, a large reputable chain.
The agent has accepted my son's offer and requested a £1000 holding deposit. He has paid that. Today, howeve, he is directed to their portal where he can download the tenancy agreement and supply requested information etc. Also, on the portal, is the news that he must pay the first month's rent and security deposit ( 6 weeks rent) to Foxtons within the next 14 days. The tenancy is due to start mid-June, so why is he required to pay the best part of £6k within the next 2 weeks. I feel very uncomfortable that the agent will be holding so much of his money for so long, when potentially the landlord may not even have signed the contract.....and what happens to that money if the agent goes bust?
Is this normal? Foxtons are saying that if he doesn't pay they won't take the property of the market.
Any thoughts very welcome. Thank you.
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