What's the best way to dealing with a deposit transfer when moving?

parc

Hi

Been flat hunting for ages and finally found a good place. I have to transfer the guy the deposit to secure it. Just wondering what the best way to do this is to ensure I'm not robbed?

My friends says transfer it through PayPal as they're really good a sorting disputes should any arise.

Other than getting a deposit receipt is there anything I can do to protect myself?

Thanks
Fergal

the_syco

Have you met the others in the house? Be aware that your name probably won't be on the lease, thus the landlord may not even know that you have moved in...

MarkAnthony

Make sure you have a (working!) key at the time you hand over the deposit. Make sure you meet the person, in person.

Pac2015

I would tell them that as soon as you receive the key to the property you will either transfer over deposit or else meet them in the property with cash and as soon as you get the key give them the cash but get them to sign a receipt.

parc

Thanks for the replys

I've met the guys and they seem trustworthy

The guy has sent me over a contract and given me the bank details of the landlord. The contract looks legit. Looks extremely professional - has my name, the amount I have to pay, details of the safe deposit scheme, the landlord etc.

Also the guy who emailed me, he emailed me from his work email, he's on linkedin etc.

Sorry I'm just trying to put my mind at ease

Does anyone know if paying by PayPal is one way to safeguard it to an extent?

quietsailor

Nearly every form of money transfer has problems associated with it;

PayPal would only be used by people who are comfortable with it, not everyone is internet friendly so the LL may simply refuse to accept it and they are well within their rights to do so.
If they DO accept PayPal you might have to pay the charges associated with it - if you're insisting on a payment method that creates additional costs (PayPal) over a method that doesn't (cash/bank transfer for example) why should they be out of pocket?

You can offer to transfer the money electronically but this takes time - they can legally delay allowing you to move in until the money arrives in their account.

A bank draft is another method BUT there is a scam ongoing in Ireland within the car trade where people by a car with stolen bank drafts and then when the vendor (LL in your case) goes to lodge the draft it bounces - I'm not accusing you of doing this but the LL has to protect themselves so again they may want you to wait until the draft clears into their account.

Cash is dodgy from the tenants point of view as it's not traceable and most "Receipts" are hand written and well, not worth the paper they are written on. Deviating slightly from your original topic now but the consensus on this forum is that cash is a bad way to work in, if you ever look for a mortgage cash rent payments don't count as something you can show the bank as proof of repayment ability. Standing Orders are the best way to pay rent as it shows up in your own statements -- if you can set it up so your statement will show the word rent - it makes it easier to prove repayment ability if the person approving the load can "see" you paid rent as opposed to you talking about it and having a generic "SO" entry every month.


They sound professional though, and as you have the bank details you can set up electronic transfers, that's a huge plus from your point of view as it means they are traceable and visible to the revenue, ie less likely to be chancers


Out of curiosity - what do you mean by the "safe deposit scheme"

the_syco

parc wrote: »

Looks extremely professional - has my name, the amount I have to pay, details of the safe deposit scheme, the landlord etc.

The safe deposit scheme exists in england. I'd be wary that it's being mentioned here, as unless you paid the landlord the deposit, the landlord doesn't have your deposit.