Cash advice: The dos and don’ts of renting

The term ‘generation rent’ doesn’t just apply to millennials. More and more people over 40 are turning to private landlords after finding themselves priced out of the housing market. Here’s everything you need to know about renting...

1 PROTECT YOUR DEPOSIT

You’re likely to be required to fork out at least four to five weeks’ rent in advance as a deposit. The Tenant Fees Act, which is applicable for tenancies beginning on or after 1 June 2019, makes it illegal for your landlord to force you to pay a deposit of more than five or six weeks’ rent.

2 PROTECT YOUR CREDIT SCORE

As long as you’re a great tenant who pays their rent on time, you can make it count towards improving your credit history. Sign up with creditladder.co.uk. This site will identify your monthly rent payments and report them to credit reference agency Experian.

3 WRITE AN INVENTORY

When you move in, create and agree a checklist with your landlord of everything that’s included as part of the tenancy – also list any faults and damage to the property, furniture and fittings. It’s worth taking pictures when you move in, so that when you move out, you won’t be penalised for any damage that was already there.

4 DON’T FORGET YOUR BILLS

Remember, unless stated in your contract, you are in charge of bills. This includes council tax, TV licence, broadband and telephone bills. If you live on your own or no one else in your home is classed as an adult, you can apply for a council tax reduction of 25 per cent. For details, visit gov.uk.

5 FEE-FREE

Under the Tenant Fees Act, letting fees for tenancies signed or renewed on or after 1 June 2019 are banned. So, if you are looking to sign or renew a tenancy, and you’re being asked for letting fees, be aware this is probably a scam.