Why must I pay a deposit?
This is a form of security for the cover that once you vacate at the end of your term of leave, there is a damage deposit to repair and/or clean the unit to the same condition it was in when you occupied it at the beginning of your lease period.
Do I get interest on the deposit?
Yes, the amount may vary from time to time but it will always attract the best interest our bankers offer in a trust account.
What happens to my deposit?
As we are a member of PayProp, all deposits go into a special trust account with ABSA Bank and attracts the highest interest based on the volume of funds held at the time. you can log onto their website and view your statement and deposit with all interest accruing
Can the owner hold the deposit?
Yes, indeed they can. we would strongly advise that we keep it in our trust account but seeing that we work for the landlord, they make the final decision. it is our obligation to advise the landlord that he/she must invest it in an interest bearing account for the benefit of the tenant.
What is the minimum/maximum lease period?
There is no minimum or maximum, however, few landlords would normally accept a period of less than 12-months (1 year) and it would not be advisable to sign for more than 36 months (3 years) – as the market could change and prejudice either the tenant or the landlord. We have however signed a number of 60 month (5 years) leases often with more senior tenants and with long term investor landlords.
Must I pay a lease for each time I renew?
Yes, we will always advise to determine your approximate lease period with an option to renew. Some tenants however err on the side of caution and renew every six months and pay a lease fee each time. Our agents are remunerated by signing leases and do all the necessary documentation and credit checks each time you renew.
What is the annual increase?
Increases are always negotiable but most landlords insist on a 10% annual escalation often negotiable on longer leases.
Can I use my deposit in lieu of last months rental?
Absolutely not. Not only is this illegal but defeats the object of a damage deposit. you can expect to get your deposit back with interest provided all issues have been recovered such as arrears, penalties, repairs and cleaning.
When will i get my deposit back?
Do not budget to use your deposit for your next property as typical deposits are cleared and repaid between 7-14 days after final inspection, less any incidentals.