What is a deposit?
A deposit or as it’s often called a bond is a premium paid by the Tenant to the Landlord to cover the cost of any damages or dilapidation that may occur during the tenancy agreement. If there are no damages to the property, then the deposit is returned in full to the tenant.
Who keeps the deposit?
By law, deposits received after April 2007 have to be registered in an approved Tenancy Deposit Scheme. The idea of the scheme is to give the Tenant greater protection and to stop unnecessary deductions by some private Landlords.
How much is the deposit?
This will vary from Landlord to Landlord, but as a general rule of thumb the deposit is usually equal to one month’s rent.
When is it returned?
Within 10 working days of the end of the tenancy agreement
What can be deducted from my deposit?
We the exception of reasonable wear, the property should be left in the same condition as when the tenancy agreement commenced. Deductions can be made for any damages to the property, cleaning or replacements that are needed in order to re-instate the property to its original condition.
How do I know what damage has been caused?
All reputable Landlords and Letting Agents will produce an Inventory report prior to you moving into a property. The inventory, will list what’s in the property and the condition and will normally have photographic evidence. When you leave a property, it will be checked against the original inventory.
If I’m leaving the property and I have paid a deposit, do I have to pay the last month’s rent?
Yes, the rent and deposit are completely separate and the rent should be paid on the due date of every month.
How do I know my deposit has been registered?
Within 30 days of moving into a property, you should be issued with a certificate detailing which scheme your deposit has been registered under.
What if I’m not happy with any deductions?
The deposit scheme provider will act as an arbitrator between the Landlord and Tenant and look at the evidence and decide who is responsible for the costs and if they are fair deductions.