Guide To Tenancy Deposits

Upon moving into a rental property, you’ll be required to pay an upfront deposit while completing the application form. Although this deposit is refundable, it provides landlords with assurance that you’ll adhere to the terms of your tenancy. The deposit remains your property and is securely held by the landlord or letting agent in a tenancy deposit scheme.

Deposit Dispute:

At the conclusion of tenancies, landlords are obligated to return your deposit if the tenancies have proceeded smoothly. However, they can claim deductions if they believe there has been a breach of the terms outlined in your contract/tenancy agreement or if there are complaints regarding damage to furniture, fixtures, or fittings.

How To Prevent Tenancy Disputes As Tenants:

• Maintain the property in a clean and tidy condition; it’s better to do more rather than less!
• Give particular attention to cleaning frequently used areas.
• Report any maintenance issues to us promptly.
• Conduct a thorough inventory check at the start of your tenancy to ensure accuracy.
• Understand what constitutes fair wear and tear.
• Consider Tenancy Liability Insurance to safeguard against accidental damage.

Holding Deposit:

If you withdraw from the transaction after making a formal offer, you forfeit your holding deposit. However, if the landlord withdraws or does not accept, you receive your money back in full.

Scenarios To Avoid To Protect Your Deposit:

• Pulling out of the process.
• Failing a reference check.
• Providing false information, such as incorrect salary details.
• Neglecting to take steps toward entering the tenancy agreement.