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There are two types of deposit a tenant is asked to pay when they want to secure a rental property. Landlords and/or their agent are legally entitled to request both of the following:
Holding deposit
A holding deposit (one weeks rent) is taken to show that the tenant is serious about reserving the property. Once a holding deposit is paid, the tenant will then be requested to undertake the referencing. If the references are acceptable to the Landlord, The agreement is then signed and the holding deposit will be deducted from the total of the security deposit and the first months’ rent.
Please note, if a tenant fails referencing or changes their mind about the property, the landlord is within their rights to keep the deposit.
Security deposit
A security deposit (five weeks rent if the rent is under £50,000 annually or six weeks rent if the rent is over £50,000 annually) is provided by the tenant at the start of a new tenancy. This sum is for the landlord to use in the event there is any tenant-inflicted damage to the property or unpaid rent at the end of the tenancy.
Where does the deposit money go
Tenants who sign an assured shorthold tenancy (the most common type) will receive Government-backed deposit protection and your deposit will be registered with an approved provider within 30 days. This ensures deposit funds are not misused inappropriately, and can be returned quickly and fairly to tenants. You will receive in writing, details of which scheme which has been used, together with how much the deposit was for, details of the deductions process and what to do in the event of a dispute.
Deposit deductions & damage
The inventories created at the start and the end of the tenancy will assess if any damage has occurred during the course of the tenancy. Any damage that falls outside of the landlords’ responsibility or isn’t a result of fair wear and tear, is to be paid for by the tenant. The landlord or their letting agent will produce a list of deductions for the damage and/or cleaning. This amount will then be deducted from the security deposit and any deposit remaining after deductions is then repaid to the tenant. If the landlord and the tenant disagree on the matter of damage deductions, they can use the deposit resolution service offered by the Tenancy Deposit Scheme - www.thedisputeservice.co.uk of which we are members of.
