Things You Need to Know About Tenancy Deposits

Things You Need to Know About Tenancy Deposits

In simplest terms, deposits can be very hectic. However, they are a beneficial income source for landlords and work as a financial commitment. So before you start looking for your next rental property, you’ll have to pay a hefty amount of cash, which is usually equivalent to 5 weeks’ rent.

But remember! This isn’t an investment! You’re going to get it back In the future, so it is refundable. If all goes smoothly and the property has been taken care of to the fullest, you’ll be returned every penny. As a result, you’ll be given the full amount when you move out. Therefore, no cracks or holes in your bank account. Phew! This is what everyone looks forward to.

Not to forget, deposits will be very costly if you don’t take care of the property to the fullest. Or, if your landlord has claimed unfair deductions, you’ll be left dumbfounded at the end. Therefore, we recommend you embrace the ins and outs. Here are a few things for you to know about the tenancy deposits:

✔ Deposit Protection

As per the law, every rental deposit has to be protected under the government’s approved tenancy scheme. As a result, your money will be kept aside and secure during your tenancy. This means your hard-earned cash won’t be resting in the landlord’s bank account. Today, there are three kinds of despot schemes in the UK alone:

The Deposit Protection Service

The Tenancy Deposit Scheme

My Deposits

As soon as the landlord receives your deposit, they need to register it with one of these schemes within 30 days. If they fail to inform you about the scheme that has been used, drop an email immediately. You can even file the landlord deposit claim as soon as things have gone out of hand.

✔ Deposit Deductions

What do tenants need to know about deposits? | Tenant Tips | HomeLet

If you want to get every inch of your deposit back, you need to invest time in looking after the property and leaving it in the same condition as you received it. Therefore, we recommend you sift through the inventory report when moving in, so you can get a clear idea of the property. Plus, you might want to grab a coffee, sit back, relax and check out the list. Even if small things have been overlooked in the inventory report, the landlord won’t hesitate to play dirty. As a result, you’ll get stuck with unprecedented deductions from your share at the end.

✔ How to Get the Rent Deposit Back

As soon as your tenancy comes to an end and you’ve moved out, get in touch with your landlord and for the deposit to be returned. It’s best to give them a call but be professional enough to send an email first. If all goes as planned, you will receive a bank deposit within 10 working days. But, if the landlord is entitled to make significant deductions, you shouldn’t rush through things. However, if you disagree with a few deductions, you’re allowed to make your point and sort things out later.

✔ Unfair Deposit Deductions

As a tenant, you stand an absolute chance to hold the landlord accountable for any unfair deductions from the initial deposit. For instance, they cannot claim money for embellishing a room presented awfully. Even if the room had scuff marks already, you’re not supposed to pay for them as a tenant. But if the landlord doesn’t shy away from cutting the initial deposit, you can get in touch with the agent who initially served you. Such people will help you sift through the initial stages of the tenancy agreement, so you can understand it to the fullest.

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