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Dealing with Deposits 

Legal Requirements

Tenant’s deposits must be placed/registered in a Tenancy Deposit Protection scheme run by one of three Government approved providers.

  • Tenancy Deposit Scheme
  • MyDeposits
  • Deposit Protection Service

Failure to do so can lead to fines and/or impair the Landlord's ability to serve notice on the Tenant.

Size of Deposit

A deposit equal to one or two months’ rent is normally held although this is likely to change with the introduction of new legislation in 2018. 

The amount of deposit required will often be increased for additional adult Tenants and/or pets. 

What does a deposit cover?

The primary purpose of a security deposit is to protect the Landlord from financial loss resulting from damage to, or from, items lost from the property (commonly referred to as dilapidations).
NB It is important to note that claims against the deposit for dilapidations have to take into account fair wear and tear.

Depending on how the lettings contract is written, it may be possible to make deductions from the deposit for unpaid rent.

Claims against the deposit can also be made if any cleaning or gardening work is needed.      

Importance of Inventories

It’s vital that an accurate and detailed inventory and schedule of condition report is undertaken at the start of each tenancy. Photographic evidence is now routinely included in the inventory. This can make it easier to resolve any dispute at the end of the tenancy and is almost a prerequisite of a successful outcome for the Landlord if the issue should go to dispute resolution.