Deposit
Deposits can cover:
- Damaged items
- Outstanding debts attached to the property
- Failure of the tenant(s) to carry out obligations set out in the tenancy agreement such as cleaning
- Non-payment of rent
- Other breaches of the tenancy
In assessing any damage, allowance must be made for 'fair' wear and tear, the cost of which is not deductible from the deposit. Fair wear and tear is paid for in the rent charged. Wear and tear arises from living at a property. Landlords should not expect to receive a property back in the same condition it was let at the start of the tenancy agreement. Tenant(s) should be expected to return the property in a clean and tidy condition.
At the end of the tenancy the inventory will be checked and an assessment made of the condition of the property - the landlord should take into account reasonable wear and tear for the length of tenancy.
How long does it take to get a deposit repaid to a landlord if it is due?
The tenant(s) deposit for a property is insured with the Deposit Protection Service (DPS). At the end of the tenancy, the tenant and landlord must agree on the repayment of the deposit, as per the move-out report detailing any damages or outstanding charges. If an agreement is reached, the deposit will be paid back to the tenant or landlord appropriately.
This deposit money will be used against any work that may be required as a result of damages caused by the tenant(s) during the tenancy. If the tenant does not communicate with us following their move-out appointment regarding the deposit, it will greatly increase the delay in the deposit being repaid back to both parties.
What happens if there are damages or charges exceeding the tenant's deposit amount?
If the damages or charges recorded from the move-out exceed the deposit amount, the inbound property manager will begin to chase the tenant for any outstanding monies owed, a 2 part formal letter process will take place and Guarantors (where applicable) will be contacted to make payment if the tenant does not. A payment plan may be set up in instances where full amounts cannot be paid in one payment.
What happens if there is a delay in the deposit being paid back or it doesn't cover the damage?
In this instance, any maintenance work which is required must have a 25% payment upfront before the work is started and the remaining balance is paid upon completion.