About Tenancy Deposits:
We pride ourselves on giving every landlord personal, practical advice, and that means helping you avoid the pitfalls. Tenancy deposits are one of the most important, so here’s what you need to know.
What is a tenancy deposit?
A deposit is paid by the tenant before they move in. It protects you if, at the end of the tenancy, there is unpaid rent or damage beyond fair wear and tear. By law, a deposit can be no more than 5 weeks’ rent where the annual rent is under £50,000, or 6 weeks’ rent where it is £50,000 or more.
Why protection matters
Since April 2007, every deposit for an assured tenancy must be protected in one of the government- approved deposit protection schemes.
The deposit must be protected, and the required information
given to the tenant, within 30 days of receiving it.
Getting this wrong can be costly. A tenant can claim compensation of between one and three times the deposit, and failing to protect a deposit correctly can also cause serious problems if you ever need to regain possession of your property.
We’ll take care of it
Next Step Estates always makes sure deposits are protected correctly and on time. If you’re worried that a deposit hasn’t been protected properly in the past, get in touch and we’ll advise you on how to put it right.
