Guide to Tenancy Deposits
If you’re looking at this page then the good news is you’ve found your perfect property and hopefully that’s with us at Belvoir Estate Agents in Leicester! Now before you sign your contract you might want to know a little more about the deposits we require from our tenants.
Paying a deposit
When we move you into a rental property, you’ll need to pay an upfront deposit which happens when you’re completing the application form. This deposit is refundable however provides landlords with assurance that you’re going to agree to the terms of your tenancy. The deposit remains your property and is held by the landlord or letting agent in a tenancy deposit scheme.
Deposit Dispute:
When tenancies come to an end, landlords are obliged to return your deposit as long as the tenancies have run smoothly. However, they are able to claim for deductions if they feel you have breached the terms set out in your contract/tenancy agreement or if there is a complaint due to any damage to furniture, fixtures or fittings.
How to avoid tenancy disputes as tenants:
- Keep property clean and tidy. It’s better to do much rather than not enough!
- Focus your attention on cleaning the most frequently used areas
- Bring any maintenance issues to our attention as soon as possible
- Thoroughly check inventory at start of your tenancy to ensure its accurate
- Understand what can be deemed as fair wear and tear
- Look into Tenancy Liability Insurance to cover you against accidental damage
Holding Deposit
If you pull out of the transaction after making a formal offer, you will lose your holding deposit. However, if landlords pull out or doesn’t accept, then you will receive your money back in full.
Scenarios to avoid to prevent you losing your deposit:
- Withdrawing from the process
- Failing a reference check
- Providing false information e.g., incorrect salary
- Failing to take steps into entering the tenancy agreement.
Leicester Central Team
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