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Everything you need to know about deposits

04 Jul 2018

Deposits are taken to give landlords security if damage has occured to their property during a tenancy or there are any rent arrears. Of course if there’s no damage or arrears, the entire deposit is returned to the tenant which happens in most cases.

Deposit disputes are very rare as we’re committed to connecting quality tenants with responsible landlords which limits the amount of problems that may arise.

When is the deposit paid?

Tenants pay a deposit on the day they move into a property. This is usually equivalent to one month’s rent however can be slightly more depending on individual landlords wishes.

Sometimes a landlord may ask for more of a deposit in certain cases - for example, if the tenant decides to have a pet in the property.

Where are the deposits held?

All of our deposits are held in the Deposit Protection Service. This is a legal requirement and it protects the money for both the tenant and landlord. Initially the tenant will pay the deposit to us at Ultra Lets and we send it straight through to the Deposit Protection Service who’ll hold it for the rest of the tenancy.

How much of the deposit will be returned to tenant?

Should there be no damage to the property (apart from fair wear and tear) and no rent arrears, the tenant is entitled to the full deposit back. We do an inventory before a tenant moves in so we know exactly what state the property was in before the tenancy.

Where there is a dispute, the Deposit Protection Service have a system that determines how much of the deposit is allocated to each party. They make their decision based on evidence from both sides.

When does the tenant receive their deposit back?

As soon as the exit inspection has been carried out and the property is empty, the deposit is released to the tenant from the Deposit Protection Service via a repayment ID.

If you have any questions about deposits, feel free to get in touch on 01482 562562 and we’ll be happy to have a chat.

Author: Alice Grainger

Posted By

Spencer Wood

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