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What are tenancy deposit schemes?

Here are some useful questions and answers to give you some background information on deposits. If you require further advice, please call the smarthomes’ lettings team on 0121 745 9777.

Do I have to pay a deposit and if so, how much?
Yes, and this is to cover the cost of any damage you may make to the property during your stay. On average it will cost between 4 and 6 weeks’ worth of rent.

When do I pay it and to who?
It will need to be paid to the landlord or letting agent before you move in. It’s a legal requirement that it is held in a deposit protection scheme – either the Deposit Protection Service, MyDeposits, or the Tenancy Deposit Scheme.

How will I know my deposit is safe?

Your tenancy agreement should state which deposit protection scheme your money is being stored in.

Will I get my deposit back?

At the end the tenancy, if you have paid all your bills and rent and haven’t damaged the property you will be entitled to your total deposit back. However, if damage has occurred, such as carpet stains, broken windows, dents in walls then the landlord is within their rights to hold some money back to pay for the cost of such repairs. We would always recommend that an inventory is carried out prior to you moving in and that you have a copy of the inventory when you move in to check through.

What if I disagree with the amount my landlord is holding back?

The deposit protection scheme can get involved to assess the situation and help resolve the dispute, independently. Once the scheme has made a recommendation, this is final and must be adhered to. 

To find out more about the award-winning lettings team at smarthomes please click below or call us on 0121 745 9777.

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