The deposit is held for the purpose of rectifying any breach in the terms of the tenancy. The amount payable will be advised upon application. Regulations introduced in April 2007, under the Housing Act 2004, require all deposits relating to Assured Shorthold Tenancies in England and Wales to be safeguarded in a Government authorised deposit scheme such as the Deposit Protection Scheme (DPS): http://www.depositprotection.co.uk
As well as registering your deposit, the landlord (or agent) must also issue you with the ‘prescribed information’, giving:
- Contact details of the relevant tenancy deposit scheme
- Contact details of the landlord or agent
- Information explaining purpose of the deposit and what claims can be made by the landlord
- Details of how to apply for the release of your deposit.
- Information on disputes
On the last day of your Tenancy your Checkout will take place. The report will then be weighed up against the initial Inventory and assuming all is satisfactory with you and the landlord (or agent) being in agreement, you will receive your deposit back in full. In the case of a dispute, you and the landlord (or agent) must agree any claims the landlord makes for dilapidations. In the event of a dispute, both parties can agree to abide by the decision of the scheme’s dispute resolution service without having to go to court.
Using the 5 Digit DPS Repayment ID given to you by DPS at the start of your tenancy, you can request back the agreed amount of your deposit, which we will then accept. It then usually takes DPS up to 10 working days to send the money to your account.
How To Rent Guide
Browse the official government How To Rent Guide for information and advice for tenants.