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Deposit - Essential Living

Deposit

As detailed in your Assured Shorthold Tenancy Agreement clause 2.6 and “Y15.1” and “W15.1”

Tenancy deposits for assured shorthold tenancies must be protected in a Government-authorised scheme within the statutory timescale and otherwise in accordance with the relevant scheme rules.

We have considered the amount of deposit based on what is fair in relation to the potential liability the tenant has in relation to the property. Essential Living have decided that 4 weeks’ of the property rental is the sum to be requested as deposit.

Our tenancy agreement has made provision for the holding of the deposit, specifying:

  • The amount required
  • How the deposit is to be held
  • Who the deposit will be registered with

 

10 Things to Help “US” Get it Right When Managing “Your” Deposit

1) Make sure we give the tenant a detailed check-in inventory and schedule of condition at check-in and check-out.

2) We must register the deposit on a new tenancy within 30 days of receiving it, or within 30 days of the tenancy becoming an Assured Shorthold Tenancy, if this occurs after you receive the deposit. If we don’t meet the deposit protection requirements, then from 31 days after paying the deposit a tenant will be able to make a claim through the courts for the full deposit  AND a penalty of between one and three times the deposit.

For more information please see the TDS website guidance document some frequently asked questions on the changes introduced by the Localism Act 2011.

3) Give the tenant the prescribed information within 30 days of receiving the deposit – or within 30 days of the tenancy becoming an Assured Shorthold Tenancy, if this occurs after you receive the deposit.

4)We will provide a copy of the Tenancy Deposit Protection Certificate and place it on the residents’ portal for you.

5) Give the prescribed information to the tenant, getting them to sign it if possible. If you don’t give the tenant the prescribed information in time, they may start court action for compensation as outlined in 2 above.

6) If there are any changes during the tenancy, update all records and documents including the tenancy agreement. To notify us of changes in ownership or management, please phone our residents team 0207 272 9246.

7) When the tenancy finishes, end it on the TDS deposits database. If there is no dispute, release the deposit within 10 working days. If the tenancy is renewed, please put that on the database too.

8) If there is a dispute, try to negotiate a settlement before submitting it to TDS scheme.

9) If there is a dispute, both parties need to send all the evidence they want to TDS scheme operator to consider. They will adjudicate based on information sent to them and do not ask for more. Make sure to include the check-in inventory and schedule of condition report and the check-out report.

If the landlord is claiming for rent arrears, they must ensure they send a schedule of what’s been paid and what hasn’t – along with details of the dates the rent was due for.

Without these documents, they may not be able to show that any property damage or rent arrears are the tenant’s responsibility. Remember, they will need to see written reports as well as photos. For photos to be useful as evidence, they should be dated and of reasonable quality.

10) They need to be sent the total amount in dispute. If they make an award to the tenant, the landlord would need to pay immediately less any agreed deductions to the tenant.

If they award to the landlord and only part of the disputed amount is being held, they will advise the landlord to contact the tenant about any shortfall and request payment.

Date last modified: Thursday, October 13, 2016

Deposit - Essential Living