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The deposit is now calculated as the equivalent of 5 weeks rent at a maximum. This deposit is held as the landlord’s cover for any excessive damages that need to be repaired at the end of the tenancy. If Roberts are managing the property on behalf of the landlord, the deposit will be registered with a government approved deposit scheme. However, if the landlord manages the property themselves, we’ll inform you what deposit scheme the landlord will be using and the terms and conditions of that scheme will form part of your Tenancy Agreement. At the end of the tenancy, once the tenant has vacated, the landlord and tenant have to agree any deductions before the monies are released. If an agreement cannot be reached the scheme can provide arbitration.
A Tenancy Agreement is a legally binding document that sets out the terms of the tenancy and is drawn up to ensure the rights and obligations of both the tenant and the landlord are adhered to. All relevant parties will be asked to sign this document, which agrees the responsibilities of the landlord and tenant. This may include such responsibilities as; you must tell your landlord if you are going away for longer than 14 days, you must not use the property as a business.<br><br>
Our top tip: The date on which the contract starts will become your rent’s due date. You’re unable to change this at a later stage, so please do bear it in mind when you reserve a property.
The property you are renting is a large investment for your landlord, so they will arrange visit days to meet with you at the property and check that everything is in order, usually only a couple of times a year. Of course, if anything breaks down or needs repairing then the landlord will visit the property more often to ensure the property maintains in good condition for you to live in.
Your Property Manager
If your property is professionally managed by us, you’ll receive a welcome call within 48 hours from your designated Property Manager, who will be your main point of contact during the course of your tenancy. They will advise you on any maintenance issues and if action is needed either by yourself or the landlord- depending on whether the issue is a long term fault or through ‘wear-and-tear’.
A managed property will also receive regular inspections visits.
Once you are nearing the end of your tenancy period you will need to decide whether to extend your stay or move out (remembering to give two months’ notice in writing).
1. Staying put
If you do want to renew the tenancy, we will liaise with you directly and send you all the necessary paperwork to complete. If your circumstances have changed, some new checks may be needed, but this will be advised on at the time.
Our top tip: Remember the landlord at this stage will be within his/her rights to serve notice on your tenancy if they need the property back or there have been any persistent issues.
2. Moving out
If we manage the property on behalf of the landlord, we’ll arrange a check out with an independent inventory company (carried out on the last day of your tenancy) to ensure the property is left in an appropriate condition – at this point, you’ll hand back the keys. If the landlord manages the property, you’ll need to liaise with them directly in order to arrange a time and date to meet there, complete a check out and hand the keys back.
After serving your notice you’ll need to ensure that the property is left in good condition in order for you to be entitled to your full deposit back. If there are no deductions or disputes and all the necessary forms are filled out correctly by you and by the landlord, your deposit should be returned ten days after the deposit release agreements have been received.
Tenants Deposit Protection: (this applies to ALL Assured Shorthold Tenancies)
With affect from 6th April 2007 it is now compulsory to enter the tenants deposit into a Deposit Protection Scheme.
You are required by law to pay the deposit into one of the schemes outlined below within 30 days of the agent, or if rented privately, the Landlord receiving the deposit.
You must also give tenants prescribed information regarding where their deposit is being held, what happens to the deposit etc. This must also be done within 30 days.
Most landlords think that the deposit schemes will do this for them, however, they do NOT.
There are 4 main schemes available:
Custodial scheme: – this is run by Computershare Investors Services PLC on behalf of the Government. This is open to ALL Landlords and Agents and has no preconditions to becoming a member.
Insurance backed schemes:- Computershare Investors now offer an insurance backed non custodial scheme.
The National Landlords Association backed by Hamilton Fraser Insurance offer to Landlords and Agents a “pay-as-you-go” scheme with a one off joining fee and yearly renewal. You will additionally have to pay a fee per deposit paid into the scheme.
The Association of Residential Letting Agents (ARLA) also has a scheme available to Landlords and agents however eligibility to this scheme is very strict. You will require a separate bank account, client money protection insurance, professional indemnity insurance etc.
How does it work?
At the start of the tenancy a Head tenant (if more than one) must be nominated, their details, the tenancy details, Landlords details etc are registered with the scheme within 30 days of receiving the deposit. The tenants must also receive within this timescale certain pieces of information regarding procedures, where the money is held, how it is repaid etc.
At the end of the tenancy you must tell the Tenant within 15 working days of the end of the tenancy if you propose to make any deductions from the Deposit. The tenant is required to sign documentation detailing acceptance of the charges. The deposit can then be paid out accordingly.
If an agreement cannot be reached then arbitration must be initiated. This involves all of your proof being sent to the arbitrator, the tenant will also send theirs. A decision will then be made by the arbitrator and payments then sent accordingly once both parties are aware of the outcome.
How does this affect me?
If you choose to use our Fully Managed service, then it doesn’t affect you, we will arrange to provide your tenants with all of the information that is required and deal with issues at the end of their tenancy. We will require you to be available for discussion at the end of the tenancy. If you are choosing the Let only service then we would advise you to use the Custodial Scheme, all of the information is available on their website www.depositprotection.com
Points to note: The Housing Act looks more favorable on the Landlord if they have a professional Inventory with a schedule of condition preferably with digital photos at the start of each tenancy along with an independent Checkout at the End of the tenancy. Now that the tenants have the right to agree/disagree with any deductions that are to be made and to enable speedy resolution to any dispute, the better the evidence at the start of the tenancy, it is more likely that arbitration will go in your favour.