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Property Deposit

When renting a London property a property deposit is required in case of any damages. Here we explain deposit payment options.

1. Traditional Deposit

A traditional deposit payment equal to 5 week’s rent paid into a custodial client monies account and held there until your move out, after which the money will be returned to you.

2. Deposit Replacement Scheme

An alternative scheme where you pay a fee (equal to one week’s rent), which is non-refundable, to the scheme provider.

This allows you more financial flexibility as compared to a traditional deposit option.

However, you do have to meet the scheme’s acceptance and reference check criteria.

Note also that you will still be liable for rent arrears, and for damages you cause in the property – same as with a traditional deposit.

2. Deposit Insurance

An alternative scheme where you buy an insurance policy that covers you from property damage when you leave the property. Unlike a traditional deposit you do not need to deposit any funds to a bank account. However, you have to be accepted by the insurance company and pay their insurance premium.

Next – What happens on your Move In day

Still have more questions about Deposits?

What are the deposit options?

There are two options for a tenant, one being a monetary deposit equal to 5 weeks rent (or 6 weeks rent if the annual rent is £50,000 , and the second a Deposit Replacement Scheme which offers a tenant the option of paying a fee of 1 week’s rent, instead of a 5 or 6 week deposit, which will give the landlord a protection of up to 10 weeks rent. Please check with the Guest Team.

What happens when I pay monetary deposit of 5 weeks?

Under current English law, the deposit will be protected within one of the three Government approved schemes. We will protect and provide you information about the deposit and where is it being protected within 30 days of you paying the deposit to ourselves.

What happens at the end of the tenancy for a monetary deposit ?

When you vacate the property , we will assess the condition of the property at the start of tenancy with the condition at the end. We will use the check in and check in report/video which we would have taken and shared with you during the tenancy to make any proposed deductions. This normally takes between 10 and 40 days to be completed depending on the nature of any works required and the progress of any negotiations.

What is the best chance of getting my monetary deposit back?

The simple answer is to ensure the property is returned in the same condition as provided. If the property has been cleaned and all possessions removed, then it is very unlikely we will propose any deductions. We will only propose any deductions, where we have clear evidence that you have broken the terms of your contract.

If I disagree with your proposed deductions, what can I do?

You have the right to raise a dispute with the Government approved deposit scheme within 90 days of the end of your tenancy if you disagree with any proposed deductions. We will provide proof on behalf of the landlord for any deductions proposed using the check in and check out report/video along with estimates. You are also allowed to provide any evidence which assists you in the dispute. An impartial assessor working of behalf of the deposit scheme, will make a binding decision on both parties using the submissions provided.

What is the Deposit Replacement Scheme?

This is an alternative option for a tenant, who may not want to pay the whole deposit up front and/or wants to offer the landlord a larger deposit than 5 or 6 weeks i.e. for the landlord allowing pets. For avoidance of doubt, this option does not remove your contractual obligations under the tenancy to pay the rent on time and return the property in the same condition at the end of the tenancy less fair wear and tear. You can find more information here https://flatfair.co.uk/tenants/

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