As a tenant, your deposit is an important part of the rental process. It’s important to understand exactly what it’s for and why you need to pay it, as well as when it might be withheld. At Ezylet we know how essential it is to fully understand the role of a deposit in a private rental contract. That’s why we’ve written this short guide to help you understand when your landlord might be able to withhold your deposit.
When a tenancy ends, in many cases a full deposit is returned, or if there are deductions, both the landlord and tenants are in agreement. However, in some cases the two parties disagree over the deductions and this can turn into a dispute. But, a recent report from the Tenancy Deposit Scheme, (TDS) suggest that early intervention from TDS and other services like it, can result in an early agreement without the need of formal adjudication.
Other than a common statement within tenancy agreements, fair wear and tear refers to residential lettings and the damages caused by tenants within their tenancy term. ‘Reasonable’ is usually synonymous with the term and used because it allows for speculation to what constitutes as damages.
The Conservative manifesto includes some interesting pledges that will affect landlords and tenants. One of the most important is the introduction of transferable deposits. The plan has been welcomed by many, but there are also concerns about just how effective these will be.