Whether you’ve been renting for many years or you’re planning on renting your first home, there are a number of things you need to be aware of. Here are five things that you might not know about renting.
Deposits are an integral element of most assured shorthold tenancies, encouraging tenants to take good care of a property and to leave it in a decent state when they move out. Up until relatively recently, landlords held the deposit themselves, which meant that when it came to making deductions at the end of the tenancy, the landlord could take unreasonable sums without the tenant being able to do much about it. These days, however, deposits need to be protected by third-party schemes, making the whole process much fairer.
When a new tenant moves into a property, most landlords and letting agencies will carry out an inventory so that everyone agrees on the standard of the property. After the tenant moves out, another inventory is carried out to find out whether the tenant owes any money for repairs or cleaning.
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.
Deposit protection legislation came in on 6th April 2007, in response to increasing concerns over tenants’ deposits being unfairly retained by landlords. Back in 2003, Shelter stated: “Although most tenancies end without dispute, around 20% of households say that part or all of the deposit from their most recent tenancy was unreasonably withheld.”(1).
With the RLA calling out the Tenancy Deposit Scheme for offering terrible value for money and pushing up rents, Ezylet calls for another look at how UK property letting deposits are protected.