In the 1970s sitcom, Rising Damp, a number of individuals rented rooms from a bad tempered but laid back landlord with barely a contract between them. These days, Rigsby’s cavalier attitude toward being a landlord would most likely land him in hot water with both his tenants and the law as requirements for landlords continue to evolve and become more stringent.
As a landlord, you have a number of duties and responsibilities. Falling short on some of these will put you out of favour with your tenant……. but others could see you falling foul of the law!
It is standard procedure for a landlord to ask for a security deposit when first renting out a property and, since April 2007, the law has required that this security deposit be placed in a Tenancy Deposit Protection (TDP) scheme until such time as the tenant leaves the property.
At the end of a tenancy, some elements of your property may not be in the shape they were at the start.
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.
In theory, if you vet your tenants carefully, they should take good care of your property – and in the vast majority of cases that’s exactly how it will turn out. However, even conscientious tenants sometimes cause damage that goes beyond reasonable wear and tear, or leave the property needing a bit of a spruce up before you can let it to new tenants.
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 you next rent a property, you may be interested in using a deposit replacement product. But what are these, and are they right for you? Here’s what you need to know as a tenant.
Moving into a rental property is a complicated business, and there’s a lot to keep track of. At Ezylet we know how confusing it can be, especially if you’re new to private renting, and it’s hard to know exactly what’s going on. In this short guide we’ll cover the documents your landlord should provide at the start of your tenancy, so you can be sure you’ve got everything you need.
Research by Nationwide Building Society shows half of students in the UK lose their rental deposits, with an average of £150 being lost in this way. Eight in ten of the 1,000 students surveyed by Nationwide also believed their deposit was held unfairly by their landlord.1
One of the great problems when moving into a new rental property for many tenants is paying the deposit. Now, the government is looking into a possible solution that could make it easier for tenants through the idea of deposit ‘passporting’.
It’s nearly two years since the Chancellor, Philip Hammond, announced in his 2016 Autumn Statement that there would be a ban on letting fees, so what’s happening?
Well, the ‘Tenant Fees Bill 2017-19’ is currently making its way through the parliamentary process. It’s had its first and second Readings and the Public Bill Committee has reported the Bill to the House. There will be a third and final reading in the House of Commons, before the Bill is passed to the House of Lords, where it follows the same process and any amendments are considered before it’s given Royal Assent and becomes law.
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.
One of the most exciting bits of letting out your flat or investing in a buy-to-let property is sitting down with your calculator and the rental estimates to work out how much money you might make.
If you are a Landlord and rent your home or property on an Assured Shorthold Tenancy (AST) agreement that started after 6th April 2007 then you must put any deposit you accept in a government backed tenancy deposit scheme (TDP).
If you are renting a property in the UK and paying a deposit to your Landlord there’s some legislation you should be aware of – Tenancy Deposit Protection (TDP).
In an ideal world, landlords and tenants would be able to trust each other implicitly, and there would be no need for deposit protection (or deposits themselves, for that matter). But disputes occur all too often – with faults on both sides – and the old system, where landlords had full control over when and if a tenant’s deposit was refunded, was supremely unfair. Enter the tenancy deposit protection schemes.
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).
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.
Going onto further education is an exciting and yet sometimes daunting time. To make sure it goes without any hiccups, preparing for the experience will stand you in good stead for the journey ahead. If you’re looking forward to gaining some independence and are moving away from home for the first time or are a student that has enjoyed the comfort of halls for the first year, knowing how to prepare for private renting is vital in getting the best accommodation for your budget.
With the increase in people renting in the UK, the costs of moving aren’t the only thing that needs to be considered before choosing a new home. There is a host of things to think about including living costs and energy bills to ensuring your deposit is secure during your tenancy. If you’re planning on moving into a rented property, take a look at some of the ways to prepare to reduce unnecessary stress.