At least one month’s rent is collected as a security deposit at the beginning of each tenancy.At the end of each tenancy Kings Estates will check the condition of the property against the inventory.
Should any items need to be replaced, cleaned or replaced, such costs can be deducted from the deposit prior to returning it to the tenant.
From 6th April 2007, Tenancy Deposit Protection had to apply to all Assured Short hold Tenancies in England and Wales where a deposit is taken. Under the Housing Act 2004, it is not mandatory to take a deposit from the tenant.
A landlord can make a decision not to take a deposit to avoid the scheme, but in doing so should be aware that should the tenant damage the property or not pay the last months rent, recovery of these losses can only be made through the County Court.
The landlord/agent, not the tenant, will have the option to choose whether to safeguard their deposit in the custodial or insurance-based scheme.
Whether you are a vendor, landlord, buyer or tenant in Portsmouth or Southampton - contact Kings Estates today for friendly, professional advice.
Call our Portsmouth team on 023 9229 8080 or our Southampton team on 023 8055 3355