A tenancy deposit is a sum of money which can be used to pay for the cost of repairing any damage (but not fair wear and tear) caused by the tenant/s during their tenancy. The tenant will pay a sum equivalent to six weeks' worth of rent at the start of a tenancy. Tenant's with pets will normally pay a higher deposit.
At the end of the tenancy, if the property is left in good condition the deposit money is then returned to the tenant.
Where a tenant has caused some damage or loss at a property (which is not just fair wear and tear) the landlord can make a deduction from the deposit.
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Most security deposits received by landlords (and their letting agents) must be dealt with in accordance with tenancy deposit protection rules.
Tenancy deposit protection rules currently apply to:
The tenancy deposit protection rules do not currently apply to:
Most new tenancy agreements are assured shorthold tenancies and the tenancy deposit protection rules apply.
Where the deposit protection rules apply, the deposit taken must be registered with one of the statutory tenancy deposit schemes.
There are two types of scheme that landlords and letting agents can use to register tenancy deposits:
Phillip James Letting Agents is a member of the custodial scheme run by the Deposit Protection Service (DPS).