Atwel James Estate Agency fully appreciates the importance of a secure deposit. It is there to protect both the landlord and the tenant and it is requested from the tenant when the tenancy begins. The main aim of the deposit is to act as a safety net should any damage be caused to the property during the tenancy period.
Commonly, the tenant will pay one month’s rent as a deposit when the agreement is signed and this will mean that the landlord or the managing agent will have to provide the tenant with the deposit scheme that they are using within 14 days of receipt of the deposit. Atwel James Estate Agency is members of the Deposit Protection Service.
The deposit will be protected by The Deposit Protection Service and should there be no dispute at the end of the tenancy, the deposit will be returned to the tenant as agreed. However, if a dispute has been raised the parties will be given the opportunity to use the alternative dispute resolution process that forms part of the scheme. The deposit is protected by law and should any dispute become unresolved then the decision will be made by the courts.
In previous years, the landlord could simply claim that damage had occurred to the property and then use some or all of the deposit. The introduction of the deposit scheme offers a fair system for claiming and refunding deposits. This will ensure that they have the ability to dispute claims made against them and this means that they will not automatically lose their deposit. The deposit will be held securely until any issues have been resolved.