How safe is your tenancy deposit?
What does your landlord do with your deposit once you've handed it over? Can you be sure they haven't spent it? And how can you be assured that it's safe?
Where's my deposit?
Even when you rent moving home can be very expensive particularly in regards to your tenancy deposit. Landlords will typically demand the equivalent of 4-6 weeks' rent for the tenancy deposit. For anyone this is a huge amount of money but when you move out of your rented accommodation just how easy is it to get it back?
The custodial tenancy deposit scheme
Provided your current assured shorthold tenancy agreement was taken out after 6th April 2007, and you live in England or Wales, your landlord is legally obliged to store your deposit within a government backed deposit scheme such as: The deposit protection service, My deposits, or The tenancy deposit scheme. Your landlord should inform you which scheme they have opted for which is usually detailed on your tenancy agreement.
Is my deposit is safe?
You can contact the above mentioned deposit schemes to check that your deposit has been protected by them. If you have reason to believe your landlord hasn't done this you can apply to your local county court who will look into the matter. If they judge that your landlord hasn't placed your deposit into a deposit protection scheme as legally required they will either make your landlord return your deposit or to place it into a deposit protection scheme within 14 days.
What happens to my deposit at the end of tenancy?
As long as you have met the terms of your tenancy agreement, have no outstanding bills or rent and the property has been left in a satisfactory condition the deposit scheme which your landlord has used will ensure your deposit is returned to you.
If there are disagreements between you and your landlord regarding how much deposit you should be given, your deposit will be protected until the issues are resolved.
