Protecting Your Deposit

Deposit Protection Service - tenant services

Protecting a tenancy deposit is made simple with Family Homes. An Assured Shorthold tenancy is one of the most common types of tenancies in the private rented sector. Whatever type of tenancy agreement you have, it’s almost guaranteed that a deposit is going to be taken.

Holding Deposit

A holding deposit is taken in order to reserve a property, covering any administrative costs.

· The holding deposit is usually equal to one week’s rent and may be used towards your first payment as a tenant

• When asking for an invoice, always ask for clear terms, make sure that it is made clear whether the holding deposit is either refundable or non-refundable

• Because if it’s in writing, the landlord will have every right to keep it

• Alternatively the holding deposit may be put towards your security deposit, protection of which is a legal requirement.

Tenancy Deposit

Since 2007, it has been a legal requirement that the deposit is protected, this ensures that landlords send the deposit to a deposit protection scheme where it is held until the end of the tenancy. There are three such schemes currently operating in England, Family Homes use the Tenancy Deposit Scheme (TDS), which is backed by the government.  Your deposit is held by the TDS until you move out and the amount of deposit to be returned is agreed.

The Tenancy Deposit Scheme (TDS) was created to protect tenants. Ensuring that they receive the correct amount of their deposit back.

·       If at the end of your tenancy, you and your landlord agree on how much of your deposit is to be returned, they must do so within 10 days but if there are any disputes, your deposit will remain protected by the TDS until the dispute is resolved

·       An impartial adjudicator at the Tenant Deposit Scheme can assist you in resolving disputes, basing their judgement on evidence provided

·       This ensures that your deposit is returned fairly.

How can Family Homes help?

Family Homes are letting agents with offices in Sittingbourne and Faversham.  We have been in business for over 25 years and are the leading and largest independent specialists in property lettings and management in the area. If you have any questions and would like to learn more, feel free to get in touch and we will be happy to advise you. If you are a landlord, tenant, buyer or seller that needs assistance, you can book an appointment to meet with one of our property managers.

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