How to Make Sure You Get Your Deposit Back

Your deposit usually amounts to around one to one-and-a-half months’ rent, depending on the property and the landlord. It’s purpose is to ensure that you look after the property while you live there and to provide a fund for repairs to damage that you cause. Before you settle in, make sure that a full inventory is done of the property, this is a list of all of the furniture, fixings and fittings as well as notes of any current damage. Before you sign, check it thoroughly and make sure you’re covered!

When you finish the tenancy, the landlord will go over the property to see if there’s any damage for which they need to draw from the deposit money. Fair ‘wear and tear’ such as damage done to the property that you would expect from normal habitation, like wear on the carpets or some peeling of paint or wallpaper, shouldn’t be deducted from the deposit. What qualifies as being covered by this exception can sometimes be unclear, so ask your landlord to be as specific as possible and take your own photos to document existing wear and tear if you feel unsure.

Make sure it’s protected

The first and most important step in making sure that you get your deposit back is check that it’s properly protected in the first place. When you first start dealing with a landlord or letting agent, ask what type of scheme your deposit will be protected by and the terms of the agreement. The two most common types are custodial schemes, where a specialist company holds the money on behalf of both parties; and insurance schemes, which insure the value of the deposit so the party that wins any dispute gets what’s rightfully theirs if you and your landlord disagree.

Dispute it

If you reach the end of your tenancy and don’t get your deposit back, usually within around ten days, you should contact your letting agent or landlord and ask for it back. If they refuse or you disagree on the amount owed, you can contact the deposit scheme company and make an official report of the dispute. Your landlord should settle the undisputed amount straight away and you may get the rest back later, depending on the results of the case. If this doesn’t work, get advice from the Citizens’ Advice Bureau or a solicitor on taking the dispute to court.

Looking to rent or let a property? Find out how to take your next steps today over at our website http://www.nswproperties.co.uk/