A deposit is payable on every property which normally amounts to 1 months rent. A deposit is held against all possible liability arising by reason of the Tenants failure to observe and perform the obligations stated above. This deposit cannot be used as the last months rent.
From 2nd July 2012 legislation will be coming into force which impose legal duties on landlords. The main duty is Landlords will have to pay deposits to an approved tenancy deposit scheme, therefore, your Landlord or Agent will not hold or have access to this deposit. Each deposit scheme will be a government approved scheme, there are going to be three in total. The Tenancy Deposit Scheme has been developed to ensure deposits are protected and disputes about their return are resolved swiftly, inexpensively and impartially.
Further information will be available on schemes and the processes when the Deposit Schemes come into force.
Prior to the start of a tenancy an inventory will be made by the Landlord or his Agent of furniture and furnishings including a record of the condition thereof. An inventory will be provided at the start of the tenancy and will be agreed/amended by both the tenant and Landlord/Agent. This inventory will then be checked at the end of the tenants tenancy and an assessment made by the landlord or his agent of the cost of making good any of the articles which may have been broken or damaged during the tenancy and any damage to the property. The costs involved in making good any damage, cleaning or gardening will be deducted from a tenants deposit. For any items not in the property at the end of the tenancy which are listed on the inventory the replacement cost will be charged against the tenants deposit, likewise any items left in the property not on the inventory, the cost of removal will be charged against the deposit.