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Do you know your rights when it comes to your deposit?

By in Useful guides with 0 Comments

By law, if you pay a deposit to your landlord or letting agent then they must protect it in a government-authorised tenancy deposit protection scheme. It applies to all landlords and agents in England and Wales who have an Assured Shorthold Tenancy (AST) agreement (the contract) with their tenant. It was introduced to ensure that you are able to get your deposit back from your landlord or agent when you move out.

We use mydeposits to protect our tenants deposits.

Who is mydeposits?

mydeposits is one of three government-authorised deposit protection schemes.

Landlords and letting agents can join the scheme and pay a deposit protection fee to protect your deposit. This fee enables them to hold your deposit for the duration of your stay, and then return the agreed amount to you when you move out.

If you are unhappy with the amount of the deposit offered to you at the end of your stay by your landlord or agent then you can raise a formal dispute to reclaim it. The law states the deposit remains your money regardless of the fact that you have handed it to your landlord or agent. They must provide evidence stating why they are entitled to keep any of your deposit.

Getting your deposit back

The good news is that 99% of all deposits protected with mydeposits are returned to the tenant at the end of their stay without a problem. This is due to the fact that you can chat directly with your landlord or agent about its return and resolve your issues without needing to involve us.

In the unlikely event of you being unable to agree over the amount to be returned, you can use the mydeposits Alternative Dispute Resolution (ADR) service. Its completely free and uses impartial and professional adjudicators. It’s also cheaper and quicker than using the court. mydeposits have resolved over 14,000 disputes since April 2007, and their dispute resolution service was shortlisted for an award in December 2010.

Source: mydeposits

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