I've just paid a deposit to rent a property- what happens to the money and when will I get it back?
When you rent a property you pay a deposit to the landlord as security against damage or non-payment of rent. It is compulsory for your landlord to protect your deposit under a Government approved 'Deposit Protection Scheme'. By doing this they safeguard the money so that it can be returned at the end of the tenancy as long as all conditions of the tenancy have been met.
Your deposit should be protected under one of these three Government approved schemes.
- The Deposit Protection Service (DPS)
- The Tenancy Deposit Scheme (TDS)
The landlord has to protect your deposit within 30 days of receiving it and must provide proof of the deposit protection and details of the scheme (often called ‘Prescribed Information’) in writing to you within this time. The information that they supply to you will confirm the details of the scheme and instructions for geting your deposit back at the end of the tenancy. See Deposit Return.
7th April 2016
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