Deposit protection

STEP 08

SECURITY DEPOSIT PROTECTION

The security deposit can be a maximum of five weeks rent. This will need to be paid before you move in. The deposit is used for any damages you may cause that are not rectified during your tenancy. If any rent remains unpaid at the end of your tenancy the deposit can also be used to cover this cost, however this should be avoided where possible.

If you have an assured shorthold tenancy, which most student lets are, your deposit has to be protect within a scheme and you are legally required to have the details of this scheme and your reference number within 30 days of you paying the deposit. There are three schemes available for your agent/landlord: mydeposits, Tenancy Deposit Scheme and Deposit protection Service. If you have a dispute regarding the amount of deposit being returned you can utilise the schemes alternative dispute resolution service rather than going to court.