Tenant’s Deposits

When a tenant moves in a rental property it is normal to be asked for a deposit by the landlord. The requested amount is also known as a security deposit or a damage deposit. It could be fully recovered to the tenant at the end of the tenancy or in case of inflicted damage it is used to cover the repairs or the cleaning of the property. In the field of cleaning services Bloomsbury households may turn to experienced companies that provide wide range of services.  In the practice another deposit is also used – holding deposit.  It is required in situation when the landlord holds the property for the tenant until the paper work is processed.
The amount of the deposit could be up to two months’ rent but it is most common to be charged as much as six week’s rent. It could be used for various purposes. As we’ve mentioned the most common reason for holding the whole or deducting a part of the deposit is inflicted damages on the property during the tenancy. The money could also be used to cover expenses such as professional cleaning, unpaid rent, or disposing of personal belongings or trash that have been left behind. Regarding the end of tenancy cleaning Bloomsbury is area where that service is broadly used.
In England and Wels the security deposit is protected in one of three possible Government authorized schemes – the Deposit Protection Service scheme, the Tenancy Deposits Solution scheme and The Dispute Service scheme. In case of dispute between the tenant and the landlord regarding the reimbursement of the deposit the relevant scheme authority will decide what will happen according to the presented proofs.
The holding deposit usually amounts one week rent. There are two options. If everything is in order and the tenant signs the letting agreement the deposit is fully recovered or is considered as part of the security deposit. But if the agreement fails to be signed the landlord can keep part or the whole holding deposit to cover the loss of the profit that he would have gained if he had let the property to someone else in the meantime.


January 19, 2012 | Author: | Posted in Home Improvement

Author:

This author has published 69 articles so far. More info about the author is coming soon.

Leave a Reply

You must be logged in to post a comment.