The full deposit required is equal to one calendar month’s rent. The full deposit will be held in the Deposit Protection Service (DPS) in accordance with new government legislation, https://www.depositprotection.com. With the DPS' expertise, tenants have peace of mind that their deposit will be cared for by the largest, most experienced supplier of deposit protection in the UK.
In order for us to hold the property, we require the deposit to be paid by the tenant. This stops the property being marketed to other potential tenants. Paying the deposit indicates that we have approval to proceed with the application and obtain references on the tenant's behalf, and they have committed to moving into the property on an agreed date. The deposit is non refundable should the tenant pull out of the process during this stage.
The full deposit will be returned to tenant at the end of the tenancy agreement, providing the property be left in a satisfactory condition. The tenant has 14 days to rectify any issues highlighted during the check out process. Once the full or partial deposit has been agreed, it will be released to the tenant within 10 days. In the rare event of a dispute between tenant and landlord, this will be passed to an independent arbitrator for a final decision.