Tenancy Deposits
At Whites Residential Lettings Ltd, we generally require a tenancy deposit equivalent to five weeks’ rent in accordance with current tenancy deposit legislation. The tenancy deposit is held as security against:
- Damage beyond fair wear and tear;
- Cleaning issues;
- Missing items;
- Breaches of the tenancy agreement;
- Rent arrears or other financial losses arising from the tenancy.
All tenancy deposits are protected within a government approved tenancy deposit protection scheme in accordance with current legislation.
Whites Residential Lettings Ltd are members of the Tenancy Deposit Scheme and hold Client Money Protection through Propertymark. Interest earned on client accounts may be retained to contribute towards the administration and costs associated with tenancy deposit protection and client account management.
The prescribed information relating to the tenancy deposit protection scheme will be served on tenants within the required legal timescales.
Deposit Protection & Compliance
Under the current Renters’ Rights Act framework and tenancy deposit legislation, landlords and agents must comply with strict tenancy deposit protection requirements.
Failure to correctly protect a tenancy deposit or provide the required prescribed information within the legal timescales may result in:
- Financial penalties;
- Restrictions on possession proceedings;
- Compensation claims by tenants;
- Adverse court decisions against landlords.
Whites Residential Lettings Ltd cannot be held liable for losses arising from landlord failures to comply with legal obligations outside of our management responsibilities.
Managed Deposit Service
Where Whites Residential Lettings Ltd are instructed to hold the tenancy deposit, the deposit will be protected and administered in accordance with the rules of the Tenancy Deposit Scheme.
The deposit is held by the agent as stakeholder in accordance with the tenancy agreement and relevant tenancy deposit legislation.
At the End of the Tenancy
At the end of the tenancy, the property condition and tenancy obligations will be reviewed against the inventory, schedule of condition and tenancy agreement.
Where no dispute exists, any agreed deductions will be processed and the remaining balance of the deposit returned in accordance with tenancy deposit scheme timescales.
Potential deductions may relate to:
- Damage beyond fair wear and tear;
- Cleaning costs;
- Missing items;
- Unpaid rent or utilities where applicable;
- Breaches of the tenancy agreement.
Where a dispute arises regarding the allocation of the tenancy deposit, the matter may be referred to the tenancy deposit scheme’s independent dispute resolution service for adjudication. Both landlord and tenant may also choose to pursue the matter through the courts where permitted by law.
If a dispute is formally raised, the disputed amount may need to be transferred to the tenancy deposit scheme pending adjudication in accordance with scheme rules and statutory requirements.
Whites Residential Lettings Ltd will cooperate fully with the dispute resolution process and provide relevant documentation including inventories, inspection reports, photographs, tenancy agreements and correspondence where required.
Client Money Protection
As a member of Propertymark we adhere to their accounting rules in accordance with their membership requirements that can be seen on their website:
Propertymark Member Requirements
Please see below our Propertymark Client Money Protection Certification.