London offers numerous alternatives when searching for a place to rent. Renting a property in the capital can be a hassle, and hiring a real estate firm is one of the ways that you can solve part of the problem. Professionals can help you find the most suitable property to rent in London. They will look at your requirements and offer choices for you to consider. After finding an appropriate place, think about the deposit. A rent deposit is necessary as part of the payment before you move into a rental. What most tenants don’t know about is the protection of their deposits.
What it is
The U.K. has deposit protection schemes that landlords must utilise. As of April 6, 2007, any renter who is on an assured shorthold tenancy should have protection for their deposit. An assured shorthold tenancy is the most popular type, but it helps to make sure. A tenant can use resources to find out the type of tenancy.
Landlords in England and Wales have three options when it comes to protection of rent deposits. One is the Deposit Protection Service, the other is the Tenant Deposit Scheme, and there is MyDeposits. Within 30 days of receiving the rent deposit, a landlord must ensure that it goes into any of the three options. To find out the scheme that a particular owner is using, ask them during the contract signing. It is advisable to get this information in writing. Usually, landlords include it in lease contracts.
The Need for Protection
There are advantages to having tenancy deposit protection. A tenant who has reached the end of their tenancy and have followed all the terms of the contract can get their deposit back. It also makes it easier for a tenant and landlord to agree on the deposit amount due when a contract ends. If a London landlord wants to take possession of their property for whatever reason but is unable to serve a notice, they can return the deposit. A tenant should carefully analyse their contract with help from a trusted agency like No Mortgages Ltd. to find out the terms that warrant a return of their deposit. For instance, damages such as missing hooks and torn carpets may void part for a tenant’s deposit.
There are special circumstances where a tenant may offer non-cash payment for their deposit. For example, you may give your watch as a deposit for property to rent in London. In such a case, the landlord does not have to put that in a deposit protection scheme. Understanding how deposit protection works gives a tenant an advantage when renting a place.
Tenancy deposit protection, gov.uk
50+ Tips for Renters, moneysavingexpert.com