16 August 2011

Cleaning costs and unpaid rent are the top reasons why deposit money is withheld when a tenant moves out of a rented property, my|deposits has found.

The tenancy deposit protection scheme surveyed* landlords and agents, asking them the main reasons why they withhold deposit money at the end of a tenancy. 

Of those who did keep some of the deposit, 78 per cent reported the most common reason was to pay for cleaning after the tenant had left.  Unpaid rent was also a major cause for withholding the deposit.
 
Damage to property, furniture and carpets were other key reasons why tenants didn’t receive all of their money back.

August is one of the busiest months for tenancy deposit returns, with university students moving out of their rented property.

Eddie Hooker, CEO of my|deposits, commented:

“Tenants can avoid having any of the deposit withheld by ensuring the property is clean, any damage is repaired, and the rent is paid up to the day they move out.  But general wear and tear should also be taken into account by landlords and agents.

“This is the busiest time of year for deposit returns as students vacate properties for summer.  It is important they meet with their landlord or agent when moving out, inspect the property together, and then come to an agreement over the return of the deposit.

“It’s worth noting that less than two per cent of tenancies end in a dispute over the deposit.  With my|deposits, the landlord and tenant have the great advantage of being able to come to an agreement on the spot about the return of the deposit without involving us, enabling the money to be handed back immediately when the tenant most needs it.”

The my|deposits ‘Wear and Tear Guide for Landlords’ and ‘Your Guide to Deposits, Disputes and Damages’ can be found at http://www.mydeposits.co.uk/landlords/resources-and-guides/guides

For more information about my|deposits, visit www.mydeposits.co.uk or call 0844 980 0290.

-ENDS-

* my|deposits surveyed 696 landlords and agents about tenancy deposit protection.

For further information, please contact:

Dane Svenson
Press Officer
my|deposits.co.uk
E: dane.svenson@mydeposits.co.uk
T: 020 7840 8925
M: 07508 031 084

NOTES TO EDITORS:

About mydeposits.co.uk:

Mydeposits is the trading name of Tenancy Deposit Solutions Limited, a company jointly owned by the National Landlords Association and HFIS plc T/A Hamilton Fraser Insurance (the Scheme Administrator) to deliver an insurance-backed tenancy deposit protection scheme under contract from Communities & Local Government. Landlords and letting agents wishing to use this scheme are required to register with the Scheme Administrator. They can find out more and register by visiting www.mydeposits.co.uk. Registered members of the Scheme are able to protect and unprotect deposits at the beginning and end of tenancies. Fees are tax-deductible. In the event of a dispute at the end of the tenancy agreement, both parties are offered access to alternative dispute resolution (ADR). This procedure will be evidence-based, relying on documentation and records.