Deposits and Inventories
Almost all tenancies will have a deposit of some form included in the Agreement. This is to cover any damage or dilapidations beyond fair wear and tear that is evident at the end of the tenancy. Typically the deposit amount is the equivalent of 5 weeks of the rent agreed.
Since 06 April 2007 it has been law that any deposit taken under a new or renewed Assured Shorthold Tenancy must be protected through a government backed tenancy deposit protection scheme. Samuel Wood are members of such a scheme, the Tenancy Deposit Scheme and we register and protect the vast majority of our Landlord’s tenancy deposits through this scheme.
It is extremely important that the deposit holder, be it Landlord or Agent, adheres to the strict legislation and correct administration relating to tenancy deposits as the penalties for non-compliance are severe.
At the end of a tenancy and following agreement between Landlord and Tenant, deductions can be made from the deposit. If an agreement on deductions cannot be reached then the TDS provides an adjudication service to provide final resolution to any dispute.
We will be very happy to explain the administrative procedures and law regarding protected tenancy deposits but, due to the complex nature of the subject, the majority of our landlords entrust Samuel Wood to register and protect their Tenant’s deposits as part of our service.
Inventories are closely linked to tenancy deposits as they provide a record of the condition and content of a property both at the beginning and end of the tenancy from which any potential deposit deductions may be indicated. We strongly recommend that all of our tenancies have a professional inventory report as the impartiality of this document allows tenant and landlord a level base to agree any deposit deductions should they be applicable.
For a tenancy managed by Samuel Wood, we provide our own analysis of the end of tenancy inventory report and will suggest appropriate deductions to our Landlord before negotiating with the Tenant on our client’s behalf.