We will collect the Deposit together with the initial Rent payment from the Tenant at the commencement of the Tenancy and regardless of the Service used by the Landlord hold the Deposit in a Stakeholder capacity. As stakeholder we will be unable to release the Deposit or any part of it to you or the Tenant without the other party’s written consent. The Deposit or any balance payable will be paid to the Tenant or Landlord as appropriate at the end of the Tenancy.
After the Tenancy ends you are entitled with the written consent of the Tenant to ask us to deduct from the Deposit money to compensate for damage or any breach of the Tenancy Agreement. You will need to specify the amounts to be deducted and the reasons for any deductions to be made. Provided the two parties agree to the deductions we will send you the amount agreed between the parties for damage, cleaning, unpaid bills, or unpaid Rent and pay the balance if any to the Tenant. If the amount of compensation you seek exceeds the amount held as the Deposit, you may require the Tenant to pay that addition sum within fourteen days of the Tenant receiving that demand in writing.
Tenancy Deposit Scheme
To comply with the Tenancy Deposit Protection legislation the Agent is a member of the Deposit Protection Service which is administered by;
The Deposit Protection Service (The DPS)
If we are instructed by you to hold the Deposit we shall do so under the Terms and Conditions of the Deposit Protection Scheme. Click here
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