By law, landlords and agents (in England and Wales) who take a deposit from tenants under an Assured Shorthold Tenancy agreement (AST) must protect that deposit using a government-authorised tenancy deposit protection scheme.
We insure your deposit with www.mydeposits.co.uk. Please see their website for full details of the scheme.
Your deposit constitutes a total of £400 per person. We retain and insure the total amount of your deposit, during the whole term of the tenancy. Within 30 days of taking your full deposit, we will provide the nominated tenant with an insurance certificate. We need to agree who will be the "Nominated Tenant" for the deposit protection scheme. The "Nominated Tenant" will be the only Tenant who can contact the Scheme and deal with any disputes etc. Please note: this does not affect the legal rights or obligations of the other joint Tenants.
At the end of the tenancy, we will complete a final inspection based on the inventory agreed at the start of the tenancy. Should everything be in order and no rent outstanding, we will transfer the full amount of the deposit to the nominated tenant within 10 days of the end of the tenancy. It is then the responsibility of the nominated tenant to distribute the money between the other tenants.
If there is a problem and deductions need to be made, you will be informed as soon as possible. We will detail the reasons for any deductions. Where you agree to these deductions, we will transfer the stated amount to the nominated tenant within 10 days of agreement. It is then the responsibility of the nominated tenant to distribute the money between the other tenants. If you do not agree with these for any reason, please contact us immediately to discuss the matter and we will attempt to resolve the matter informally. Where this is not possible or no agreement can be reached, please contact www.mydeposits.co.uk. They will be able to advise you as to the procedure.
When the deposit or part of it has been returned, we will uninsure your deposit.