All deposits for assured shorthold tenancies must be securely held by an acknowledged deposit agency. We use ‘The Deposit Protection Service‘ additional details can be acquired from their website.
We manage all administrative tasks related to this service for both tenants and landlords, whether part of our fully managed or tenant-find services.
Typically, the deposit is equivalent to one month’s rent. However, it’s important to note that, by law, the maximum deposit allowable from a tenant is capped at the equivalent of 5 weeks’ rent.
The deposit, along with the first month’s rent, is required in advance of the move-in date. We typically request payment 48 hours before the scheduled move-in date.
Yes, the security deposit is refundable. If there are no issues with the property, or if any identified issues have already been resolved, you will receive the full deposit amount back.
At Sharples Lettings, we prioritise transparency and fairness. In the spirit of giving tenants the benefit of the doubt, for minor issues like cleaning, instead of deducting a fee outright, we provide tenants with an opportunity to rectify the situation. Our goal is to ensure a smooth and respectful process for both landlords and tenants.
Deductions from the deposit may occur if the property is returned in a condition worse than when it was received and exhibits issues or damages beyond general wear and tear. It is crucial to notify us of any issues or damages during your tenancy so that we can address them promptly, preventing potential deductions at the end of your tenancy. Our aim is to work collaboratively to maintain the property’s condition and ensure a smooth and fair process for both tenants and landlords.
If there are damages to the property, there’s no need to worry. Damages resulting from general wear and tear are the landlord’s responsibility, and you will not be liable for the cost of fixing these issues.
At Sharples Lettings, we recognise that accidents happen. If you happen to cause any damages, please inform us promptly so that we can work together to find a solution. Our priority is to maintain open communication and ensure that any necessary repairs are addressed efficiently and fairly.
Yes, the deposit is protected by The Deposit Protection Service (DPS). This ensures that your deposit is held securely and fairly throughout the tenancy. The DPS is an independent government-approved scheme, providing added protection for both tenants and landlords by offering a clear and impartial resolution process in case of any disputes related to the deposit.
The Deposit Protection Service (DPS) is a government-approved scheme designed to safeguard tenants’ deposits throughout the duration of their tenancy. Here’s why it’s essential and what tenants should know:
Security of Deposits: The DPS ensures that tenants’ deposits are held securely and independently, protecting them from mishandling.
Government Approval: As a government-approved scheme, the DPS operates in compliance with established regulations, providing assurance and credibility.
Impartial Dispute Resolution: In case of disagreements between landlords and tenants regarding deposit deductions, the DPS offers an impartial resolution process, ensuring fair outcomes.
Transparency: Tenants can access information about their deposit at any time during the tenancy, promoting transparency and accountability.
Deposit Repayment: At the end of the tenancy, the DPS facilitates the return of the deposit, subject to any agreed-upon deductions for damages beyond general wear and tear.
Communication: The DPS encourages open communication between landlords and tenants, fostering a collaborative approach to resolving issues related to the deposit.
Tenants can have confidence in the DPS as a neutral third party, providing a structured and regulated framework for the protection and return of their deposits. It enhances the overall fairness and transparency of the tenancy process.