Us landlords, or Future Landlords, don’t get to keep the deposit money in our own accounts. It’s legally required to put the deposit into a government-approved tenancy deposit scheme within 30 days. This is to make sure that the deposit is protected if there is a dispute between us and the tenant. Which happens quite often…
The deposit is paid back to the tenant at the end of the agreement so long as they:
- Don’t damage the property
- Meet the terms of the tenancy agreement
- Pay the rent and any outstanding bills
We must return the deposit to the tenant within 10 days.