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condition both at the start and end of the tenancy. Generation Rent director, Dan Wilson Craw, has his doubts about how attractive these schemes will be to tenants. There are two kinds of scheme that landlords can use to register a rental security deposit: custodial and insured. What is the Rent Deposit Scheme? Under the Rent Deposit Scheme, we will pay a deposit to a private landlord on your behalf. Landlords hand over the entire deposit to the scheme for ‘safe keeping’ for the duration of the tenancy. But we still think that landlords will be adequately protected. It guarantees the deposit required against any reasonable disrepair which may occur during the period of rental, up to the equivalent of six week's rent. Your landlord must put your deposit in a government-approved tenancy deposit scheme (TDP) if you rent your home on an assured shorthold tenancy that started after 6 April 2007. Average rents grow throughout 2020 - The DPS Rent Index Q4 2020 . Watch this video to find out what landlords need to know about letting agents, or click here to read about it. This scheme is only available to: customers we have placed in temporary accommodation; NLA members and LRS accredited landlords*. “We have great relationships with our residents and, given they are taking such good care of our homes, why should we hold six weeks’ rent?”. Deposit protection schemes. Deposit Protection Service (Custodial and Insured), fail to protect a tenant’s deposit in a government-backed scheme, do not give tenants the required information about the scheme being used. The Rent Deposit Guarantee Scheme. Landlords can choose whether to protect their tenant’s deposit in a custodial or insurance-based scheme. By law, anyone renting through an Assured Shorthold Tenancy in England and Wales (this will apply to most people who rent their property) should have their deposit protected in a deposit protection scheme. The landlord or letting agency has 30 days from receipt of the deposit to provide the tenant with details of the scheme that they are using (known as the prescribed information). Stick to your rental obligations, build up a strong flatscore and benefit from discounts when moving into your next accommodation. This was a common complaint made by tenants before deposit protection become mandatory. Deposits are typically equivalent to 4-6 weeks rent, but should be no more than two months’ rent. According to government rules, deposits should be returned within 10 days of the end of a tenancy, but disputes mean it often takes far longer. It is concerning that some versions of this system involve insurers pursuing tenants to recover any money they pay out to landlords. Yet getting your deposit back when you leave can be tricky. The policy remains in place for the whole tenancy, with tenants paying a £25 administration fee each subsequent year. The aim of the Scheme is to help local people rent privately by offering a deposit guarantee to landlords. Though in some circumstances it’s okay, it’s not advised. Both you and your landlord must agree on the amount of your deposit that you will get back before the deposit can be released. A typical deposit will be between one month and six weeks' worth of rent. The Rent Deposit Scheme is one of the ways in which South Kesteven District Council help homeless and vulnerable households into privately rented accommodation. Authority, registration number 202810. flatfair ’s deposit-free scheme is also available to existing tenants who have a standard Tenancy Deposit at their current rented home. What is the Rent Deposit Scheme? Rent Deposit Scheme. According to the Deposit Protection Service, the average deposit in England and Wales stands at £967, though London renters typically have to put down around £1,750. 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