If you’ve taken a DEPOSIT you’re 100% protected RIGHT?!? I’m afraid you’re 100% wrong!! One of the biggest misconceptions is that a deposit, by...
If you’ve taken a DEPOSIT you’re 100% protected RIGHT?!?
I’m afraid you’re 100% wrong!!
One of the biggest misconceptions is that a deposit, by taking it, protects you against damages. A deposit belongs to the tenant and to make sure you can claim against it you’ll need:
- A tenancy agreement – to claim rent owed
- An inventory – to claim damages
The first time I tried to make a claim against a deposit, when I became a landlord (not a letting agent I may add!), I assumed once I explained to the people protecting it, that they’d see straight away through the tenant’s poor excuses and definitely send it back to me.
NO!! – Rule number#1 of deposits – The deposit belongs to the tenant unless you can prove otherwise.
So if you can’t prove the tenant owes you rental arrears through a rental account and tenancy agreement – you won’t get your deposit back however much you’re owed.
If you can’t prove the original condition of the property, you can’t prove that the damages were caused by the tenant therefore the deposit belongs to the tenant however much damage has been done.
The onus is on you to prove that the deposit belongs to YOU! (by default it belongs to the tenant).
Why are the chips always stacked against us, you might think, but as a letting agent we’re used to dealing with the increasing number of rules and regulations surrounding renting properties.
Back in the day, all you needed was an annual gas check and a fair wind and you’d make money from property. These days you have to deal with over 170 regulations.
So where to start with an inventory?
- Paper inventories are a relic of the past, if you’re still using paper inventories you mind as well not bother.
- You need an inventory detailing every room, rating its condition with lots of photos backing it up.
- It needs signing by every party including the guarantor.
- Also, DON’T FORGET to timestamp everything!
If you want to see what damages you could miss out on, see our video below with Chris our Senior Property Manager. by not having an inventory it could cost you £’000’s if not £0,000’s of pounds.
I hope you found the video useful and remember it’s OUR JOB TO PROTECT YOUR ASSET!
For any sales, lettings or refurb help:
- Contact us today by phone or email to move your property to us.
- We’ll contact your letting agent to ensure a seamless tenant transfer, including the deposit, keys and all paperwork.
- We’ll contact your tenant to resolve any rent, maintenance or refurbishment issues you have, arranging a property visit if required.
- We’ll begin the process of maximising your income and wealth.