As of 6th April 2007 the Housing Act enforced rules that meant all Tenancy Deposits had to be protected, stipulating them to be held in Government Approved Schemes following payment. This protects the Tenant’s Deposit and assists both parties. TDS (Tenancy Deposit Scheme)
The standard deposit at Rentlocally Tayside and Fife is 1 month’s rent plus £100 for tenants who provide their own reference information. If there are pets, the deposit will be increased by a minimum of £100, depending on the type and number of pets.
If the Tenant provides (at their own cost) a current and professional 3rd party verified reference, RL will consider them a lower risk, and therefore the deposit would be 1 months’ rent.
Upon receipt of the Tenant’s deposit, RL Tayside and Fife forward an online application form for the potential tenant to complete, this is then used to create the PRT (Private Residential Tenancy Agreement).
The Tenancy Deposit is required to cover any costs for damages or losses that may occur during the period of Tenancy. Once the final inspection of the property has been carried out, it will be assessed whether or not any deductions are due to be taken from the initial deposit.
Non-payment of rent, and any outstanding costs/expenses would be deducted from this. The Deposit will only be returned once the final inspection is complete and evidence provided that any outstanding monies have been settled.