Step 6: Taking and holding the deposit

Once Country Properties have taken the full deposit from the tenants this will be registered with the relevant deposit scheme. TDS, DPS or MyDeposits, depending on what service you choose and which branch you are with.

A tenant deposit by law must be registered with a government approved scheme and dealt with according to the regulations. This ensures all deposits are protected.

A deposit is paid to cover possible damage or breach incurred to the property once the tenancy has ended and will be checked against the initial inventory taken on the tenancy start date.

Fact 1

The Tenancy Deposit scheme was created to help landlords and tenants to ensure fairness when requesting deductions once a tenancy completes.

Fact 2

A refundable tenancy deposit is capped at no more than 5 weeks’ rent where the annual rent is less than £50,000, or 6 weeks’ rent where the total annual rent is £50,000 or above.