Tenancy Deposits

Assured Shorthold and Common Law Tenancies and Tenancy Deposit Scheme
At Kay & Co we insist that we hold an amount from the tenant equivalent to six weeks rent during the tenancy against the satisfactory performance by the tenant of all the various obligations under the tenancy agreement – in particular those relating to the cleanliness and condition of the property.

Our tenancy agreement is drawn up by Pain Smith Solicitors who advise the government on legislation relating to residential lettings and contains all the relevant clauses in the tenancy agreement setting out who is to hold the deposit, what the deposit can be allocated for and the end of tenancy procedures and timescales for its refund.

We will hold the deposit as “stakeholder” between the landlord and tenant which means that at the end of the tenancy we need to get the agreement of both sides before making any deductions for things such as damages and/or cleaning.

The new Tenancy Deposit Regulations which apply to any Assured Shorthold Tenancies mean that in the event of an unresolved dispute over the refund of the deposit, it can be referred to the Tenancy Deposit Scheme (TDS) which Kay & Co is a member of.  The dispute will be dealt with promptly by an independent, third party adjudicator who will provide a resolution which is fair to both the landlord and tenant. Kay & Co has ensured that all of our tenancy agreements are in full compliance with these regulations. It should be noted that failure to comply with the new regulations can incur extremely hefty fines so it is essential they are taken seriously.