Everything renters need to know about tenancy deposits
Celebrity mortgage expert Tayo Oguntonade answers your tenancy deposit and deposit protection scheme FAQs
The number of people renting properties in the UK has shot up exponentially in the last decade, and with the legislation to protect renters continually evolving, it can be difficult to keep abreast of the changes.
If you're unsure about your rights when it comes to tenancy deposits, YourHomeStyle have qualified Mortgage Advisor and BrickzwithTipz founder Tayo Oguntonade on hand, to break down all the basics for us.
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We caught up with Tayo to find out everything you need to know about tenancy deposits, plus the finer details of deposit protection schemes.
Keep reading to discover everything you need to know about rental deposits, including how much your landlord can ask you for, and your rights if you get evicted.
Tenancy deposit guide
What is a tenancy deposit?
A tenancy deposit is a sum of money that is paid to the landlord at the beginning of the tenancy agreement. The deposit is held by the landlord and should be returned at the end of the tenancy provided all the agreed terms have been met. If they haven't - for example, if there is damage to the property - the landlord may be able to deduct any costs from the deposit.
How much deposit can a landlord ask for?
Landlords can ask for up to six weeks of rent (depending on the value of the total rent) but most tenants will find that one month or 4 to 5 weeks is quite common.
What is a tenancy deposit protection scheme?
A tenancy deposit scheme is a scheme that landlords are required to use to register deposits they have taken. This gives tenants added security that if they pay their rent time and do not damage the property they will get their whole deposit back. At the beginning of the tenancy, you should get details of which tenancy deposit scheme has been used.
Do all landlords have to protect my deposit?
If you have a live-in landlord, meaning that you rent a room in the house and your landlord lives in the same house, they are not obligated to put your deposit in a protection scheme. Similarly, if you are a student and live in halls, your deposit does not need to be protected.
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Can I get my deposit back if I get evicted?
If you are evicted for reasons other than missed payments and the property is in a good state, then you should be able to get your deposit back from your landlord. If you have details any trouble getting your deposit back, find out the details of the tenancy deposit scheme used and proceed from there.
If you found this useful, don't forget to check out Tayo's comprehensive mortgage guide, and if you're after some rental friendly decor hacks, take a look at our roundups of the best stick on tiles and the best self-adhesive wallpaper designs .