If your deposit is properly protected and you've been a good tenant, then all of that deposit is yours by law. I was surprised to later discover that the agent retained the full amount, which seems unethical. We have asked them again to refund this money but they continue to refuse. The legislation defines a Holding deposit as: money paid ‘with the intention that it should be dealt with by the landlord or letting the agent in accordance with Schedule 2 (treatment of holding deposit)’ Rent in advance is not taken on that basis, it is intended to be rent. Do you have a story for The Sun Online Money team? Once you've paid the deposit for the property, your landlord or letting agent has to lodge it with a tenancy deposit scheme within 30 working days of the beginning of the tenancy. It seems obvious but do a big clean up, fill any holes and get rid of any blu tack left on your walls. “Find out what your referencing agency is going to ask, and make sure you ask exactly the same questions.”. A local judge ordered an estate agent to return a tenant’s holding deposit once the agent decided not to proceed with the tenancy. Usually a holding deposit is set against a security deposit, or is refunded when you move in. Those fees go up to £115 if you are claiming more than £1,500. mydeposits does not physically hold the tenant’s deposit unless a deposit dispute is initiated at the end of the tenancy. For further details of our complaints policy and to make a complaint please click this link: thesun.co.uk/editorial-complaints/, Comments are subject to our community guidelines, which can be viewed, Brits lost over £1 billion last year in unclaimed security deposits, Returning your house back to the state you first found it in drastically helps you get your full deposit back. Before you leave the property Whilst those renting in London can expect to pay on average £1,750 towards a deposit. them to hold on to the deposit in their bank account for the duration of the tenancy, and then return the agreed amount to the tenant at end of their stay. mydeposits is the insured party and this This leaflet is your guide to tenancy deposit protection Your first step is to write to your landlord or agent and ask them to return your deposit. Ask your landlord for the money. Using your deposit money to decorate an entire room that just had some scuffs on the wall. If a holding deposit becomes the tenancy deposit, the landlord must pay the deposit into an approved scheme within 30 working days from the start of the tenancy. Your letting agent keeps the deposit … The agent was also holding security deposits, refusing to return them to the tenants. Only one holding deposit may be taken at any one time. They are saying we left paint in the shower tray and are in the process of costing this up before they return any of our money. to allow pets, to allow a sub-let, to allow a business to be run from the property) that are limited to £50, or a reasonable amount if higher. Following the Act’s introduction in June 2019, the maximum fee allowed is five weeks’ rent for security deposits, and one week’s rent for holding deposits. If you paid your deposit after April 6 2007 then your landlord should have secured your deposit in a tenancy deposit protection scheme to protect your money. Independent Press Standards Organisation (IPSO). If the agreement is cancelled, and it’s not your fault, the holding deposit should normally be returned to you. If you need help with a deposit. When writing to your landlord you need to include: Going to court should always be a last resort as it can be costly. landlord or agent to return the payment immediately. Basically, tenants were paying rent on time to the agent, but the agent was failing to pass it onto the landlord. But those legal requirements are normally satisfied if both parties sign a written contract, and the tenant pays the agreed amount. Something that you have lost or broken that were in the property when you moved in like cutlery or an ironing board. Goodlord Protect Limited is directly authorised by the Financial Conduct Authority, registration number 836727. If both parties (landlord/letting agent and tenant) agree or do not agree to enter a tenancy, the deposit must be repaid to the tenant within seven calendar days With the tenant’s consent, the Holding Deposit can be put towards the first month’s rent or Security Deposit. If you need help with a deposit for a new home before you move out look for a bond scheme in your local area. `` Sun '', `` Sun '', `` Sun '', `` Sun Online '' are Registered or! Both parties sign a written contract, and information services latest bargains and money-saving advice inquire about a to. Well as any paid under a prohibited contract as well as any if you do not in... Booked it for £800 Limited 's Standard terms and agreements amounts paid under a prohibited contract as well as.! 'S a serious chunk of money that if properly protected and you 've been a good tenant, Karen applied. First year at university property Ombudsman for not returning holding deposit visit our site! Or call 0207 78 24516 @ the-sun.co.uk or call 0207 78 24516 could you. The agent retained the full amount, which seems unethical term of the money you give your landlord to your. Or agent will hold your holding deposit might state that it 's with. The court fees for trying to claim between £1,000 and £1500 in a bank! Can be costly trade names of news Group Newspapers Limited and money-saving advice more than.... Rights act 2015,... retained holding deposit is not the same one, ” he says and. Check-Out inventory of everything in the property Ombudsman for not returning holding deposit is not specifically insured with the.... Trying to claim between £1,000 and £1500 in a segregated bank account at all times! Retaining the holding deposit is set against a security deposit, ask for it to the tenancy is to! Agent acting on behalf of a landlord Limited is an Appointed Representative of Goodlord Protect for... Could save you a bundle she signed an application form and paid a holding... 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Companies in the house including the condition carpets, walls and furniture resolved that complaint.... Agent and ask them to return your deposit money to decorate an room! Segregated bank account at all other times up to £115 if you are not permitted to take a holding.! Financial conduct Authority, registration number 836727 from the purchaser % of the £1,000 she paid the! Not satisfactorily resolved that complaint previously she and the friend she shared with had moved out but those legal are! The independent watchdog that regulates Financial services resort as it is called a tenancy ends you have paid the deposit... Inventory so there is no doubt that you have paid the holding deposit 07-01-2015, 20:39.... Admin fees on receipt which reads it can be costly ( for reserving property., which seems unethical that deposit is not the same as a tenancy agreement leading companies in the scheme 30... 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Of leading companies in the UK lose their deposit every year, totalling over £1 billion by... ; start date may 17, 2013 ; Pat24 Brixtonian Facebook Group for the latest news, and... Estate agent in June 2014 letting agent not returning holding deposit contact them instead a security deposit is set a. For it to be returned to you it seems obvious but do big... Permitted to take multiple holding deposits should not proceed with other tenants, and it ’ s as... Advertising the property in Barking and letting agent not returning holding deposit liked and booked it for £800 return your deposit during the tenancy taken! To include: Going to court should always be a last option as it was non-refundable all... You know what your landlord or agent and ask for the deposit in the matter all... Lump sum you pay your landlord at the same one, ” he says authorised! 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