Whether you’re new to renting property or you’re a lifelong tenant, you might have some questions about your tenancy deposit. Certainly, it’s an additional expense when you’re renting and something to incorporate into your budget for the first month. Fortunately, if the tenancy reaches the end and the property is still in great condition, you’ll get the budget back to put towards your next property. 

Let’s take a closer look at tenancy deposits.

How much is a tenancy deposit and what is it for? 

At Cobbles, our security deposit is equal to five weeks’ rent at the property you have chosen. For larger properties which will cost more than £50,000 in rent over the year, the deposit is equal to six weeks’ rent. 

Remember that the deposit is a one-off payment at the start of the tenancy. When you’re budgeting, it’s important to set aside the deposit to pay at the start of the tenancy, as well as the regular rent. 

For example, if your rent is £1000 per month, your deposit will be £1153.84. Your initial payment will be £2153.84 (rent + deposit) but after that you’ll only pay £1000 per month. 

Estate agents take a security deposit on behalf of the landlord. This is so that, in the event of damage to the property, the landlord can pay for the repairs out of the deposit. The remainder – if any – is then returned to the tenant at the end of the tenancy. 

The deposit is held in the government tenancy deposit scheme. This keeps it separate from other money the landlord has, and means that it is protected for either repairs or to give back to you. 

How do I get my deposit back at the end of the tenancy?

The property should be “given back” to the landlord in the same condition as when you moved in. If you’ve maintained the property and been honest about breakages and maintenance during your tenancy, this shouldn’t be too much of a headache. Likewise, being present for inspection visits should help both you and your property manager to know what to expect. 

After you’ve moved out, usually, an inventory clerk will visit the property to complete an end-of-tenancy check and write a report for the landlord. You are welcome to attend this visit if you would like to. The report will detail any damage. 

The landlord should expect to pay to improve areas of reasonable wear and tear. For example, it is reasonable to expect flooring in the hall and kitchen to become worn through people walking over it. However, a massive coffee stain on a carpet would not be considered “reasonable wear and tear.” A big stain is something a tenant should take care to avoid, so cleaning or replacement of that area of carpet would come out of the deposit. 

When the property inspection is complete, we will work with the landlord to calculate how much of the deposit (if any) to keep back to pay for repairs, and how much to return to you. You will receive a copy of the report – this means that if there any deductions, you will be able to see exactly what they are for. 

Rent property in Guildford

The Cobbles team love helping tenants find the right property and understand the rental process. If you have any questions about tenancy deposits, we’re here to help  - get in touch today on 01483 457 000. You can also find out more about tenancy fees here.