Deposits
Deposits are taken as security against losses resulting from neglect or damage by the tenant or any rent arrears.
A deposit equivalent to one month’s rent + an additional £150 is required for each of our properties and needs to be paid prior to entry. The deposit amount, and who holds it will be clearly stated on your tenancy agreement.
Tenancy Deposit Scheme (TDS)
By law all tenant deposits must be lodged with an approved Government Scheme who will hold the deposit until the end of the tenancy.
Castlebrae are registered with Safe Deposits Scotland, a not-for-profit organisation backed by the Scottish Association of Landlords (SAL), Royal Institution of Chartered Surveyors (RICS), National Federation of Property Professionals (NFPP).
How the scheme works
In brief:
• tenant pays the deposit to the landlord/agent as now
• deposit holder pays the deposit to the Scheme
• landlord/agent must provide details of the scheme to the tenant
• scheme administrator will safeguard it in a designated account
How is the deposit returned?
• at the end of the tenancy the landlord/agent and tenant can apply to the scheme for repayment
• scheme administrator will write to tenant asking them to confirm if they agree
• if tenant agrees, deposit will be repaid within 5 working days (by Safe Deposits)
If there is a dispute:
- Tenant can request free independent adjudicator
- Scheme administrator must be satisfied the tenant and landlord/agent have tried to resolve dispute
- Adjudicator decides how deposit should be repaid based on evidence provided (detailed inventories, photographs, inspection reports, receipts, check in/check out reports, emails etc)
- Decision made within 20 days
All our managed properties have a detailed inventory and photographs prepared by our staff and a copy is provided to landlords and tenants as part of their Completion Pack.
