Paying the Deposit

Deposits in the United Kingdom, and how the Deposit Protection Scheme works...

Once the credit checks have been passed, a deposit is paid by the new tenant. This is normally four to six weeks' rent. If a pet will be living in the property it can be considerably more. The money is held with an independent Deposit Protection Scheme (DPS). If the property is damaged in any way the use of these schemes make dispute resolution easier. Tenants will be given details of their account with the DPS provider.

An inventory is carried out before moving in to the property and this must be checked before handing over the deposit. The first month's rent is paid at the same time.

At the end of the tenancy, the landlord or letting agent will assess the property for any damage and submit an account to the DPS of any deductions to be made from the deposit. If the tenant wishes to contest this assessment, they can do so via the DPS.