Renting any sort of property will inevitably require some sort of deposit or even a “guarantor” for collateral before you can move in. The collection of a refundable deposit acts as protection for the landlord’s property. This protection covers any damage that may arise during the tenancy. Hopefully, this doesn’t happen and once the tenancy is complete you can reclaim it. You can find more information about the Deposit Protection Service for Sheffield student accommodation here.
What is the Deposit Protection Scheme?
Deposit protection schemes came into effect by law in April 2007. Landlords starting new tenancies in England and Wales must place or register their tenant’s deposit with an approved deposit protection scheme. It introduces for tenants and landlords a safe haven for deposits away from both parties. One of the features also introduced was a system to regulate and arbitrate disputes between landlords and tenants. In the event of any issues arising at the termination of a tenancy, the scheme would act as an ombudsman and rule on the dispute.
The benefits for tenants and landlords
The introduction brought about the end of unscrupulous landlords being able to keep deposits without an agreed reason. Whilst enabling them to cover the costs for any financial losses or damage that occur. Both parties can use this service arbitration to protect the deposit and reduce the cost of dispute and claims As opposed to having to process the issues through the traditional civil court process.
Different types of deposit schemes are available
The Ministry of Housing, Communities and Local Government has authorised 3 suppliers of deposit protection schemes for use in England and Wales. They are Deposit protection service, mydeposits and Tenancy Deposit Scheme.
All three schemes offer the following 2 options to protect tenancy deposits:
Custodial
With the custodial scheme, the deposit protection provider holds the deposit, from the start. When the tenancy ends the deposit is returned to the tenant. The deposit is only released when both parties agree on the amount to be released in the case of a dispute.
Insured
In an Insured scheme, the agent or landlord holds the deposit and pays for it to be insured. The deposit is given to the protection scheme in the event of a dispute arising. It is only released when both parties agree on the final amount.
On termination of a tenancy, a deposit must be issued within 10 days of agreement of the amount by both parties,
Starting a New Tenancy and Deposit Protection for Sheffield Student Accommodation
Within 30 days of receiving a deposit for your new tenancy, you should be provided with the following information
- How the deposit is protected
- The name and contact details of the tenancy deposit protection scheme and its dispute resolution service
- The name and contact details of any third party who paid the deposit
- Why you would keep some or all of the deposit – eg. because the tenants damaged the property and you need to fix it
- How to apply to get the deposit back at the end of the tenancy
- What to do if there’s a dispute over the amount of deposit to be returned at the end of the tenancy
Check your deposit protection for Sheffield student accommodation.
The three regulated deposit protection schemes all have online access to a database to check the current status of your deposit. Simply log on to the relevant website for your deposit protection scheme. Enter the details requested to check the status of your deposit. The websites also offer advice and clear pathways of how to proceed in case of queries with the deposit.
How you can protect your deposit
Deposit Protection Schemes help to financially protect your deposit. When your tenancy has finished if you followed the following steps it can help towards getting the full amount returned.
Keep the property in good order.
Looking after your rental property, will in turn help it look after you. Keeping it clean and treating it with respect will help to preserve any general wear and tear that could be avoided.
Help us with proactive and reactive maintenance
Proactive maintenance is best described as maintaining the upkeep of a property to prevent issues from occurring in the future. Some examples include:
- Making sure that the outside areas don’t have any rubbish build-up that can attract pests which could then proceed inside the property.
- Reporting leaking guttering as soon as it’s noticed, leaving this can result in damp patches on walls promoting mould growth.
Informing us of maintenance issues sooner rather than later can reduce the cost that could occur for both parties
All fixtures and fittings have a finite lifespan. It’s expected for a property and its fixtures and fittings to suffer from reasonable wear and tear from usage. This is where reactive maintenance comes in. Reactive Maintenance repair or replacing a fault after it has broken. Accidents do happen, however depending on the circumstances we may ask you to cover the cost of repair. Otherwise if left it could lead to us claiming part of your deposit to cover the cost.
Report all maintenance as soon as possible using our online maintenance form or alternatively by calling us.
Pay your agreed rent
No doubt that budgeting for University life is one of the big challenges. You’ll soon realise that paying the rent is the largest chunk of your student budget. Properly budgeting for this expense and making sure you keep on top of your payments is important. An outstanding amount in your rental account can be recovered by your landlord via your deposit.
Your tenancy agreement
Make sure to read your tenancy agreement carefully and check that you fully understand your obligations in relation to it. Especially look for your responsibilities as a joint tenant in a shared household. You will be responsible for communal areas as well as your own. Be aware that if an individual in your household does not accept personal responsibility you are liable as well. As the condition and upkeep become the joint responsibility of all tenants.
Remember in most cases you will be liable up to the end of your contractual tenancy. Even if you move out before your housemates. You could remain jointly responsible for others actions even after you have left the property.
About Thornsett Properties
Thornsett Properties have been registered with the deposit protection service since 2007 and have provided Sheffield student accommodation since 1985. We supply housing to over 650 students studying at Sheffield Uni and Sheffield Hallam Uni every year. Thornsett Properties are property owners and not agents, meaning all our properties are managed by ourselves and not reliant on third parties. Our aim is to help you succeed whilst living and studying in Sheffield student accommodation
