Deposits

We use the Deposit Protection Service (DPS), a Custodial Scheme to protect your deposit. More details are available at http://www.depositprotection.com

Your deposit will be registered within the statutory timeframes. All deposit monies are held by the DPS for the duration of the tenancy agreement and Thornsett Properties do not hold or have use of this money. Your deposit will be released at the end of the contract subject to compliance with the terms and conditions of the tenancy agreement.

On completion of the tenancy agreement, your deposit is due for payment. The amount and bank account number will be detailed on your contract. Please make sure you make the payment promptly so we can submit it to the DPS.

If you are living with other housemates, you will have signed a joint tenancy agreement. Numerous deposits may have been paid to us, but they will be submitted as ONE payment for the property to the DPS.

Before your deposit can be released, the following will be required.

1. At the end of your contract, a final inspection will be carried out to check for damages and to confirm the property has been left in a clean and tidy state.

2. We will need to see evidence that all utility bills have been paid right up until the contract end and the accounts have been closed.

3. We will check that all rent and any additional invoices are paid (such as key replacements)

Once all the above is confirmed, your deposit can then be released.

You will need to set up an account with the DPS and nominate one tenant to release the deposit on behalf of the household. They will have to log on to the DPS website: www.depositprotection.com and follow the relevant instructions. Once we have received the relevant confirmation from yourselves, we will then be able to process the return which can take approximately 7-10 working days. It will be the responsibility of the nominated tenant to split the deposit and return to each house member. Thornsett Properties accept no responsibility on how and when the chosen tenant returns the individual amounts.

Sometimes, circumstances change and households regroup. If you are wanting to be released from the tenancy agreement, please click HERE for further information. 

Once all the contractual elements have been resolved, you will then be entitled to receive part of your deposit back. Thornsett Properties charge a £50 administration fee for alterations to a Tenancy Agreement. This money, plus any other charges will be deducted from your deposit and the remainder will be returned to you.

We will always work with you to make sure your deposits are returned swiftly and in full. However, sometimes damages or other factors may lead to deductions. Your deposit will remain protected with the DPS until both parties agree on the final settlement.

Deposits are registered against a property not a person, so if you are moving from one of our houses to another, a new deposit will need to be taken and paid into the DPS. The old deposit will be returned to you 7-10 days after the end of your contract.