Tenancy Deposits deductions; Is insurance the way forward?

Posted on 23rd July 2012

When it comes to the end of a tenancy, one of the first questions we get asked from the moving tenant is 'when will I get my deposit back?' A recent survey conducted by Imfuma showed that some 65% of tenants believe that all or some of their deposit had been taken unfairly. The question is, are tenants right to think this way?

With the introduction of the Tenancy Deposit Scheme in 2007 any deposit taken from a tenant entering into an Assured Shorthold Tenancy must be protected by a government authorised tenancy deposit scheme. This means that any deposit taken goes through a stringent independent vetting procedure before anything is taken from it.

Imfuma's findings showed that the most common deductions were for outstanding rent (70%) closely followed by cleaning costs (69%) a massive increase from the last survey conducted in 2009 which showed the biggest deduction was for cleaning costs at 38% and unpaid rent and bills at only 8%

Imfuma also show damage to the property (45%) furniture (39%) and appliances (38%) we the next most common reasons for deduction

We believe it necessary for tenants to have proper contents insurance as they will be responsible for any damage caused to a landlord's property. It may also give them peace of mind.

We strongly advise landlords who rely on the rent to pay a mortgage to take out rent protection insurance, something that is common place in major cities such as London or Manchester.

We offer our clients both of these options at very competitive rates. Talk to a memeber of our team who'll be pleased to help you make the right decision