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What is the minimum deposit required for a rented property

I am about to rent my flat to someone I know through my son. I have agreed not to take any deposit from her. Does this make the tenancy agreement invalid if no deposit is taken from the tenant

Asked on Feb 12 2014, Renting in Kenley | Report content

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  • Hi, The tenancy agreement is not invalid if there is no deposit. But you would be at risk, if the tenant damages the property or defaults or does not pay the bills/rent. Thanks Ricky

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    Answered on Feb 13 2014, Report content
  • Hi FNassiri, There is no legal requirement to take a deposit if you are to let out a property. It's merely something that the vast majority of landlords will choose to do to protect themselves financially. The deposit is essentially a safeguard against damage, cleaning bills post-tenancy, unpaid rent or items being missing from the property when a tenant moves out. It just means that the landlord will not be out of pocket for things like repairs required on damage caused by a tenant. If you are letting your property to someone who is a friend of your family and you feel that you can trust them to look after your home well enough, then there's nothing to stop you from just charging them rent month-to-month as per your tenancy agreement and going without a deposit. Many thanks, Scott

    Answered on Feb 19 2014, Report content
  • There is no requirement for a landlord to take a deposit, but as Ricky has said, you won't have any money available if there are any issues. I always take just over 1 mths rent, that way if they don't pay their last month's rent, I have the money already, plus a little extra to cover any damage. Remember that if you do take a deposit you must lodge it with a deposit protection scheme within 30 days. If you aren't going to take a deposit, make sure she signs a proper contract. That way, if there is any non payment of rent or damage to the property, she will be in breach of contract and you can pursue her in the small claims court if necessary. We can supply you with a bespoke contract for £15+vat.

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    Answered on Mar 4 2014, Report content

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