Legal requirement for rental deposit?
Is a landlord legally required to take a deposit or is it just a matter of choice?
Asked on Jul 23 2013,
Renting in Reading |
Nearly all landlords take a deposit, although there are some that don't.
Answered on Aug 16 2013,
As mentioned above, there is no legal requirement for a landlord to take on a rental deposit, but as it is the way for them to protect themselves against losses through damage or theft, it is something that the vast majority of landlords and agents will ask for.
While this is not a legal requirement, for those who do take a deposit, there are legal requirements, and this includes the fact that they must send it to a holding company like the Deposit Protection Scheme, which works as a middle man if there are any disputes between tenants and their landlords when it comes to how much money they are going to get back from the deposit at the end of their tenancy.
Answered on Sep 3 2013,
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