Under the law all landlords are required to participate in a tenancy deposit scheme if they take a deposit. We have discovered that landlords are required to communicate these details to the tenant within 14 days of taking it.
We can also reveal that the failure to do so may put the tenant in legal trouble under section 21 of the Housing Act 1988. In addition to these, clauses regarding the deposit should also be highlighted in the agreement.
Deal Fairly With Tenants...And They Should Reciprocate!
You may use a different amount than the monthly rental - 8 weeks for example to prevent tenants from using the deposit as their last month's rent. However, the deposit shouldn’t be too high or too low to avoid trouble. Also make sure you repay it promptly if everything goes well.
We advise to always keep the rent at the right level, which generally depends on the market conditions. You can research the market to know the prevailing prices and then set a rent amount accordingly. We also suggest that if you are renting the property for a long period of time make sure you go for rent reviews so that the amount can be revised periodically depending on the changing scenario. Also, remember not to charge too high as this may result in longer void periods.
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