How long will you wait until your deposit returns?
Ian Barbar 22/11/2023
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How long will you wait until your deposit returns?
Nearly a fifth (18%) of tenants renting from private landlords say they have waited over three months to get a deposit back, according to a survey carried out by Nationwide. The average waiting time was found to be almost two months and the mortgage lender revealed that 4% of those asked had experienced a delay of over six months. Not good, enough says a leading deposit protection scheme. The money should be returned within 10 days of the tenant requesting it after they move out of the property.
The survey of more than 2,000 private tenants reveals that 35% had previously lost some or all of their tenancy deposit and as we commented in this blog earlier on October 18 to 24-year-olds are likely property to have money deducted from their deposit to cover end-of-tenancy cleaning costs.
Proud moment for Ringley
At Ringley, we are proud of the relationships we build with both landlords and tenants. We work hard to ensure all our landlords treat tenants fairly and with respect. Sometimes there is a good reason for withholding deposit monies but if you have a problem–and believe your money is being withheld for no good reason - please contact us as soon as possible. If we do not know, we cannot help. Paul Wootton, Nationwide's director of specialist lending, believes solutions to the problem for tenants could include transferring deposits from one tenancy to the next, providing appropriate short-term loans, or offering a guarantee. What do you think?
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.