Option 1 — Tenancy Deposit
A traditional tenancy deposit is a refundable amount of money given by you as the renter, and held in escrow by us as a security for the property Owner against losses related to your stay. This escrow account is officially registered with a UK government-approved scheme: mydeposits.
This deposit amount will be around 5-6 times the agreed weekly rent. This will be paid into a client monies account and held there by us, until your move out, and returned to you afterwards.
After you move out, we will inform you within 10 working days if there is to be any claim made on your deposit, to cover any damages in the property. Once we have informed you of that intention, over the following weeks, we will confirm with you the exact amount to be claimed.
We will return the unclaimed or uncontested portion of the deposit to you. For example, if your deposit is £1000, and the deduction claim is £150, we will return the uncontested £850 amount to you.