Martin & Co take care of your tenancy deposits so you don't have the worry!
Getting into hot water over tenancy deposits is a worry for many landlords but Martin & Co has three simple steps to help landlords avoid this.
By law landlords must protect tenants’ deposits with an approved tenancy deposit protection scheme like The Deposit Protection Service (The DPS). Martin & Co ask that all landlords take tenancy deposits and use The DPS to protect them as standard. This is the only Government-authorised custodial scheme – it’s fast, free to use and secure, as well as being the only scheme that physically holds onto deposits for the duration of the tenancy. In fact, with 22,000 active deposits worth £18.5 million, Martin & Co is The DPS’ biggest customer. With that comes a dedicated account manager to look after us, our landlords, tenants and their deposits.
2. Set the tenancy up properly
A significant cause of disputes at the end of the tenancy is damage or wear and tear, and whose responsibility it is to put right.
Putting a detailed tenancy agreement in place, producing a robust inventory and schedule of condition report at the outset makes it clear how the property was originally let, how it should be returned and who has responsibility for cleaning or repairs.
Of equal importance is a conducting a check-out at the end of the tenancy to establish whether the conditions have been adhered to - like a spot the difference exercise!
In the majority of cases fair wear and tear of the property is the landlord’s responsibility and any damages are down to the tenant – but it’s not always that cut and dry. In the event of a dispute, The DPS Adjudicators will be looking for strong evidence to support any claim which can only be found in documents such as these.
3. Talk to your tenants
The DPS will only repay deposits once both parties have agreed how it should be returned – unique repayment IDs are sent to both parties when deposits are submitted for use in the repayment process.
To avoid disputes at the end of the tenancy, speak to your tenants early and agree the return of the deposit – this speeds up the process and avoids a longer repayment period.
If matters cannot be resolved, The DPS run a free Alternative Dispute Resolution service so you will not need to go through the courts.
Martin & Co can take the stress out of renting your property.
For more information on deposits or renting out your property contact your local office.
For more information about The Deposit Protection Service, please visit their website here.