The purpose of the security deposit is to protect the landlord against loss of rent or damage to the property during the tenancy itself.
As part of the Housing Act 2004 the Government introduced tenancy deposit protection for all assured shorthold tenancies (ASTs) in England and Wales where a deposit is taken. From 6th April 2012, deposits for all assured shorthold tenancies (ASTs) in England and Wales must now be protected within 30 calendar days of receipt by the landlord.
Quarters of Leeds, upon receipt of the security deposit will register the money with The Deposit Protection Service (The DPS). The DPS secure the funds with UK Government approved banks so the deposit is safe and secure.
Landlords, agents and tenants can all request the repayment of a deposit to the appropriate parties at the end of a tenancy either jointly or independently, online or by calling The DPS directly on 0844 4727 000 and requesting a paper form.
When one party requests a repayment, the other needs to confirm whether they agree with the proposal, by completing an acceptance form - either online or by post.
It is in the best interests of all parties to agree promptly on how the deposit is to be repaid, so that everyone receives the funds due to them quickly and amicably.
If a dispute arises at the end of the tenancy, if all parties agree the case will be referred to the Alternative Dispute Resolution Service (ADR). The ADR is an independent service that acts as a free alternative to going to court, collating and summarising the evidence and submissions from the parties, and providing adjudication by an independent qualified lawyer who has considered and analysed the evidence submitted by both parties.