A tenancy deposit, sometimes called a security deposit, is a landlord’s insurance against damage, loss of rent or cleaning bills.
Landlords must, by law, place their tenants’ deposit in a tenancy deposit protection (TDP) scheme within 30 days of receiving it if the property is rented out on an assured shorthold tenancy.
The deposit is then returned to the tenant at the end of the tenancy, if they’ve met the terms of their tenancy agreement, or a landlord can deduct money for reparations should you need to.
Here’s all you need to know about deposits and tenancy protections schemes.
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