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Although deposits have become an accepted part of the landlord-and-tenant relationship, some newer landlords still neglect to ask for them.

We strongly advise that you make deposits part of your tenancy agreement. A deposit acts as your financial safety net if any problems arise at the end of the tenancy, and can be used to offset a number of necessary costs.

Here we explain your rights and responsibilities when it comes to taking a tenant’s deposit.

What is a tenancy deposit?

A tenancy deposit is a sum of money, usually the equivalent of four or six weeks’ rent, that is taken from the tenant at the beginning of their stay, and held for the duration.

 

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