What is a holding Deposit?
This deposit required to hold the property for the prospective tenant while in the negotiations process. Once the offer and conditions have been agreed to by both, tenant and landlord then the holding deposit monies would be subsidized from the total move in funds. At Maxwell Properties we require £500 as a holding deposit.
What is an Inventory, Check In /Out?
Inventory is a detailed description of the property contents, conditions, fixture and fittings. It is an essential document which provides a written benchmark that should be remade at the beginning of every tenancy. A schedule of conditions should be produced against the inventory at check-in and check-out. Usually the landlord pays for the Inventory and check-in and tenant for check-out.
What is an AST?
AST which stands for Assured Shorthold Tenancy is the most common form of tenancy agreement used. This type of tenancy offers flexibility to both parties and has straight forward procedures for bringing a tenancy to an end.
What is Section 21?
A Section 21 also known as ‘Section 21 Notice to Quit’, because it operates under section 21 of the Housing Act 1988, is the notice a landlord can give to a tenant to regain possession of a property at the end of an Assured Shorthold Tenancy (AST). The landlord is able to issue the tenant with a section 21 notice without giving any reason for ending the tenancy agreement.
What is a break-clause?
It is a clause which entered in a fixed term tenancy to allow either party, landlord or tenant to terminate the tenancy agreement early by serving 2 months written notice after a minimum term.
What is Damage Deposit?
A damage deposit, security deposit or a cleaning deposit is money you pay to a landlord to cover damage or cleaning of rental property. A landlord cannot keep the security deposit to cover normal wear and tear. Also a landlord cannot charge you for a normal cleaning if the apartment / house is left in as good or better condition than first occupied. A landlord can keep all or part of the security deposit to cover damage caused by your negligence, carelessness or intentional abuse of the rental property. At Maxwell Properties we require 6 weeks deposit, from students 8 weeks deposit.
At what stage my Damage Deposit must be protected?
It should be protected within 30 calendar days from receipt of the deposit from the tenant(s). A deposit is deemed to have been received when the cheque is received by the agent/landlord, not when the funds have cleared.