How much deposit can I take from my new tenants
I’m always getting asked how much deposit can a residential landlord take from a tenant and the answer is simple, no more than 5 weeks rent. This is the legal maximum amount you can take
but the legal requirement doesn’t stop there when it comes to deposits.
You also have to put the deposit money into 1 of 3 schemes
- Deposit Protection Service (DPS)
- Tenancy Deposit Scheme (TDS)
- Tenancy Deposit Protection (My deposit)
You have 28 days from when you receive the money from your tenant to protecting it in one of the above. You will also have to provide the certificate to your tenant as proof that the money is being held in the right place.
These 3 schemes do not cost anything to be apart of so no excuses.
If you are unsure on which scheme to use contact NS Property and we will discuss which one we use and why.