Protecting your Deposit
All deposits taken under an Assured Shorthold Tenancy in England and Wales are required by law to be protected under a government approved tenancy deposit protection scheme.
These schemes were introduced to safeguard tenants’ deposits, ensuring they are returned at the end of the tenancy providing the terms of the Tenancy Agreement have been met. They also make it easier to resolve any disputes that may arise.
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What happens to my deposit when I let through Excel Property Services?
Once we have received your deposit, we will protect it within 30 days in a government approved scheme as required by law. The scheme we use is mydeposits, and the moneys are held in our dedicated client account which is registered with the scheme.
We will send you proof of the protection within the same 30 day time period.
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What happens at the end of the tenancy?
At the end of the tenancy we will arrange for a check-out inspection to be undertaken at the property. We strongly recommend that you are present for the inspection in case of any queries.
Once the check-out report is complete we will advise you of any proposed deductions to your deposit to cover any costs, for example to repair damage that falls outside of fair wear and tear. If you are in agreement, then we will go ahead and return your deposit, less any applicable deductions.
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What if I don’t agree with the proposed deductions to my deposit?
Our aim is always to resolve any disputes swiftly and amicably. One of the benefits of mydeposits is that they offer a free and impartial dispute resolution service so that any issues can be resolved fairly. You can read more about how it works and the steps involved by following the link.