DEALING WITH THE DEPOSIT
THE TENANT WILL PAY. 2.1 The Landlord’s Agent shall place the Deposit in a nominated account as soon as reasonably practicable. By signing this tenancy agreement, the parties to the agreement consent that any interest accrued whilst the tenancy deposit is held in the agent’s client account will be for the benefit of the agency. Tenants should note that client accounts terms may vary attracting no interest or higher rates than available to consumers if a fixed-term high-interest client account is used by the agency.
2.2 After the Tenancy the Landlord’s Agent is entitled to deduct from the sum held as the Deposit any monies referred to in this Agreement. If more than one such deduction is to be made, monies will be deducted from the Deposit in the order listed in this Agreement.
2.3 The Landlord’s Agent shall notify the Tenant in writing of any deduction which will be made under the Agreement. That notice shall specify the amounts to be deducted and the reasons for any deductions to be made.
2.4 At the end of the Tenancy the Landlord’s Agent with the written consent and agreement of the Landlord and the Tenant shall endeavour to return the Deposit within thirty days except in case of dispute subject to any deductions made under the Agreement. The Landlord’s Agent may return the Deposit by cheque or BACS payment to any one Tenant at their last known address.
2.5 If the amount of monies that the Landlord or the Landlord’s Agent is entitled to deduct from the Deposit under this Agreement exceeds the amount held as the Deposit, the Landlord or the Landlord’s Agent may require the Tenant to pay that additional sum to the Landlord or the Landlord’s Agent within 14 days of the Tenant receiving that request in writing.
2.6 The Landlord or the Landlord’s Agent may deduct monies from the Deposit to compensate the Landlord for losses caused for any or all of the following reasons: • Any damage, or compensation for damage to the Property its Fixtures and Fittings or for missing items for which the Tenant may be liable, subject to an apportionment or allowance for fair wear and tear, the age and condition of each and any such item at the commencement of the Tenancy, insured risks and repairs that are the responsibility of the Landlord. • The reasonable costs incurred in compensating the Landlord for, or for rectifying or remedying any major breach by the Tenant of the Tenant’s obligations under the Tenancy Agreement, including those relating to the cleaning of the Property, its Fixtures and ...
