Nest Coliving’s Deposit Protection Policy
What is Deposit Protection and why is it needed?
The Tenant Fees Act states that a deposit of up to five weeks’ rent can be paid to the Landlord or Management company when a tenancy agreement is being arranged prior to tenant moving into the property. We at Nest Coliving will as a matter of company policy and as requird of us legally, place all tenant deposits into what’s known as a tenancy deposit protection scheme (TDP) within 30 days of receiving it. These are backed by the government and mean that a tenant is guaranteed to get their deposit back as long as:
- The tenant has met the terms of the tenancy agreement
- There has been no damage to the property
- The tenant has paid the rent and bills as per the tenancy agreement
What does a deposit cover?
Deposits are due at the beginning of a tenancy prior to any tenants moving into one of our shared living spaces. They are required to cover things like damage to a property, cleaning and unpaid utility bills. When a tenancy ends, we return the deposit to the tenant, unless the property or unit hasn’t been returned back to Nest Coliving in a good condition. This doesn’t include wear and tear over a long period of time or any damage which we deem to be outside of the tenant’s remit or responsibility.
What type of Tenancy Deposit scheme does Nest Coliving use?
Custodial – We lodge the deposit for the duration of the tenancy. The tenant’s money is managed wholly separately from our own company accounts and is deposited within a government approved deposit scheme. The money is only accessed and subsequently released back to the tenant when they have agreed with us on how much of the original deposit should be repaid.
Which TDP schemes does Nest Coliving use?
For properties in England or Wales we will use one of the following schemes at our sole discretion:
When does a tenant receive their deposit back?
At the end of the tenancy the deposit will be returned to a tenant within 10 days of both Nest Coliving Limited and tenant agreeing how much will be returned.
What happens if Nest Coliving Limited and a tenant disagree on the deposit return?
One the rare occasion that we have a dispute, we will do everything in our power to resolve any dispute directly with our tenants and find a solution that suits both parties. In the event that we cannot find a solution between us, then the tenancy deposit protection schemes that we use are there for this very purpose. Therefore, If Nest Coliving Limited and our tenant is unable to agree on how much of the deposit should be returned, the scheme that was used to protect the money offer’s a remediation service to solve the problem.