3 KEY AREAS THAT WILL CAUSE A TENANT TO LOSE THEIR DEPOSIT
It is official; we are now ‘generation rent’! According to a report by the Home Builder Federation (HBF), it now takes a young couple more than a decade to save for a deposit and the number of first-time buyers has dropped by two-thirds in the last 10 years. The findings coincide with recent figures from the Department of Communities and Local Government (DCLG) that reveal home ownership has dropped to it’s lowest level since 1987!
So if we are going to be renting for at least a decade, isn’t it reasonable that we should make it our business to understand the rental market? In particular, our rights and responsibilities as rent paying tenants. Wouldn’t it make sense that we get the best value for our rent money during this decade? More so, wouldn’t we want to ensure that we never ‘leave money on the table’ a.k.a lose our deposit at the end of a tenancy? Read how you can here http://myrentdepositback.co.uk
In the 7yrs+ that I have worked in this market providing services in sales and lettings, directly liaising with all sorts of property professionals including solicitors, developers, contractors but mostly with letting agents, estate agents, property managers, landlords and tenants I have seen clear repetitive patterns that lead to deposit loss at the end of a tenancy. I have worked with a wide range of people from different walks of life ranging from the swankiest addresses in central London to the not so swanky ones outside of London. I have learnt a lot by not only watching and observing incidents unfold, but also in extreme cases escalate into very unpleasant ones. Therefore I can write this report with authority in this topic. With this level of experience, rest assured when I tell you that I have come across or been directly involved in almost any situation involving difficulties in rental property or deposit loss there is in the book.
Losing rent deposit is very common, and according to the Deposit Protection Service in 2010/11, 52% of tenants who had all or most of their deposit withheld felt it was unjustifiable. This is a staggering number suggesting that over half of rental property deposits are not returned in full. In my experience, the main reason for this pitfall is that tenants are not fully aware of their rights and responsibilities in this market. Simply because of naivety, they are not effectively playing their role as rent paying tenants which is only causing the ‘rogue’ landlord to thrive.
This is a shame because it’s only through a tenant paying rent that the rental market thrives, the power is in the hands of the tenant. Consumer Focus research of February 2011 shows that over a quarter of tenants had cause to complain in the past two years, making the private rented sector the second most complained about market. Many of the 1.1 million households who sign up for a new tenancy experience problems with their landlord which only become apparent after they have signed a legally binding tenancy agreement. Read more about your rights and responsibilities as a private renting tenant here http://tiny.cc/rentdeposit_FREEebook
So if a tenant fully understands their rights and obligations in the rental market, right from the point when they decide to look for a property to rent, until when they vacate the property at the end of the tenancy period, a significant number of issues surrounding unhappy tenancies and deposit loss will be a thing of the past. Currently, landlords and agents are the ones better informed, they are the professionals in the market. A tenant only knows what they are told or what they hear from their peers and a few bother to do their own due diligence until it’s too late ie problems start to take shape.
There are 3 major areas where disputes occur:
1.Miscommunication
This is the major problem related to fall-outs between a tenant and their landlord, consequently deposit loss. It’s absolutely crucial that you communicate clearly and understand what the other party means. This includes in your offer to rent agreement, your Assured Shorthold Tenancy (AST) agreement and any other binding agreements related to your tenancy. You should ensure these are all written, signed and you have a copy for your own reference.
Ensure that you are happy with what any such agreement stipulates BEFORE you sign and not when you start to experience difficulties. Also it’s very important to know what the penalty is should you break an agreement, in particular if you decide to end your tenancy before the fixed term. It doesn’t matter whether your landlord is ‘nice’ and you have what you consider to be a ‘good’ relationship or have left the property in an immaculate condition that you found it. Don’t expect your landlord to just understand, it’s purely down to their discretion to do so. Remember, you are their ‘investment’ for a fixed period and if you decide to opt out before this period ends, your landlord will incur unplanned fees associated with finding another tenant.
2.Cleanliness
This is another major area of deposit dispute and can even be argued to be the first! We all know cleanliness is subjective due to each individual’s unique perspective. What you may consider pristine may be considered poor b your landlord, and vice versa. To avoid this, in your offer to rent, it’s always best and advisable to request a professional pre and end of tenancy clean. This way there is a clear set standard, from the professional company and not you the tenant of your landlord.
3.The Garden
Yes, the garden! We fall in love with them in the summer and fall out in the winter!!! If you choose to rent a property with a garden, patio or any external space, then you must be prepared to be responsible for the upkeep –unless otherwise stipulated in your AST agreement. Also ensure that you are happy with the state in which you are receiving it, as it’s quite costly to turn an ‘Amazon’ like state of a garden to a ‘Kew’ like state.
I hope this is helpful and has increased your suave in renting a property. For more of this go to http://myrentdepositback.co.uk
***Be a Savvy Tenant ***
About the Author
Property Professional educating and supporting tenants to fully understand their rights and responsibilities as rent paying tenants in the market. I promote good relationships and mutual respect between tenants and their landlords.
With 7yrs+ experience in this industry, I have noticed negative patterns that lead to serious issues between different parties in this market, including deposit loss and in extreme cases court procedures. They are unnecessary and need not happen in today's age, rogue landlords and tenants alike should not exist, but instead they are thriving. There are very simple and yet very effective steps that if understood and implemented, can significally reduce these problems and consequently greatly improved this industry.
I am also a qualified and accredited Domestic Energy Advisor and a Green Deal Advisor
So, my mission is to help eliminate such problems through education.
You will discover some tools on my website and articles that will help you understand why it that perhaps you or someone you know has faced difficulties as a tenant. Also, visit my facebook fanpage and share your experience with other tenants, whereby you will be able to learn from any past mistakes.
According to the office of national statistics and estate agents, the rental property market is thrivinglike never before. We are living in the age of "Generation Rent"! So if we are going to rent for longer periods, isn't it wise to really learn and understand how this "game" works? Are you not fed up with facing challenges with your landlord or agent? How many times are you going to lose your deposit?
I can help you.
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