What is a bond deposit?
A bond deposit is paid against the property to protect the landlord against any damages caused during your tenancy. It is paid during the contract signing appointment and is normally equal to 1 months rent plus £50 per person, but may vary depending on the landlord
Where is the bond deposit kept?
1. Managed properties
If the property is managed by Keylet the bond deposit is held as a stake holder in a secure client account until the end of your tenancy. All deposits collected and held by us are registered with our chosen government approved deposit protection scheme. You will be provided with a certificate confirming your registration along with your unique ID code.
2. ‘Let Only’ properties
If the property is not managed by Keylet then the monies are collected by us on the landlord behalf and then transferred to be held by them. Your landlord must register your deposit with an approved government approved deposit protection scheme and provide you with full details where your money will be kept
How do I get my bond back and when?
Your deposit will be returned at the end of your tenancy once you have moved out and the exit inspection has been completed. To make sure that we can return of your deposits quickly and efficiently we ask that you follow the following steps:
Look after your property and follow our advice during the moving out process. We've worked hard to make sure our properties look good and to provide the fixtures and fittings you need to enjoy your home and we trust that you'll want to keep them that way.
Make sure your rent accounts with us are paid up to date.
Contact your utility suppliers to let them know that you have left the property so that they can close your accounts. They will issue you with your final bills which you will need to arrange to pay. Once you’ve done this bring us the proof for the Gas, water, and electricity accounts along with your university certificates (where applicable) to confirm your council tax exemption or proof of council tax payments.
Update us with your forwarding address and contact details
If any members of your household are renting the property again but you are leaving then in order to be able to return your deposit we will need written confirmation signed by all remaining members of your groups confirming that you do not owe any money for outstanding bills and that they are happy with the condition that you have left the house and your room.
What will we do....
- We will notify you in writing within 20 working days from the end of your tenancy of any proposed deductions to be made from your bond deposits. You will then have 7 days to get back to us.
- We will take on board your comments, review the case and deductions will be negotiated where applicable. We will keep you informed and update you on our decision.
- We try hard to make sure our decisions are fair and represent you and the landlord to ensure the best outcome for everyone. In the event that we agree to disagree the disputed amount of the deposit and full details of the case can be forwarded for independent adjudication.
- We will return the undisputed amount of the bond to you once you have followed the steps above and once all invoices for any agreed works have been received from the relevant contractors. All maintenance works performed by us will incur a handling fee plus VAT.
The disputed amount is reviewed independently and will be returned to the relevant party (i.e the tenants or landlord) by the deposit protection scheme once their decision has been finalized.