The deposit required is usually five weeks of the rental amount and this is held as a safety net for the landlord to guard against the cost of replacing or repairing property damaged by you at the end of the tenancy.
The Deposit Protection Scheme (DPS)
If Charles Faye is managing the property on behalf of the landlord, the deposit will be registered with The Deposit Protection Scheme (DPS). The Tenancy Deposit Protection was introduced in April 2007 as part of the Housing Act 2004 for all assured shorthold tenancies in England and Wales.
All deposits by law must be held in an independent account, this is to protect both you and the landlord in the event of any dispute at the end of the tenancy. If the landlord manages the property themselves, we'll inform you what deposit scheme the landlord will be using, and the terms and conditions of that scheme will form part of your Tenancy Agreement.
At the end of your tenancy you and your landlord need to agree how your deposit will be repaid. In the event that you're unable to agree on how your deposit should be repaid, the free independent Alternative Dispute Resolution service, provided by the DPS can be used to resolve your dispute.
Tenant fees during a tenancy
Under the Tenant Fees Act 2019, there are fees that will be payable during a tenancy: