Handing over a lump of cash as a deposit at the beginning of a tenancy can be a financially crippling time. However, there is the promise that you will get it back at the tenancy.
Related: Phil Spencer says everyone should be negotiating on their rent
Unfortunately, it is not always that simple. Luckily, property guru and experienced landlord, Phil Spencer, let us in on some of his top tips on how to get your deposit back in his Move IQ podcast series.
The most recent series of Phil Spencer's Move IQ podcast has focused on all things renting. This season he has given his top tips on landing the best rental properties, to persuading a landlord to take on you and your pet.
How to get your deposit back
Working out how to get your deposit back isn't always as straight forward as it might seem. Phil Spencer's first piece of advice in making the process of getting your deposit back at the end tenancy is to make sure it is being held in a protected scheme.
'Your deposit nowadays has to be in a protected scheme,' explains the Location, Location, Location presenter. 'Then, in theory, you have to have to leave the property without any damages or issues, and following the inventory that you signed when you moved in.'
This is why you mustn't underestimate the value of the inventory when you move in. In an earlier episode Phil Spencer stressed the needed to be thorough and make a note of every scratch and mark. For extra insurance, take time-stamped photos from the day you moved in.
However, even with all that there can still be a battle at the end of a tenancy over the deposit. All landlords should allow for wear and tear, but there can be a tussel over what this exactly means.
'There is a slight battlefied over what's wear and tear, what's clean - both of those are sort of subjective,' says Phil Spencer. 'If you're a good tenant – you paid your rent, looked after the property, haven't upset anybody, you clean it on the way out as you would wish to find it – you should get everything back.'
However, the presenter points out that it is still a good idea to keep hold of reciepts for any work done in the property such as gardening or cleaning.
'This is helpful if you are going to have a discussion with your agent or the landlord about what you've done or haven't done to the property,' Phil Spencer explains. 'You're just demonstrating you've been a responsible adult, you've been a good tenant and you deserve your deposit back.'
Related: New research reveals you could be £352,500 better off buying a home than renting
Follow Phil Spencer's tips and make sure you don't loose your deposit at the end of your tenancy.
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