According to a story in the press this week, more than 2,000 tenants in Scotland appear to have forgotten to claim back their deposits at the end of their tenancies. SafeDeposits Scotland thinks this could add up to more than £500,000.
Understandably, most landlords take a deposit from a tenant at the beginning of a new tenancy, so that if the tenant causes any damage to the property or doesn’t pay the rent, deductions can be made. But how easy is it for tenants to get their deposits back when they move out of a property?
Pundits believe there could be as much as £4bn sitting in accounts waiting to be claimed. Like them, we suspect these unclaimed rental deposits are just the tip of the iceberg. So what’s the answer?
Ringley has a quick and simple solution that makes it really easy to move and track deposits so that no one ever need lose sight of where their money is held. Our PlanetRent app harnesses the latest technology to take all the hassle out of deposits for landlords and tenants in a few easy steps. Here’s how it works.
If there is a traditional Deposit – where tenants choose to pay a deposit, the landlord or letting agent must register it. PlanetRent is connected via an API to the Tenancy Deposit Service (TDS) and will automatically register deposits for TDS users. The deposit repayment process is non-adversarial as both tenants and landlords can see proposed deductions and supporting invoices and either accept or dispute them item by item to narrow issues and help get tenants moving on. PlanetRent also sends out a ‘how to get your deposit back’ guide, to help tenants know what they need to do and when.
Renting Deposit Free – PlanetRent brings this option to both Landlords and Agents. PlanetRent is connected to Reposit which is FCA Regulated. With Reposit, so long as tenants pass referencing (which Reposit offers for free) the tenants can pay a non-refundable charge, equal to just one week’s rent. If there is a damages dispute Reposit will try to recover end of tenancy claims directly from the tenant. If this is unsuccessful, insurance (underwritten by Canopius) covers the landlord for up to six weeks of damages, or rent arrears.
PlanetRent is set up for Reposit and the TDS service and automatically sends tenants all the required advice booklets. So why not download PlanetRent today and make renting your property an easier and more efficient process for you and your tenants.