Deposits and Advance Rental

Our standard practice is to require the equivalent of one month’s rental as a security deposit. This deposit is taken and held to cover any breakages, damage or other tenant liabilities.

At the end of the tenancy we will check the property thoroughly against the inventory and schedule of condition and assess and agree with you any damage done and deductions due. We require the security deposit to be paid in cash or bankers draft.

The tenancy deposit scheme is part of new legislation brought in by the Housing Act 2004 and came into effect on 06 April 2007. The legislation came into being to protect deposits paid by tenants and to ensure that tenants are dealt with fairly at the end of their tenancy and receive all or part of their deposit back where appropriate.

Celtic Lettings is registered with The Deposit Protection Service, who manage a ‘custodial scheme’. The DPS is funded by the interest earned on the deposits held.

It is a completely free service to landlords. New tenants will pay the agreed security deposit to Celtic Lettings, who will pay it into the scheme within 14 days of the start of the tenancy.

On receipt of a deposit, The DPS will issue tenants with their own unique deposit ID number. This can be used to view your tenancy and deposit details and access the scheme rules by visiting the DPS website.

When one party requests the repayment of a deposit the other needs to confirm their agreement with the proposal, either on line or by post. Should there be any dispute, then an independent arbitrator will be appointed to make judgement.

Rental payments must be paid monthly in advance by bank standing order mandates. Unfortunately it is not possible to allow any tenancy to commence before the initial security deposit and the first month’s rental in advance have been received and cleared through the banking process.