At youngsRPS, we offer two tenant deposit schemes. The scheme that is available to you will depend on the scheme that the landlord has selected.
Traditional Deposit Scheme
youngsRPS is registered with accredited custodial deposit providers including the Deposit Protection Service (DPS) and the Tenancy Deposit Scheme (TDS). Upon commencing a tenancy with us, you may be asked to pay a bond of a maximum of five weeks’ worth of rent. For example, if a rent was £650pm the bond would be £750. This money would be lodged by youngsRPS with the relevant protection scheme who would hold the funds until the tenancy ends.
For the vast majority of tenancies, letting agents, landlords and tenants agree on how the deposit should be divided between them at the end of the tenancy. In a small number of cases, the free dispute resolution service is needed to help come to an agreement. Our detailed inventories completed at the start of the tenancy help protect both the landlord and tenant by agreeing on the condition of the property at the point of moving in. These, along with any end of tenancy condition reports, can then be used to assist in the decision-making process.
Alternative Deposit Scheme – Flatfair
We are now working alongside Flatfair, an alternative option to a traditional deposit scheme for landlords and tenants. Instead of the maximum five weeks’ worth of rent, tenants pay a small check in fee of one weeks’ rent +VAT or £120 + VAT (whichever is greater). This payment is non-refundable. Tenants are then required to pay for any damages they are responsible for when it is time to move out. Please note, the non-refundable deposit does not count towards any end of tenancy charges.
Tenants must pass referencing in order to qualify for this scheme.