What is a surety deposit?
A
surety deposit is required prior to occupation of the property. The
deposit normally equals 1 months rent, but this may be more vary
depending on the Landlord . The deposit is held to cover any breakage,
damage, or other tenant liabilities stated in the lease. The surety
deposit cannot be used by the tenant to cover rent.
Where is the surety deposit kept?
The surety deposit is held by Key-Lets in a secure client
account until the termination of the Tenancy. Surety deposits do not
benefit from interest payments as the cost of the administration charge
to service such payments usually outweighs any potential interest
gained.
How
and when do I get my surety deposit back?
The surety deposit is returned to the tenant at the end
of the Tenancy Agreement after Key-Lets and/or the Landlord has carried
out an exit inspection. The property is checked by the inventory that
was drafted up at the beginning of the Tenancy and the inspection will
check the property, assess any damages and calculate deductions due.
Deposits cannot be returned until all obligations of the tenancy have
been met and a forwarding address supplied. The surety deposit is only
returned by cheque.
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