When you move into a new rented property, most of the time you need to pay a deposit.
They exist in case you mess up something in your property that needs fixing after you leave - like melted cheese in a toaster or wine stains on the bed...anything you can think of.
Deposits in the UK are capped at 5 weeks rent (6 weeks if you are renting a mansion). You can work this out yourself with this equation: your monthly rent x 12 / 52 x 5.
After you pay a deposit it needs to be protected. It's the law. Your landlord or the estate agent working for your landlord has 30 days to protect your deposit. You'll know 'cos they'll send you a certificate (maybe we could show one?). If they don't protect it in 30 days, you can get 3x your deposit back!
When your tenancy ends, the full deposit should get returned to you if everything is in good condition and if you didn't mess up the place.
Saving for a deposit isn't always easy though, so we've created the Lifetime Deposit. With our Lifetime Deposit, you no longer need to save up for a deposit every time you move, you just use your existing deposit towards your next one!
We are on a mission to help more people move, so if you are moving soon, don’t forget your Lifetime Deposit.