In October 2019, over 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 £500k!
Almost all landlords take a deposit from a tenant at the start of a tenancy. This is to cover them if the tenant causes any damage to the property or doesn’t pay the rent. In these cases deductions can be made.
But how easy is it for tenants to get their deposits back when they move out of a property? Experts believe there could be as much as £4billion sitting in accounts waiting unclaimed. We suspect that these unclaimed rental deposits are far higher than the figure quoted. So what is 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 uses the latest technology to take all the hassle out of deposits for landlords and tenants in a few easy steps.
Is there a traditional Deposit? If tenants have paid a deposit, the landlord or letting agent must register it. PlanetRent is connected via an API to the Tenancy Deposit Service (TDS) and automatically registers the deposits for TDS users. The deposit repayment process is non-adversarial as both tenants and landlords can see any proposed deductions along with the supporting invoices. They may then either accept or dispute them item by item. PlanetRent also sends out a 'how to get your deposit back' guide, which helps tenants know what they need to do and when.
Are you Renting Deposit Free? PlanetRent brings this option to both Landlords and Agents. PlanetRent is connected to Reposit which is FCA Regulated and deals with this matter.
With Reposit, so long as tenants pass referencing (which Reposit offers for free), the tenants can pay a non-refundable charge, which is equal to just one week’s rent. If there is a damages dispute, Reposit will attempt to recover any end of tenancy claims directly from the tenant. If this is unsuccessful, insurance (which is underwritten by Canopius) covers the landlord for up to six weeks of damages or rent arrears. PlanetRent has been set up for Reposit and the TDS service and automatically sends tenants all the required advice booklets.
Why not download PlanetRent today and make renting your property an easier and more efficient process for you and your tenants?
Mary-Anne Bowring FIRPM FRICS FARLA FCABE Founder/Head of Asset Management
Strategic partnerships, holistic delivery/ opportunities, growth, value engineering, thought leadership
Ian Barber MD BTR Mobilisation & Leasing
Runs HQ & site lease-up teams. Drives rent pricing, mobilisation, marketing, happy residents!
Jon Curtis MRICS Head of Building Engineering
Chartered Building Surveyor. Lectures on EWS1 & building safety. Runs CapEx programmes.
Kate Robinson MIRPM MD Blocks/FM Management (London Region)
Master plan setup, ops and staffing and resident engagement. ISO45001 champion.
Lee Harle Partner Ringley Law
Plot conveyancing. Debt litigation. Group Company Secretary.
Anthony Kingdon MIRPM AssocRICS MD Blocks/FM Management (North Region)
Stakeholder engagement. Mixed tenure specialist. Budget management. Plant audit, PPM compliance.
Chris Georgalis MRICS Head of Commercial Valuation
Chartered Valuer. Rental valuations: retail, leisure. IRR modelling and valuations for secured lending. Compulsory purchase & rent reviews
Nichola Pughe MRICS Head of Residential Valuation
Chartered Valuer. Rental development & mixed use valuations, IRR modelling. Leasehold enfranchisement specialist
Libby Chen MSc Compliance Manager
Operational Plant & Equipment strategy PPM Compliance lead, Asset tagging Client major projects
Dipesh Parekh Director PlanetRent
Customer centric, vertically integrated PropTech/fin-tech solutions.
Leana Aristodemou MIRPM MARLA AssocRICS Strategic lead: ESG & Asset Business Plan delivery
Financial modelling, valuation analyst to support underwriting & fund reporting.
Natalie Birmingham Helpdesk Support Manager
Trainer & Helpdesk Manager: people, systems,contractors. ISO45001 supply chain accreditation.
Steve Norman Planning Director
Land due diligence (opportunities & constraints) Has contributed to a number of award winning schemes.