Paying a Deposit

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.

PlanetRent's Deposit Handling

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?