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Bonds
What is a bond deposit?
A bond deposit is required prior to occupation of the property. The bond is normally equal to 1 months rent + £100, but may vary depending on the landlord . The deposit is held to cover any breakages, damage, or other household liabilities. The deposit cannot be used by the tenant to cover rent.
Where is the bond deposit kept?
If the property is managed by Let Wise, the bond deposit is held as a stake holder in a secure client account until the termination of the tenancy. If the property is not managed by Let Wise then the monies are kept with the landlords, who has the responsibility to register the sum held.
How and when do I get my bond back?
To ensure an efficient return of your bond deposit, please refer to the following steps: You will need to contact your utility suppliers to confirm you have vacated the property and to close your accounts. You will need to provide proof of final payments to the Let Wise Office for the gas, water, electricity and council tax (where applicable) in order to have your bond deposit returned.
Until confirmation that all accounts have been cleared has been received, Let Wise will be unable to process the return of any tenants’ bond deposit. Bond deposits are only returned once all rent arrears for the household are cleared in full. This includes any charges for late and returned payments, as highlighted in your Tenancy Agreement.
Let Wise require a forwarding address for each tenant in order for the bond deposit to be sent to you. In the event that no forwarding address is provided and a Financial Guarantor is in place then the bond deposit shall be sent to this address. Please also note:
If any members of your household are renting the property again but you are vacating, please ask your household to forward to our Office a letter signed by each remaining member of the household. In order for your bond to be returned this letter must state the following:
• you do not owe any monies for outstanding bills;
• the remaining tenants are happy with the condition of the property
Please note that once you have vacated the property we will not be able to allow you further access to the property. Should Let Wise have to attend the property on your behalf you will be charged a call out fee of £30.00 plus VAT for each visit. You may find the Royal Mail redirection facility useful to forward your mail to your new address, see www.royalmail.co.uk for further details.
Bond deposits will only be returned once repairs and redecoration have been performed – if the property is decorated by a tenant it will be professionally decorated back to its original manner by the Landlord’s representative and the costs will be deducted from the bond.
The bond deposit is not to be used by the tenant towards the final rent payment. The bond deposit shall be returned to the tenant (without interest and less any relevant deductions, where applicable) once the tenancy has been terminated, the property has been vacated and within 21 working days of receiving written proof that all utility bills have been paid, providing all necessary work has been completed to the Landlords satisfaction and the work has been invoiced and paid. Where there is more than one right to make a deduction, the landlord has the right to appropriate the deposit as he sees fit and this can cause a delay to the length of time it takes to process a bond refund. Please note: all maintenance works performed by Let Wise will incur a handling fee plus VAT.
Bonds registered with the TDS
To comply with new government legislation all bonds registered through the TDS (for tenancies signed after the 5th April 2007) will be processed under the following procedures:
1) You will be notified in wiring of any proposed deductions to be made from your bond deposit within 14 days of your exit inspection being completed.
2) Following receipt of this notification you will have a 7 day deadline to disagree with the decision made and your reasons must be forwarded to the Let Wise Head Office in writing.
3) The case will be reviewed and deductions negotiated where applicable.
4) In the event that an agreement cannot be finalised, the disputed amount and details of the case will be forwarded to the Dispute Service for independent adjudication.
5) At this stage progress of the dispute can be monitored through the TDSL website using your unique I.D. code.
6) The undisputed bond amount will be returned once proof that final bills have been supplied and the disputed amount is considered and will be returned to you by the Dispute Service once their decision has been finalised.
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