A Guide to Security Deposits and the Laws storage london
When you rent an apartment, it is likely that you will be asked to pay for a security deposit. It is every landlord's right to require a deposit before letting anyone rent their units. Normally, it is equivalent to a month's rental fee but it can be higher, depending on the agreement of the tenant and the landlord.
Why is security deposit necessary?
A security deposit is a means to protect landlord's property from irresponsible tenants. Normally, it is used to fund repairs and cleaning services. In some instances, it is also used to cover for missed rental payments. If, however, you are able to keep the flat in good condition and have paid your monthly fees in time, you have every right to refund the full amount of the deposit once you decide to move out.
Tenant's Rights on Security Deposits
Though security deposits are implemented for landlords, it does not mean that they have the upper hand in controlling the fund. There are some landlords who would try to take deposits without valid reasons. Hence, you should be aware of your rights as a tenant.
Firstly, keep in mind that security deposit is not for maintenance. If your landlord is claiming your security deposit because of fading paints or worn appliances, consult a lawyer.
In most states, landlords are mandated to return security deposits within 30 days after the tenant moves out storage london. Be sure to check on your state laws if you are not sure of the timeframe your landlord has.