How long will you wait until your deposit returns?


Written by: Ian Barbar 22/11/2023
  2006      
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How long will you wait until your deposit returns?

Nearly a fifth (18%) of tenants renting from private landlords say they have waited over three months to get a deposit back, according to a survey carried out by Nationwide. The average waiting time was found to be almost two months and the mortgage lender revealed that 4% of those asked had experienced a delay of over six months. Not good, enough says a leading deposit protection scheme. The money should be returned within 10 days of the tenant requesting it after they move out of the property.

The survey of more than 2,000 private tenants reveals that 35% had previously lost some or all of their tenancy deposit and as we commented in this blog earlier on October 18 to 24-year-olds are likely property to have money deducted from their deposit to cover end-of-tenancy cleaning costs.

Proud moment for Ringley

At Ringley, we are proud of the relationships we build with both landlords and tenants. We work hard to ensure all our landlords treat tenants fairly and with respect. Sometimes there is a good reason for withholding deposit monies but if you have a problem–and believe your money is being withheld for no good reason - please contact us as soon as possible. If we do not know, we cannot help. Paul Wootton, Nationwide's director of specialist lending, believes solutions to the problem for tenants could include transferring deposits from one tenancy to the next, providing appropriate short-term loans, or offering a guarantee. What do you think?

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