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Tenancy Deposit

A damage deposit or deposit is a sum of money paid in relation to a rented item to ensure it is returned in good condition. They are particularly common in relation to rented accommodation, where they may also be referred to as a tenancy deposit or in some places a bond. The owner of the item (the landlord in the case of accommodation) will take a sum of money from the person(s) renting the item (the tenant). If the item is returned in good condition at the conclusion of the tenancy the owner should return the deposit. If the item is returned with damage the cost of repairing that damage may be charged against the deposit, and part (or none) of the deposit will be returned.

Note that from 6 April 2007, when you pay a tenancy deposit for an assured shorthold tenancy to a private landlord or letting agent, the deposit must be protected by a government-approved scheme

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