Valentine's Day: How does moving in with your partner affect deposits?
Love is in the air as we enter Valentine's Day, a romantic occasion for flowers, gifts and steak dinners in fancy restaurants that end with big life-changing questions like:
"Will you move in with me?"
Moving in with someone can be very exciting, but there are also a lot of preparations that need to be considered. As the leading Scotland tenancy deposit scheme, SafeDeposits Scotland is here to highlight the ways in which an additional tenant moving into a property can affect the deposit.
First of all it is crucial that the landlord or letting agent is informed of any proposed changes to the tenancy. There may not be the space in the property for an additional tenant, or there may be specific terms that have to be agreed upon first. If the landlord or agent is okay with an additional tenant, they may also want to perform background checks on any new tenants prior to them moving in.
As an additional tenant increases the risk to the property of problems such as damage, the landlord or agent may want to increase the deposit. It is then up to the tenants how they want to divide this, and how they would like the deposit to be split when it comes time for it to be repaid.
Deposit details will need to be updated when a new tenant joins an existing tenancy. Following some recent updates to the deposit summary page on our website, managing deposits is now easier than ever. The most recent issue of our Key Matters magazine shares some of the new changes.
Moving into a new property means leaving another, for example if a tenant leaves a flat shared with their friends so they can move in with their significant other. Upon leaving a property where other tenants are remaining, a process known as a tenant changeover will need to be initiated.
Tenant changeovers are required to ensure that the record of tenants associated with the deposit is kept up to date and lodged against the correct tenancy agreement. Having this information will make the return of the deposit at the end of the tenancy a smoother process. The changeover process allows the outgoing tenant's share of the deposit to be returned to them, or if agreed by the parties, allows the deposit to remain with the remaining tenant(s). It is important the correct numbers and names of the tenants that are associated with the deposit at the end of the tenancy are correct. This plays a pivotal part for an adjudicator should the deposit enter into dispute when the tenancy ends.
A tenant changeover can be initiated by either the tenant or the landlord or letting agent. For Scotland tenancy deposit scheme users, SafeDeposits has various useful guides and resources on our website, including some quick guidance on tenant changeovers.
SafeDeposits Scotland is a government approved scheme and is the only Scotland tenancy deposit scheme based in Scotland. We hold the deposit during the tenancy and return to the tenant at the end of the tenancy when the landlord or letting agent has agreed to repayment. We also provide an impartial adjudication service for tenants and landlords if they can't come to an agreement. Find out more about SafeDeposits Scotland and what we do.
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