How and when is the deposit refunded?
At the end of the tenancy, if the Landlord and the tenant agree how the deposit should be repaid, the scheme will pay out the money as agreed plus any interest earned on their respective shares. The scheme will pay the money directly into the bank accounts within 10 days of being notified. If there is a dispute as to how the money should be divided, the scheme will hold the disputed amount until the Alternative Dispute Resolution (ADR) service or the court decide what is fair. The scheme will then divide and return the disputed amount based on the ADR service’s or court’s decision.
