No - unlike the UK there is no formal scheme. Your letting agent should hold the tenant deposit in a properly ring-fenced client account (as per Estate Agents’ Code of Conduct requirements). Letting agents are not regulated in Gibraltar and where a tenant deposit is held is not checked. Chestertons hold all tenant deposits in a ring-fenced client account and this account is reconciled weekly.
Where we do not manage the property but find the tenant for the landlord the deposit is most likely held by the landlord although we do not recommend this.
Yes - the longer the tenancy, the more natural wear and tear to be expected. Furthermore, the more occupants there are, the higher the wear and tear in all the communal areas, such as the lounge, hall, bathrooms and kitchen. A property occupied by children or pets will undoubtedly encounter more wear and tear than that of an absent tenant. The landlord must accept this additional wear and tear if he consents to a high number of occupants, or children and pets.
No - whilst the tenant has a duty of care to return the property in the same condition at the end of the tenancy as found at the start (allowing for wear and tear) as listed on the inventory report, the law does not allow landlords to claim ‘betterment’ or ‘new for old’ from the tenant’s deposit. The tenant deposit is absolutely not a “new for old” insurance policy.