The Law Society Library provides information regarding rent deposit deeds.
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A rent deposit deed is a sum of money held as security against non-payment of rent and other breaches of the tenant’s obligations under a lease. This may be deemed desirable where, for example, there is no available guarantor.
The Encyclopaedia of Forms and Precedents, vol. 22(1) (2016) paragraph 228 states that care should be taken to ensure that the ownership of the deposit money is spelled out and that the deductions that can be made from the deposit are clearly specified.
There are three main kinds of precedent for rent deposit deeds: deposit held by the landlord on trust; deposit held in the name of the tenant and charged to the landlord; deposit held by a third party (the stakeholder) and charged to the landlord.
The Encyclopaedia of Forms and Precedents, vol. 22(1) (2016) and vol. 22(3)A (2010)
Ross, Commercial Leases (looseleaf, 1998 - )
The City of London Law Society has produced a suggested form of rent deposit deed, which is freely available on their website.
The Encyclopaedia of Forms and Precedents, vol. 22(3)A (2010) has precedents for all three types of deed at forms 36, 37 and 38.
Ross, Commercial Leases (looseleaf, 1998 - ) contains commentary at paragraphs F-374 to F-379, with precedents for the three types of deed at paragraphs R-551, R-601 and R-651.
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