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How do deposits work?

Why don't all locations have a deposit?

Why do I have to pay a deposit?

What if I lose the access equipment provided?

How do I get my deposit back?

Why has money been deducted from my deposit?

Why don’t all locations have a deposit?

All privately owned locations, as well as locations listed as having access equipment will require a deposit.

Commercial locations such as hotel car parks, supermarket car parks and shopping centres to name a few, are controlled with Automatic Number Plate Recognition (ANPR) cameras so they don't require a deposit. 

 

Why do I have to pay a deposit?

We take a deposit equal to one months rent at the point of booking. This is to protect our Space Owners against damages, loss of access equipment and unpaid rent. 

YourParkingSpace hold this deposit for the duration of your booking. 

 

What if I lose the access equipment provided to me?

In the middle of the tenancy 

The cost of replacing the equipment will be deducted from your deposit and provided to the Space Owner in settlement of the loss/damage claimed. We will inform you of the total cost that will be deducted with the evidence of the cost to repair/replace. 

You will be required to top-up the deposit back to the full value (one months rent) in order for the rental to proceed. 

At the end of the tenancy 

If the loss occurs at the end of the tenancy, we will deduct the cost of repair/replacement from your deposit and return any leftover monies.

 

How do I get my deposit back?

After you have submitted your 30 days notice you will be provided with a booking end date. 

On or before this date you will need to vacate the space, and return any access equipment back to the Space Owner. 

On the final day of the booking, you will receive an email from us asking you to confirm that both the above steps have been completed. We will automatically receive your confirmation of this and will begin our checks before actioning the return of your deposit. 

Our checks include:

• Confirmation from the Space Owner that you have vacated the space
• Confirmation from the Space Owner that all access equipment has been returned 
• Confirmation that any rent due has been paid

Once all checks have been completed, you should expect to receive your deposit back within 5-10 working days.

 

Why has money been deducted from my deposit?

If you receive less deposit back than originally paid, it will mean that a Space Owner has made a successful claim against the deposit, or YourParkingSpace has a claim to the deposit as per our Terms and Conditions. YourParkingSpace will advise the Driver of the claim prior to any deductions.

A claim against the deposit can be made for the following reasons:

1. Unpaid rent: If a driver overstays their booked period or does not return the access equipment on the final day of the booking, making the space unavailable for another booking
2. Access equipment replacement fee: the access equipment has not been returned in full working condition on or before the booking end date, therefore a replacement or repair cost is due to the owner
3. Any other fees owed under the Parking Contract or YourParkingSpace Terms and Conditions.

Any fees due will be deducted by YourParkingSpace from the deposit and paid to the provider in full settlement of the case. If there are any monies remaining from the deposit, the monies will be refunded to the driver.

Documentation from the Space Owner:

The space owner will submit documentation when they report the overstay or unreturned/damaged access equipment. This may include photos and/or video along with receipts, invoices or written estimates showing the actual cash value for repair or replacement. If we determine money is owed based on documentation and communication provided to us, we'll move forward with collecting from the deposit. We reserve the right to collect payment from you using the payment details we have on file.