If you are a landlord, it is vital that you are aware of your obligations, one of which is the Deposit Protection Scheme.
Since April 2007, all deposits taken by landlords and letting agents for Assured Shorthold Tenancies must be protected by a tenancy deposit protection scheme. There are two types of tenancy deposit protection scheme available; landlords and letting agents must be a member of one of these schemes.
Within 30 days of receiving the deposit, the landlord must provide the tenant with details of how the deposit is being protected including:
If a landlord or letting agent does not protect a tenant’s deposit, they will normally have to pay them three times the deposit sum in compensation.
The tenancy deposit scheme operates to the benefit of both landlords and tenants.
Where damage is done to a property, the scheme allows the appropriate amount to be deducted from the tenant’s deposit as compensation. From the tenant’s perspective, the scheme protects them against the actions of unscrupulous landlords by making sure that part or all of their deposit is returned to them, depending on the circumstances.
An inventory should be carried out at the beginning and end of the tenancy otherwise there is no proof of the damage claimed and the adjudicator is likely to find in favour of the tenant.
If you have any questions or concerns about deposit protection scheme or your obligations, simply click on the 'Call Back Request' button above and complete the quick enquiry form and we will call you back, or call us on Exeter: 01392 344800 or Crediton: 01363 720720 for a FREE initial consultation.We can help you decide your next step. You may also find the related article 'Protecting a tenant’s deposit - how the recent changes affect you' at the bottom of this page of use, giving a full run down of the changes.