What is a tenancy deposit scheme?
A tenancy deposit scheme is a scheme designed to protect tenants’ deposits by placing them with an independent third party.
Why introduce tenancy deposit schemes?
The main objectives of requiring deposits to be safeguarded by tenancy deposit schemes are:
To end the practice of unfairly withholding deposits;
To ensure that deposits are safeguarded throughout the duration of the tenancy;
To ensure that deposits are returned quickly and fairly, particularly where there is a dispute over the return of the deposit, or proportion of it, to tenant or landlord.
What will the regulations mean for landlords?
Once a tenancy deposit scheme is approved, any tenancy deposit accepted by a landlord must be deposited with an approved scheme within 30 working days of the commencement of a tenancy.
At the same time the landlord must ensure that key information is provided to the tenant, including details about the amount of the deposit and the location of the scheme where it is being held. The deposit will then be kept by the scheme administrator in an account maintained for the purpose of holding tenancy deposits until they are repaid. The landlord must also provide proof of registration with the local authority when the deposit is paid over. These duties relating to tenancy deposit regulations will not apply until an approved scheme is implemented.
Which landlords must comply with the regulations?
Every landlord that is required to register in the local authority register of landlords will need to comply with the Tenancy Deposit Schemes Regulations 2011. This includes landlords of assured and short assured tenancies, university accommodation, as well as various other types of occupancy arrangement
IF YOU BELIEVE THAT YOUR LANDLORD HAS NOT COMPLIED WITH THESE LAWS THEN GET IN TOUCH AS WE CAN HELP YOU RECLAIM YOUR DEPOSIT BACK AND MORE.
THOUSANDS OF LANDLORDS WILL SAY THEY HAVE ENTERED YOUR DEPOSIT INTO A SCHEME WHEN IN REALITY THEY HAVE NOT. THIS IS AN OFFENSE WHICH WE SPECIALIZE IN RESOLVING.