Deposit Protection – Remove The Headache
Tenancy deposits. Just those two words have previously brought grief, upset and frustration from all sides of the lettings industry. In the past, some time ago now there was no such thing as deposit protection and this caused many a disagreement but that has changed and rightly so.
Making sure that you as a landlord are protected in the right way will mean fewer headaches, not to mention fines and legal action being taken against you.
Private rentals mean that with each new tenancy you will need to be on the ball and make sure that deposits are protected as soon as you can.
You should have any agreements in place within 30 days of the fund being received by the landlord or the managing agent.
Holding deposits begin from the moment you accept the deposit and must start on that date.
Landlords are responsible for the correct protection and date deadlines but managing agents are also responsible for compliance. As a landlord, you must be aware that your managing agent is undertaking the right steps and processes to make this happen so that it does not cause any further issues down the line.
As a managing agent if your landlord decides to become non-managed and no longer use your services you cannot release the deposit to them until they show that they have the correct tenancy deposit scheme in place. This is vital and evidence must be shown.
The TDS (Tenancy Deposit Scheme) website has a number of tools and guides to help answer questions and offer guidance on next steps. It is worth bookmarking for future reference.
You can join the scheme directly through the website using the link above.
Here at Executive Property Management Solutions I can walk you through compliancy and the steps to take should you need advice or guidance. Should you become a client then you can rest assured that both you and your tenant will be compliant and free of any potential future issues that may have occurred before the TDS was in place.
If you would like to discuss this or any other property related matters then please get in touch.