Information for landlords - Tenancy Deposit Protection Scheme
Under new regulations, all landlords will be required to protect their tenant's deposit using one of three Government-authorised schemes. Within fourteen days of receiving the deposit, the landlord is then required to inform the tenant of how it is protected.
What are the options for landlords?
The free custodial scheme
This scheme is managed by the Deposit Protection Service and requires the full deposit amount to be placed into the scheme until the end of the tenancy.
Insurance based schemes
There are two insurance-based schemes. One is run by the NLA and Hamilton Fraser Insurance, Tenancy Deposit Solutions, and another run by the Dispute Service, the Tenancy Deposit Scheme.
These schemes allow landlords to retain the full deposit if they pay a fee to join. A premium is payable for each protected deposit. Any disputed amount is passed to the scheme at the end of the tenancy period.
All schemes provide free dispute resolution for any problems at the end of the tenancy.
If landlords fail to comply:-
- Tenants may apply for a court order demanding that the deposit is protected or repaid.
- A fine of three times the deposit amount will be payable to the tenant.
- Landlords will lose the right to repossess their property under the 'notice only' method.
For more information on Tenancy Deposit Protection, landlords can visit the following websites:-
Directgov: |
www.direct.gov.uk/en/TenancyDeposit |
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