Deposit Protection

Deposit Protection

As a landlord have you protected your deposit?

By law if you take a deposit from your tenant on an Assured Shorthold Tenancy agreement in England and Wales, you must protect that deposit with a government-authorised tenancy deposit protection scheme, within 30 days of receiving it.

If you don’t then the consequences can be severe!

A landlord recently came to The Accommodation Shop with a problem tenant that he’d being trying to evict for non-payment of rent. Unfortunately the tenant contacted a well known housing association who asked if the landlord had protected the deposit that they gave when moving in. As the landlord hadn’t, the tenant is now trying to claim the “3x” deposit rule back from the Landlord, despite still owing a large amount of unpaid rent.

This has caused some distress to the Landlord who had not realised the new legislation had come into place.

The respective parties’ solicitors are now having expensive discussions!

So, a word to the wise – if in doubt protect that deposit straight away or face the consequences of tenants becoming more knowledge on the current legislation facing all landlords and letting agents.

The Accommodation Shop we protect every single deposit when the tenant is in the office signing their new tenancy agreement – we don’t let them move in without it!

If you would like more information about how to protect a deposit then call our offices in Dover on 01304 226666 or Chatham on 01634 851617