Monday, 6 October 2014

Is Your Tenancy Deposit Secure?

If you are a tenant renting a property who signed an Assured Shorthold Tenancy agreement and paid a deposit under this agreement, have you made sure that your deposit is secure? All deposits paid under an AST from 6th April 2012 in England and Wales must be secured in a Government funding protection scheme. The funds have to be registered with 30 days of of receipt of the landlord and confirmation should be forwarded to the tenant so they are aware where the deposit is being held. The information should also include: 

  • The full address of the property being rented
  • How much deposit has been paid
  • Details on how the deposit it being protected
  • The contact details of the tenancy deposit scheme and its dispute resolution service
  • The landlords contact details
  • The letting agents details (if applicable)
  • Contact details of any third party who has paid the deposit
  • Instruction on how to claim the deposit back
  • What to do if there is ever a dispute

The protection scheme is in place to ensure the deposit is returned to the tenant at the end of the tenancy in full or in case of a dispute the negotiation is dealt with professionally.

At the end of the tenancy the deposit should be transferred back to the tenant within 10 days of agreeing the amount. In the likelihood of a dispute the tenancy deposit scheme will continue to be protect the funds until the negotiation has been settled.

Beth Alexandra Property Specialists