Tenancy Deposit Protection Scheme
From 6th April 2007, new Government legislation under the Housing Act 2004 means that all new tenancy deposits must be protected under a Government-authorised scheme. The Government wants to ensure tenants' deposits are protected so that:
- Tenants get all or part of their deposit back when they are entitled to it.
- Any disputes between tenants and landlords or agents will be easier to resolve.
- Tenants are encouraged to look after the property they are renting.
- At the beginning of a new tenancy agreement, the tenant pays the deposit to the landlord or agent as usual, who places this deposit into the scheme.
- Within 14 days of taking the deposit, the landlord or agent must provide the tenant with details of how the deposit is being protected.
- When tenants move in, a full inventory is produced, including taking photographs of the property.
- Tenants have a responsibility to return the property in the same condition in which they took it on, allowing for fair wear and tear.
- At the end of the tenancy, when the condition and contents of the property are checked, the landlord or agent should agree with the tenant, within 20 days of the end of the tenancy, how much of the deposit should be returned.
- Once this is agreed, the deposit will be returned to the tenant in accordance with the guidelines set out in the Deposit Protection Scheme.
Premium Property Management can only act on behalf of our landlords if we are managing their property. Introduction Only landlords are responsible for lodging their own deposits with a Government- authorised Tenancy Deposit scheme of their own choice.
Premium Property Management strongly advises all our landlords to take a deposit.