Deposit protection: 10 point checklist to ensure you get it right 👍
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As a Landlord taking a deposit on your rental property, you must register the tenant's deposit in a government-approved Tenancy Deposit Scheme (TDP).
Here's a 10 point checklist by The Tenancy Deposit Scheme to guide you through it....
1️⃣ For any new tenancy, you must register the deposit within 30 days of receiving it, or within 30 days of the tenancy becoming an assured shorthold tenancy, if this occurs after you receive the deposit. If you don’t meet the above requirements, a tenant will be able to make a claim through the courts for the full deposit and a penalty of between one and three times the value of the deposit.
2️⃣ Your tenant (and every ‘relevant person’ who has contributed to paying the deposit) must be given the prescribed information within 30 days of you receiving the deposit, or within 30 days of the tenancy becoming an assured shorthold tenancy, if this occurs after you receive the deposit.
You will find the prescribed information in our document “Prescribed information and suggested clauses for tenancy agreements and terms of business“.
3️⃣ When providing your tenant with the prescribed information, ask them to sign if possible. If you don’t provide the tenant with the prescribed information in time, they could start court action for compensation.
4️⃣ Provide your tenant with a detailed inventory at the beginning of the tenancy and get them to sign it in agreement. The inventory should include a schedule of condition at check-in and check-out, and can be printed or digital. Inventories often include photography to supplement the written statement, or in some cases, video clips.
5️⃣ If there are any changes during the tenancy, update all the records and documents including the tenancy agreement. Your deposit protection scheme should be advised of any changes in ownership or management.
6️⃣ If you are experiencing mid-tenancy disputes, TDS Resolution offers a free and impartial mediation and coalition service to help landlords and tenants resolve disputes and maintain the tenancy. The confidential service is available for landlords, agents acting on their behalf, and tenants. We can assist with issues such as repairs, entry rights, rent arrears and breach of tenancy terms.
7️⃣ At the end of a tenancy, if there is no dispute and you hold the deposit, release the deposit within 10 working days. If the Tenancy Deposit Scheme holds the deposit and the parties agree, the deposit is released within 10 working days.
8️⃣ If there is a dispute, try to communicate with your tenant first. Many disputes could be resolved before reaching adjudication by simply talking to each other and discussing the complaint, to see if an agreement can be reached. Our Deposit Deductions template has been proven very effective in outlining the deductions you wish to make, and coming to an agreement.
9️⃣ If you can’t reach an agreement, and you hold the deposit, you must send the Tenancy Deposit Scheme the disputed amount. No matter which scheme you are with, you can make use of our free alternative dispute resolution service where an adjudicator decides how the deposit should be repaid.
🔟 It helps to know that we base our dispute outcomes on the information we receive, so ensure that you include the check-in and check-out inventories and condition reports, as well as any photographs, relevant invoices and receipts. If you are claiming for rent arrears, send us a schedule of what’s been paid and what hasn’t – along with the rent due dates. The documents provide evidence that any property damage or rent arrears are the tenant’s responsibility.
📸 If you have any questions relating to Tenancy Deposit Schemes, please contact Scott Sneath, Director of Finance and Compliance at Cavendish Residential (scott.sneath@cavendishproperty.co.uk) 📸
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