Lettings

Tenancy deposit scheme

What is the Tenancy Deposit Scheme- and what are my options?

What happens if you don't secure a tenant's deposit?

The Tenant can apply to the Court for an order seeking repayment of the deposit, or an order compelling compliance. If you have not protected the deposit, and fail to do so, the court must order you, the landlord, to pay the tenant a fine equivalent to three times the deposit, which must be paid by you within 14 days.

Also, you will lose your automatic right to regain possession of the property at the end of the tenancy, unless you have protected the deposit in a scheme and given the tenant information about how it is protected.

What determines an assured shorthold tenancy?

Where to go from here?

The Tenancy Deposit Scheme (TDS) Insurance based scheme: www.tds.gb.com Either register online, or call 0845 226 7837 (costs involved).

The Deposit Protection Service (DPS) Custodial and the only free scheme available. To register online www.depositprotection.com or call 0870 707 1707. This is the default option for all landlords and letting agents that do not wish, or are unable to join insurance based schemes to protect tenants' deposits.

Tenancy Deposit Solutions Limited (TDSL) - This is also an insurance based scheme with costs involved. Available to register online www.mydeposits.co.uk or call 0871 703 0552.