Landlords now need to comply with the Tenancy Deposit Protection (TDP) law and are being asked to make sure that their tenants deposits are securely protected.
The National Landlords Association are advising that Landlords in England and Wales must now protect their tenants deposits. In order to protect a tenants deposit they have to be placed with a government authorised TDP scheme and the landlord must then advise the tenant where the deposit has been held.
This process also needs to be completed within 30 days from the start of the tenancy agreement. It is then the responsibility of the landlord to advise the tenant where the deposit is held.
In some cases, if a landlord has not advised their tenant of where the deposit is held, this is leading to claims being made against the landlord by the tenant. Companies are now seeming inviting tenants who have not received their deposit held information to make a claim against their landlord, even if the deposit is protected.
Most tenants’ deposits are protected and 99% of tenancies end without any issues over the return of a deposit. Where problems are arising are if the tenant has access to a free and impartial decision using the scheme’s dispute resolution service.
A claim against a landlord who has protected a tenant’s deposit can seem cruel, but simply by forgetting to issue the deposit information can make it into a claim by a tenant.
Landlords must be aware that they are ultimately responsible even if they use a letting agency.
Check with your letting agency today or directly with your deposit protection scheme to ensure all of your deposits have been properly protected.