I am planning to hold the deposit for my property, at what stage of proceedings does this need to be protected?
A landlord, if you are planning to take a deposit you must ensure that the deposit is protected within 30 days of receiving the deposit from your tenant. You will need to use a goverment approved deposit protection scheme. This is a legal requirement under the Tenancy Deposit Protection legislation, which is set out in the Housing Act 2004, and is the same whether you as a landlord choose to hold the deposit, or whether you choose to have it help by a third party.
The information you must provide is:
- The address of the rented property
- How much of the deposit your tenant has paid
- How the deposit is protected
- The name and contact details of the tenancy deposit protection scheme and its dispute resolution service
- Your (or your letting agency’s) name or contact details
- The name and contact details of any third party that’s paid the deposit
- Why you would keep some or all of the deposit
- How to apply to get the deposit back
- What to do if your tenant can’t get hold of you at the end of the tenancy
- What to do if there’s a dispute over the deposit
It is important to remember that you officially receive a deposit when a cheque, cash or bank transfer is received by you, not when it is cleared in your bank account, so make sure you take this into account!
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