Tenancy Deposit Protection

Deposit ……….

In England and Wales, if you let your property on an assured shorthold tenancy that started after 6 April 2007, as a landlord, you must place the tenants moneytenants deposit in one of four government approved tenancy deposit protection schemes. A deposit remains the tenant’s money throughout the tenancy and will remain their money until it is proven otherwise. Therefore the preparation prior to the commencement of a tenancy is extremely important. Documentary evidence including dated photographs and written descriptions will provide proof of the condition of a property which then gives a benchmark for any person judging the proposed allocation of the deposit at the end of a tenancy.  Similarly, it is also very important to produce evidence of the condition of the property at the end of a tenancy which will then be used to compare and judge any changes that have occurred.   The tenancy deposit protection schemes have independent adjudicators who will undertake an investigation should a settlement not be agreed between the parties over the deposit. It is therefore very important that the guidelines of the deposit protection scheme used are followed as closely as possible to satisfy their requirements. If the evidence gathered does not satisfy the requirements of the deposit protection scheme, it would be unlikely for a claim by a landlord, or their agent, to be successful.

It pays to be a good Tenant…….

As a tenant, if you meet the terms of your tenancy agreement, don’t damage the property, pay your rent and bills, you should expect to receive your deposit in full at the end of the tenancy.

Landlords are required to follow many other rules when dealing with tenants’deposits which are fairly complex and not straight forward. Here at Sheldon Bosley our property management teams are all fully trained in this area along with all other areas of property management, and as such we are able to take the headache of dealing with such matters away from our landlords. Our landlords are confident that all legislative requirements are followed and that their investment is safe in our hands.

If you would like any assistance with regard to letting your property, please contact Sue Maaz at our Shipston on Stour office on 01608 665473 or Michael Scott at our Stratford upon Avon office on 01789 206760.