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Tenancy deposit protection
Published August 2007
Landlords subject to good practice
From 6 April 2007, all new deposits taken by landlords of Assured Shorthold Tenancies (ASTs) are protected by a scheme called Tenancy Deposit Protection (TDP). The aim is to ensure good practice, so when a residential tenant pays a deposit and is entitled to get it back, this will now happen.
Landlords can choose between two types of scheme:
Custodial scheme
The landlord pays the deposit into the scheme. If there is a dispute at the end of the tenancy, the scheme will hold the disputed amount until the dispute resolution service or Court decides what is fair.
Insurance based schemes
The landlord retains the deposit and pays a premium to the insurer. If there is a dispute at the end of the tenancy, the landlord pays the disputed amount into the scheme until the dispute is resolved. If the landlord fails to comply, the insurer will ensure the return of the deposit to the tenant (if he is entitled to it).
If you would like to find out more about the services that we provide, please e-mail or contact us to arrange a meeting.
