Here are 6 tips to consider when thinking about deposit protection:
1.You should provide the prescribed information within 30 days of receiving the deposit to your tenant and any other relevant individuals who have contributed to paying the deposit. Make sure to get your tenants’ signature once providing them with the prescribed information. Your tenant may take you to court if you provide the prescribed information later than expected.
2. At the start of the tenancy, you should provide your tenant with a detailed inventory (including a schedule of condition at check-in and check-out) and request their signature.
3. Any changes during the tenancy period should be updated on all records. The deposit protection scheme should also be notified of all changes.
4. You should utilise mediation and coalition services to deal with any disputes that arise during the tenancy. Such services can help you deal with a range of issues such as repairs, rent arrears and tenant agreement breaches.
5. The deposit should be released at the end of the tenancy within 10 working days if there are no disputes. In case there is a dispute, you should communicate with your tenant first.
6. If an agreement cannot be reached and you hold the deposit, you must send the Tenancy Deposit Scheme the disputed amount.
The information in this post is valid to the best of our knowledge on the date of posting. It is advised that you seek independent advice based on your individual circumstances.
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