{"id":2991,"date":"2016-10-03T13:18:34","date_gmt":"2016-10-03T13:18:34","guid":{"rendered":"https:\/\/dev.withcreative.co.uk\/lforl\/?p=2991"},"modified":"2016-10-03T16:10:43","modified_gmt":"2016-10-03T16:10:43","slug":"deposits-common-cause-upset","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/deposits-common-cause-upset\/","title":{"rendered":"Deposits \u2013 the most common cause of upset"},"content":{"rendered":"

\"shutterstock_252812953\"<\/a><\/p>\n

Let\u2019s talk straight \u2013 a deposit is not the landlord\u2019s money. Nor is it a way to ease the cash flow in a letting agency. It\u2019s the tenant\u2019s money. End of. Which is why the Government have made it a legal requirement that it\u2019s protected in a tenancy deposit scheme. Yes, at the end of the tenancy there may be issues, and it could well be that the vacating tenant doesn\u2019t get all the deposit back, but until then the deposit needs protecting.<\/p>\n

The basics<\/h3>\n

The rules apply to all assured shorthold tenancies entered into after 6 April 2007. The deposit has to be registered with an approved, government-backed scheme and there are separate arrangements for England and Wales, for Scotland and for Northern Ireland. Landlords or letting agents have 30 days from receipt of the funds to register them. At the end of the tenancy, the agreed deposit repayment has to be made within 10 days of settling the amount. Holding deposits, paid over before a tenancy agreement is signed, do not need protection, but as soon as the agreement is signed, and that \u2018holding deposit\u2019 becomes the real thing it has to be put into a scheme.<\/p>\n

Prescribed information<\/h3>\n

So far, it\u2019s straightforward, but a landlord\u2019s duties don\u2019t end there. Within the 30 days, landlords have to give the tenants information about the deposit, the scheme it\u2019s in and instructions on how to proceed if there are any problems at the end of the tenancy. A full list of requirements can be found at here<\/a>.<\/p>\n

Do it right, or else<\/h3>\n

If you\u2019re a landlord or agent, don\u2019t, whatever you do, ignore or forget your responsibilities. Although tenancy deposit schemes might feel like another administrative burden, the courts are coming down hard on any attempts to avoid the legislation and there are some stiff penalties for failing to comply.\u00a0 You may find the courts order all of the deposit to be repaid, or put into an official scheme within 14 days. It\u2019s also possible that the courts will order the landlord to pay the tenant as much as three times the original deposit sum. In addition, you may find you cannot get your property back at the end of the tenancy. If you get in that mess, talk to our legal\u00a0team for advice.<\/p>\n

Regulated and professional<\/h3>\n

We\u2019d like to end on a positive note. The official schemes are making the process easy to follow and offer free dispute resolution services should things go that way. All things considered, they\u2019re contributing to an increased level of professionalism in the industry.<\/p>\n

If you\u2019d like to learn more about your responsibilities as a landlord or agent, why not get in touch? We\u2019d love to hear from you. Call us on 0333 577 9050 anytime.<\/p>\n","protected":false},"excerpt":{"rendered":"

Let\u2019s talk straight \u2013 a deposit is not the landlord\u2019s money. Nor is it a way to ease the cash flow in a letting agency. It\u2019s the tenant\u2019s money. End of. Which is why the Government have made it a legal requirement that it\u2019s protected in a tenancy deposit scheme. Yes, at the end of […]<\/p>\n","protected":false},"author":2,"featured_media":11204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\nDeposits \u2013 the most common cause of upset - Legal For Landlords<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/lforl\/deposits-common-cause-upset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deposits \u2013 the most common cause of upset - Legal For Landlords\" \/>\n<meta property=\"og:description\" content=\"Let\u2019s talk straight \u2013 a deposit is not the landlord\u2019s money. Nor is it a way to ease the cash flow in a letting agency. It\u2019s the tenant\u2019s money. End of. 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