The 2004 Housing Act requires that for all Assured Shorthold Tenancies, the landlord, or agent on their behalf must register tenant deposits in a government-backed tenancy deposit scheme.
We are members of MyDeposits and would protect all deposits in instances where the landlord has opted for either a Fully Managed or Rent Collection service with us. We would always advise tenants of the level of management package a landlord has opted for with us so that they are aware how the deposit will be held as well as the impact on how rent is paid and maintenance is reported.
The landlord/agent is responsible for protecting a deposit within 30 days of receiving payment and legislation requires that tenants are provided with a certificate of registration, prescribed information and any clauses within the tenancy agreement pertinent to the deposit. It is imperative that the deposit is registered and supporting documentation is issued correctly as failure to do so results in significant fines and invalidates any section 21 notice of termination served. In light of the strict (and constantly changing) legislation in the industry and peace of mind this is being adhered to in order to protect your investement we would recommend our landlords opt for one of our management packages.
Industry standards recommend that the schedule and condition of the property is mutually agreed at check in with an independent party to acknowledge the document is an accurate reflection of the property at the start of the tenancy. The check out at the end of the tenancy would be compared to the original inventory and recommendations will be made over how the deposit monies should be allocated. It is always our intention to return tenant deposits in full and to avoid any uncecessary disputes during or at the end of the tenancy. It is for this reason that for all managed properties, the same inventory clerks would visit the property, not only to highlight recommended maintenace to landlord but to give tenants feedback on what needs to be done to help ensure the deposit can be returned in full at the end of the tenancy. For all non managed tenancies, we would recommend that landlords schedule frequent visits to the property to help avoid the need for dispute at the end of the tenancy.