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Tenant deposits: what all landlords should know

Claire Pile MARLA from Stags outlines the key points all landlords should be aware of when handling tenants’ deposits.

The Tenancy Deposit Protection legislation has been in place for many years. However, there are still many landlords who are unaware of the requirements involved and continue to put themselves at risk of potential penalties and even being unable to regain possession.  
According to Claire Pile MARLA of Stags Residential Lettings department, getting the Tenancy Deposit Protection right is just one of many changing factors landlords must keep on top of. To help, Claire has outlined her eight key points all landlords should be aware of when dealing with a tenant’s deposit:
  1. The tenancy deposit must be registered within 30 days of being received
  2. The prescribed information must be served to the tenant and any relevant person within 30 days 
  3. In addition to the prescribed information the tenant must also be served information about the scheme in which the deposit is being held 
  4. The landlord must include the relevant person; if another person or organisation is paying the deposit on behalf of the tenant they must be provided with the prescribed information 
  5. Record, record, record! You must keep an accurate record of the actions you have taken and the documents provided along with the signed copies – this will prove crucial if ever challenged 
  6. As a landlord you (or your agent on your behalf) should sign the prescribed information to confirm the details are correct 
  7. Your tenancy agreement must refer to and contain the details of the correct deposit protections scheme
  8. You must not register a non-assured shorthold tenancy; these are agreements are not included within the legislation and therefore should not be protected within a scheme as this could lead to confusion at the end of the tenancy
Stags is a member of the Tenancy Deposit Scheme and as a result can assure that your tenants’ deposit is registered and protected in the correct way, providing you with peace of mind. 

If you are unsure whether you have registered your tenants’ deposit correctly and would like further advice, contact your local Stags office.