Types of deposit scheme available
For Assured Shorthold Tenancies rentals, a Landlord must put the deposit paid into a Government backed tenancy deposit scheme. In England, there are 3 which you can register with – The Deposit Protection Scheme, MyDeposits and Tenancy Deposit Scheme.
Deposits are returnable if the Tenant has met the terms of the Tenancy Agreement, there’s no damage to the property and rent/bills have been paid. Deposits are paid into the scheme within 30 days of receipt, but at the end of the tenancy, deposits must be returned within 10 days if both parties agree and there is no deposit dispute.
Dealing with disagreements
If there is disagreement, the scheme offers a deposit dispute resolution service which both parties need to agree to. At this stage, evidence will be needed in order for a final decision to be made.
It is vital to ensure a clear check-in and check-out reports have been completed so an adjudicator can clearly identify the deterioration that has occurred. It is advisable at check-in to get the Tenant to sign and date the Check-in Report.
Removing the stress of property management
PIIM Property can take the stress and hassle of compiling these reports and securing deposits for you. We can offer a compliant and bespoke service – contact us for further information.
