Next Step Estates is more than an estate agency. We pride ourselves on the personalised service and advice we give to all our clients. We want to do our best to ensure that you are equipped to deal with any pitfalls that might come your way. This is why we are taking this whole section to talk about deposits. They are more important than you may first think.
Landlords are entitled to take “tenancy deposits” from their tenants. These are paid in advance of moving in and are usually equivalent to 4-5 weeks’ rent. They protect you from any damage to your property that is the tenant’s responsibility to repair (in the event they fail to adequately do so).
Here is the important bit. In 2007 the law around tenancy deposits changed. All deposits held by landlords or letting agents must be registered with one of three Government approved protection schemes. A deposit must be correctly protected within 30 days of receipt with all relevant documentation served on the tenant.
Failure to comply and protect a tenancy deposit or serve the correct documentation can lead to serious implications down the line. It could invalidate a s21 Eviction Notice. The tenant could make a claim for anything from the original amount to three times that.
Next Step Estates will always ensure that you follow this important procedure but if you are worried that you have not complied previously then get in touch and we will advise you on how best to go forward.