If you are looking to rent for the first time, or you haven’t moved properties since April 2007, there is something you may not be aware of regarding your tenancy deposit.
All landlords and letting agents require a deposit to secure the property, and when you leave the property you are entitled to it back within 10 days of vacating if you have:
Most people understand this as meeting the terms of your arranged tenancy agreement. But as of April 2007, landlords and agents are now required by law to protect the tenancy deposit you pay to them. This means putting it into a government backed scheme, within 30 days of receiving it, to ensure you get it back after the tenancy has ceased. There are only three of these tenancy deposit protection (TDP) schemes that a landlord or agent can choose from: Deposit Protection Service, MyDeposits or Tenancy Deposit Scheme.
Moreover, a landlord by law, now has to provide you with certain information regarding your deposit.
Your landlord must tell you the following details within 30 days of paying your deposit:
Penalties and compensation
A landlord is liable to protect your deposit, and if they don’t then you have the right to apply to a county court.
If you take a landlord to court over a TDP, there can be various outcomes. They may order the landlord to pay it back to you, or pay you up to three times the amount of the deposit as compensation. The court may also decide that you do not have to leave the property at the end of the tenancy.