Tenancy deposit protection
There are several myths in relation to tenancy deposit protection. Here we clarify the key points of the scheme.
• Any deposit on a private tenancy received on or after 1 April 2013 must be protected in a government approved scheme.
• The legal responsibility is with the landlord to protect the deposit. Within 28 days (on or after the 1 April 2013) of receipt of a deposit a landlord must register it with an approved scheme.
• Within 35 days of receipt (on or after the 1 April 2013) of the deposit a landlord must provide the tenant with details of the protection, called prescribed information.
• If a deposit is not correctly protected, the District Council can impose a fixed penalty of up to three times the value of the deposit. If the case goes to court the landlord can be fined up to £20,000 by the Magistrates Court.
• Landlords and agents must act in accordance with The Consumer Protection from Unfair Trading Regulations 2008 (CPRs).