Tenancy Deposit Protection is here… and we can help you.

Legislation came into effect on 6th April 2007 which means that, by law, all deposits taken for Assured Shorthold Tenancies in England and Wales have to be covered by a tenancy protection scheme.

Basically, there are two types of schemes available to private Landlords and Letting Agents; insurance-based schemes, or a custodial scheme.

RB Estates are members of an insurance-based scheme known as the Tenancy Deposit Solutions.  This is run by an independent organisation called Tenancy Deposit Solutions Limited.

How do Landlords and Tenants benefit from the Tenancy Deposit Scheme?

The Tenancy Deposit Scheme has been developed to ensure that the deposits are protected and that disputes about their return are resolved swiftly, inexpensively and impartially.

It is designed to:

• Protect Tenants’ deposits.
• Ensure good practice in deposit handling and
• Assist with the resolution of disputes and encourage Tenants and Landlords to have clear  agreement on the condition of the property from the outset.

In short:

• Private Landlords/Letting Agents are required to join a tenancy deposit scheme if they take deposits (which means deposits are safeguarded).
• Tenants will get all or part of their deposit back when they are entitled to.
• The schemes will offer faster, cheaper ways of resolving disputes.

For further information about the Tenancy Deposit Scheme and how
RB Estates can help you, contact our lettings team