LANDLORD Assist, the nationwide tenant referencing and eviction firm, is advising landlords to check that their tenants deposits are protected by one of the three Government approved Tenancy Deposit Protection schemes.
Their warning comes following a report from the Tenancy Deposit Scheme which details that up to one million private sector tenants are believed to be missing out on deposit protection.
According to the report, an average deposit of £1,000 for each tenancy is not secured by a government authorised scheme, equating to £1billion in total.
By law all rental deposits must be registered and safeguarded within an approved rental deposit scheme for the duration of the tenancy.
If any other scheme is used, deposits are not protected by law.
The three approved schemes are:
· Deposit Protection Service (DPS)
· Tenancy Deposit Scheme (TDS)
All deposits must be protected within 14 days of a landlord receiving the deposit.
Tenants should then be provided with details of which scheme is protecting their deposit as well as information about how to apply to get the deposit back at the end of the tenancy and what to do if there is a dispute about the deposit.
But Graham Kinnear, Managing Director at Landlord Assist is concerned that despite this legal requirement some landlords may be completely unaware tenancy deposit protection laws even exist.
He advises landlords to ask their letting agent or to contact Landlord Assist immediately should they have any doubts about their deposits being properly protected.
Landlord Assist provides advice on all tenancy matters. Call 08707 662228 or see www.landlordassist.co.uk.