As a landlord who manages your own properties, are you insuring your tenant’s deposit’s within 30 days? If not, you are breaking the law, and you may have to pay a fine of up to three times the amount of the deposit and or the inability to serve a section 21 notice – which actually makes it a lot harder to get your tenants out!
You have a choice you can either insure the deposit with one of the schemes and keep the funds in your bank account or send the deposit amount to a custodial scheme.
Pass the tenant proof of the protection (called the Prescribed Information) within the same 30 days of receiving the deposit.
The scheme provide you with the majority of this information for you to pass on.
Pass the tenant proof of the protection (called the Prescribed Information) within the same 30 days of receiving the deposit.
Don’t be caught out! If you have many properties, consider using an agent who is up to date with law and requirements.
Try one of these: –
https://www.mydeposits.co.uk/
https://www.thedisputeservice.co.uk/
http://www.depositprotection.com/
