Renting a property means ensuring that you have a tenancy agreement in place and you would also be required by your landlord to place a minimum of at least one month deposit. Before you decide to rent a property there are certain things you should consider.
Do you know what happens to the deposit that you pay to your landlord?
Tenancy Deposit Protection was introduced in April 2007 as part of the Housing Act 2004 for all assured shorthold tenancies in England and Wales where a deposit was taken, as a way to raise standards in the lettings industry and ensure you are treated fairly at the end of the tenancy.
The landlord is legally obliged that your deposit is protected by a government backed agency. They are required to protect it within 30 days of you paying it them. The 30 days starts from the day that you have issued them the cash/ cheque / banker's cheque and not when the funds clear.
Your landlord cannot ask you to vacate or end the tenancy under the Housing Act 1998 until the deposit has been returned or if it has been brought to court, then when the case has ended.
The deposit has to be registered with the
- Deposit Protection Service namely
- My Deposits - including deposits that were held by Capita
- Tenancy Deposit Scheme (Custodial and Insured)
If the landlord fails to protect and / or give you information on the details of where your deposit is being protected then you can proceed to apply to a County Court to receive compensation between once and three times your deposit’s value.