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Tenancy Deposit Protection Scheme - do I need to comply?
ET1976
Posts: 315 Forumite
I am a landlord and have only just become aware of the Tenancy Deposit Protection Scheme. My tenants have been in the property since 1 December 2006 (when I took the deposit) and since I haven't needed to put the property up for rent since then I was not aware of the scheme.
Do I have to transfer their deposit into one of the authorised accounts, or am I exempt as I took the deposit before Apr 07?
sorry if this has been asked before but I did search and didn't find the answer.
Do I have to transfer their deposit into one of the authorised accounts, or am I exempt as I took the deposit before Apr 07?
sorry if this has been asked before but I did search and didn't find the answer.
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Comments
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I am new to this legislation myself (as a tenant) but it is my understanding that the new rules do not affect deposits taken before 6 April 2007, however, if you now renew with the same tenant for a new fixed term, the deposit must be protected. It might be an idea to ring some of the companies offering to protect the deposit to find out what they say, as like I say, I am not a expert on this by any means.0
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Why not just comply voluntarily if you are a good landlord?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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its been discussed a goodly number of times
If you have issued a new tenancy agreement to your tenants since April 2007 then you MUST protect it. This means, as stated above, if you have given them a new fixed term agreement starting in or after April 2007.
However, if they have been on a periodic agreement ever since the end of their fixed term in 2006 then no you do not have to protect it.0 -
DVardysShadow wrote: »Why not just comply voluntarily if you are a good landlord?
Because it costs to do so, and I have the deposit in my own secured account (NS&I) and I do actually trust myself!
Obviously I will comply when I get new tenants in, but trying to avoid unnecessary expense.0 -
its been discussed a goodly number of times
If you have issued a new tenancy agreement to your tenants since April 2007 then you MUST protect it. This means, as stated above, if you have given them a new fixed term agreement starting in or after April 2007.
However, if they have been on a periodic agreement ever since the end of their fixed term in 2006 then no you do not have to protect it.
Thanks, they are on a periodic agreement. That has put my mind at rest I am not falling foul of the law.0 -
It is your tenants money. I hope you are passing the interest on to them. 1 of the schemes at least does give tenants a small amount of interest.Because it costs to do so, and I have the deposit in my own secured account (NS&I) and I do actually trust myself!
Obviously I will comply when I get new tenants in, but trying to avoid unnecessary expense.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Because it costs to do so, and I have the deposit in my own secured account (NS&I) and I do actually trust myself!
Obviously I will comply when I get new tenants in, but trying to avoid unnecessary expense.
DPS is free to use. www.depositprotection.com0 -
DVardysShadow wrote: »It is your tenants money. I hope you are passing the interest on to them. 1 of the schemes at least does give tenants a small amount of interest.
Is there a legal requirement for me to do so? no landlord has ever paid me interest on my deposit.
I already charge them a pretty lenient rent...0 -
DPS is free to use. www.depositprotection.com
thanks I will look into that.0 -
There is no requirement to pay interest afaik, but legally it is their money, so lenient rent or not ...Is there a legal requirement for me to do so? no landlord has ever paid me interest on my deposit.
I already charge them a pretty lenient rent...Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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