Renting - Where to put the deposit

Nicky38

Hi, can anyone help, I am about to rent out my house and have been told that any deposit I take must be put in an account which belongs to the government and that I have 14 days to inform the tenant where it is.

Any idea's how to go about this ?

kingkano

You have a couple of options. More info for landlords here http://www.direct.gov.uk/en/TenancyDeposit/DG_066380

Specific schemes http://www.direct.gov.uk/en/TenancyDeposit/DG_066391

Nicky38

Thanks KingKano

I don't want to get it wrong - I have been a tennant in the past and know how difficult it is to get the deposit back, it seems to have swung the other way now - more in favour of the tennant - never mind.

Thanks again:o

pcwilkins

Yes --- if you don't protect the deposit and give the tenant the prescribed information within 14 days, they can apply for a court order that would force you to protect the deposit and pay the tenant 3 x deposit as a penalty!

Peter

alijay_3

IMHO, best option for a private landlord is to use the Deposit Protection Service www.depositprotection.com - it's free of charge & basically, all you need to do is register yourself as a private landlord on their website & then pay the deposit money over to them ASAP. The 'prescribed information' can be printed off the website & they will arrange repayment of the deposit at the end of the tenancy once you notify them. They also offer a free arbitration serice if there are any disputes over deposit retentions.
Make sure you have a good, thorough inventory to back up any claims for damages. Take plenty of photo's too.
Regards, Alijay
independent letting agent