It is a legal requirement that the tenant pays their deposit in to one of the three government approved tenancy deposit protection schemes. Paying the deposit in to these schemes means it is protected and applies if you use an assured shorthold tenancy agreement.
The deposit must be paid in to one of the three schemes within 30 days of receiving it. The three schemes are:
• Deposit Protection Service (Custodial and Insured)
• My Deposits
• Tenancy Deposit Scheme
Provided the tenant meets the terms of the tenancy agreement, pays the rent and does not damage the property the deposit will be returned to them.
Posted: October 2nd, 2014