The importance of protecting tenancy deposits – a lesson from soap operas
The importance of deposit schemes
You don’t need to be an Eastenders fan for the lesson here to be of interest. Whilst the depiction of events may have been a tad tongue in cheek, the underlying message is an important one and Tenancy Deposit Scheme (TDS) has praised the soap opera for bringing the issue to the fore.
TDS impresses the importance of tenants learning about their rights when it comes to deposits, not to mention the alternative dispute resolution services available through the schemes to help both parties avoid court in a disagreement.
It is therefore of great importance to understand your obligations as a landlord. Landlords renting property on an assured shorthold tenancy that started after 6 April 2007 must put the tenant deposit in a government-backed tenancy deposit scheme within 30 days of receipt.
Deposits not dealt with properly at the beginning of a tenancy could cause greater headaches in future in the shape of court claims against them resulting in financial penalties and problems with gaining possession of property.