Mandatory tenancy deposit protection is now four years old this month – and yet the RLA helpline continues to deal with a number of calls which show that both landlords and agents still misunderstand the requirements.
One recent call was from a licensed HMO landlord who believed that, as such, he was exempt from the law.
Another HMO landlord felt he did not need to protect his tenants’ deposits until all the rooms were taken. Most worryingly, a managing agent looking after nearly 200 properties did not know of the requirements.
The RLA’s magazine, Residential Property Investor, regularly looks at the law on tenancy deposit protection and the next issue will carry a special feature, which will spell out the exact requirements whilst taking a look at the different schemes. If you are a new landlord, or are still uncertain as to the exact requirements, do look out for it.
Meanwhile, the Tenancy Deposit Scheme says it has protected over £2bn in deposits since the law was introduced in April 2007. There have been 17,134 tenancies ending in dispute.
A second scheme, mydeposits, has protected £1bn of tenants’ deposits and has handled nearly 14,000 disputes.
Add in another paragraph at the end: To view the RLA Tenancy Deposit Guide click here.