Tips to protect your tenants deposit

Universal Credit £20 notes in the shape of a house
Sep 25 2017

Tips to protect your tenants deposit

Tips to protect your tenants deposit.

 

Make sure you give the tenant a detailed check in inventory and schedule of condition at check in and check out. It still amazes me how many new landlords decided to do it all themselves and forget the inventory.

 

When it comes to the end of a tenancy or should you have to remove a tenant, make it easier for yourself by registering the deposit.

Legally you must register the deposit on a new tenancy created on

or after 6 April 2013 within 30 days of the agent or landlord receiving it or within 30 days of the tenancy becoming an assured shorthold tenancy, if this occurs after you receive the deposit.

If you don’t meet the deposit protection requirements, then you could find yourself in court.

 

Always print (ideally get them to sign for it) and email the Deposit Protection Certificate and give it to the tenant(s). This way should circumstances become difficult and you have to evict the tenant you can show a paper trail.

 

If there any changes during the tenancy no matter how small, ensure you update all records and documents including the tenancy agreement and where required have the tenant sign to say they agree and have been notified of the said changes.

 

When the tenancy finishes, remember to notify your chosen deposit scheme, to ensure fast release of the funds.

Should there be a dispute about the amount of deposit refunded, always clarify any verbal discussions in writing to show a paper trail. Should it then go to arbitration you can present your paper trail.

If there is a dispute, try to negotiate a settlement before submitting it to Should you have to evict the tenant due to rent arrears and you want to claim the arrears from any deposit, ensure you can evidence payment dates and amounts. Any cash rental payments should be covered by a signed receipt.

Remember if the deposit scheme finds in favour of the tenant and the deposit does not cover the amount they may legally chase you through the courts.

If you are considering removing a tenant, prior to any action talk to us about your deposit and how best to recover it.

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