Gould & Swayne Solicitors of Street, Glastonbury and Highbridge, Somerset, UK
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Landlords, are you aware of the Tenancy Deposit Scheme?
The Tenancy Deposit Scheme (TDS) came into force on the 6th April 2007. This means that if you are a Landlord of a residential property and receive a deposit after this date you must deal with it in accordance with the Scheme.
The TDS applies to all assured shorthold tenancies, but not to other kinds of tenancies. It obliges Landlords to join a statutory tenancy deposit scheme. Therefore, if you take a deposit from a tenant you must decide how to deal with it - either through the Government set up Deposit Protection Scheme, Tenancy Deposit Solutions Limited or an Insurance based TDS.
Failure to comply with the scheme could result in penalties being imposed.
If you are a landlord of residential premises and wish to know more about what you could and what you should be doing, please contact one of our Landlord & Tenant specialists for further details.
Legal advice may vary according to the circumstances of each particular case. Please contact us for advice.