Estate Agents, Letting Agents in Colchester, Chelmsford, Clacton and Braintree, Essex
Deposit Regulations
In accordance with the Housing Act of 2004 it is required that anyone accepting an deposit for an Assured Shorthold Tenancy must place it into one of the government approved deposit protection schemes within 14 days. The schemes provide a resolution service should a dispute arise about the allocation of funds at the end of the tenancy.
 
The legislation covers virtually all new Assured Shorthold Tenancy contracts through which private landlords/Agents let property in England and Wales.
 
However, the following will not need to be registered with a tenancy deposit protection scheme:
  • resident landlords (those living in the property)
  • landlords of tenancies with a rent over £100,000 per year
  • company lets
  • student accommodation let directly by universities or colleges

Deposits taken before the 6th April 2007 do not need to be protected by a scheme. However, as an existing tenancy is renewed and a landlord agrees a new fixed-term tenancy, the initial deposit taken must be lodge with a tenancy deposit scheme. 


The Letting Shop are members of The Deposit Protection Service (DPS) . Our property management team will be able to advise you on how best to comply with the law.

 
Further details on The Tenancy Deposit Scheme can be found at www.depositprotection.com