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Tenancy Deposit Scheme

From 6 April 2007, new regulations controlling the holding of tenancy deposits come into force, as laid down by the Housing Act 2004. A deposit is any sum paid by a tenant as a surety against his failure to pay the rent or to breach any other term of his tenancy – often referred to as a ‘bond’ or ‘dilapidation deposit’.

Any deposit taken by a landlord or agent in respect of an Assured Shorthold Tenancy (AST) must be held in accordance with one of the two types of schemes run by bodies appointed by the government. Click here for an explanation of the scheme types

While the main aim is to protect tenants whose landlords withhold deposits without good reason, the regulations are also intended to simplify and speed up the process of returning deposits and settling disputes arising from them.

Throughout these notes, references to landlords also apply to letting agents who receive and hold deposits paid by Assured Shorthold tenants.

We have introduced two new forms to assist landlords and letting agents to comply with the legislation:

L&TPYD

Protecting Your Deposit

Options

L&TCPS

Condition of Property Schedule

Options

INVEN

Inventory

Options

Protecting Your Deposit. The legislation requires the landlord to provide the tenant with specific information about the scheme under which the deposit is protected. Use this form to conform to the requirements.

Condition of Property Schedule. It is unlikely that a landlord will succeed in a dispute over deductions to be made from the deposit because of damage to the property, if he cannot produce clear supporting evidence. This form, to be used in conjunction with the inventory (Form INVEN), will assist the landlord to do so.

Inventory is to be used in conjunction with Condition of Property Schedule.