Rental Deposit Scheme Protection

publication date: Jul 23, 2012
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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Rental Deposit Scheme Protection


As a potential tenant, one of the first questions you should ask a landlord or letting agent before you hand over any deposit monies is "Which tenancy deposit scheme will my deposit be held in?". By law your deposit should be held in one of these three schemes, My Deposits; The Deposit Protection Service or The Dispute Service. Renting from a landlord or letting agent who cannot provide proof that your deposit will be protected in one of these schemes could mean you risk losing your money and be renting from a rogue landlord!

To help tenants establish whether their rental deposit is protected, Shelter is urging renters to visit its new webpage, and use its new three minute deposit checker to make sure their deposit is protected.

Campbell Robb, Chief Executive at Shelter, said: "It is extremely worrying that we have seen such a huge rise in problems with tenancy deposits at a time when privately renting is no longer just a stepping stone to something better, but a long term reality for more and more families.

"While we know that most landlords do the right thing, some cause absolute misery for their tenants, accusing them of owing thousands of pounds for damage that doesn't exist or falsely claiming to have protected their deposit and then never returning it."

"With the improved legislation now in place I strongly urge all renters to make sure their deposit is protected using our three minute online checker. Without that protection renters are putting themselves at the mercy of unscrupulous landlords and risk losing their hard-earned money that they paid in good faith."

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