Tenancy Deposit Protection, And What You Need To Know.
The Tenancy deposit protection (TDP) program ensures that tenants get their deposits back at the end of their tenancy, providing they've met the terms of their rental agreements and they have left the property in a good condition.
There are many different deposit protection schemes that are available to use. Charnwood Living is a proud member of The Tenancy Deposit Scheme so we can ensure that your deposit is kept safe and secure throughout your tenancy.
There are two different types of protections schemes. Custodial based protection and Insurance based protection.
Custodial Protection Schemes
In a custodial scheme the tenants deposit will be held by the operator of the scheme. While in this state it will be accessible to both the tenant and the landlord of the property. When the tenancy is finished the deposit will be handed to the designated owner.
Insurance Protection Schemes
In a insurances based protection scheme the landlord or estate agent will hold the deposit. The holder will then pay a fee to ensure that it is not being illegally held at the end of the tenancy.
When A Tenancy Starts
When a tenancy agreement has been agreed upon the tenant must pay the landlord the deposit. Then the landlord will be responsible for placing the deposit into a protection scheme.
Then tenant must then be notified of the following information within 30 days of the tenancy beginning:
- The contact details of the estate agents or landlord and the chosen deposit protection scheme.
- An explanation on the purpose of the deposit.
- Information on how to release the deposit.
- Information regarding disputes regarding the deposit.
When A Tenancy Ends
At the end of a tenancy the landlord must inform the tenant on how much of the deposit will be returned to them.
The landlord may keep part of the deposit to cover the cost of any damages to the property that may have occurred.
If you need anymore information regarding our tenancy deposit services then feel free to contact us