Residential Property Services

Residential property

"At last - an end to rows over deposits"

The government is introducing a residential deposit scheme on 6 April 2007. All landlords who handle deposits under an assured shorthold tenancy will need to be a member of a recognised scheme.

The landlord will be able to choose between two types of scheme: a single custodial scheme and two insurance based schemes. A landlord will have 14 days to safeguard a deposit and to provide the tenant prescribed information about the scheme safeguarding it.

Why the change? To protect tenants from the minority of bad landlords who refuse to act fairly at the end of a tenancy concerning the return of all or a part of a tenant's deposit.

To find out more on how the schemes will work please contact Mark Smith.