Every private landlord in England and Wales letting private residential property is by law required to join one of three government-authorised tenancy deposit protection schemes if:
- The tenancy is let under an Assured Shorthold Tenancy Agreement.
- The deposit must be registered within 30 days of receipt and the tenants informed.
- On your request Black Katz can register the deposits.
As we do not hold deposits, we would advise you, our landlord, to look into the schemes that are on offer. If you have any problems with this procedure, just contact the office that you have been dealing with and they will guide you through the whole process step by step.
However, if your property is managed by Black Katz Property Management, you do have the option for Black Katz to hold and register your deposit with MyDeposits.
The three schemes are:
MyDeposits - This insurance-based tenancy deposit protection scheme enables landlords to hold deposits. It is free to join the scheme with a deposit fee paid each time you register a deposit. The protection covers the duration of the tenancy and if the tenant(s) continues onto a Statutory Periodic Tenancy you need to inform MyDeposits. A new protection fee is needed at the start of every new fixed term AST agreement.
For more information, visit www.mydeposits.co.uk or call 0333 321 9401.
The Deposit Protection Service (The DPS) - Custodial and Insured deposit protection scheme – The custodial deposit protection scheme is free to use and open to all landlords and Letting Agents. The service is funded entirely from the interest earned from deposits held. The insured deposit protection scheme has no registration or annual renewal fee but charges from £18.75 per deposit registered. The landlord retains the deposit and protection will be provided to the tenant(s) for the duration of the tenancy. Landlords and Letting Agents will be able to register and make transactions online. Paper forms will also be available should internet access be an issue. The scheme will be supported by a dedicated call centre and an independent dispute resolution service.
For more information, visit www.depositprotection.com or call 0330 303 0030.
The Dispute Service (TDS) is an insurance-backed deposit protection and dispute resolution scheme which was established in 2003 to provide dispute resolution and complaints handling for the lettings industry. The scheme enables letting agents and landlords to hold their deposits. There is no fee for joining this scheme but will cost from £18.50 to register a deposit.
For more information, visit www.thedisputeservice.co.uk or call 0300 037 1000.
If a deposit is not protected, the landlord is breaking the law. The landlord is unable to regain possession of the property using notice-only grounds for possession under the Section 21 of the Housing Act 1988. The tenant can apply for a court order requiring the deposits to be protected, or for the prescribed information to be given to them.
If the court finds your landlord hasn’t protected your deposit, it can order the person holding the deposit to either:
- repay it to the tenant
- pay it into a custodial TDP scheme’s bank account within 14 days
The court may also order the landlord to pay you up to three times the deposit within 14 days of making the order.
You can also contact Natasha Eddy by email email@example.com / 0207 284 3111.