Useful Information

TENANCY DEPOSIT PROTECTION

From 6th April 2007, law was passed to protect deposits for Assured Shorthold Tenancies (AST) held by Landlord or Agent under two types of Tenancy Deposit Protection Schemes; either single Custodial scheme or one of two Insurance based schemes.

At the end of the tenancy, if the Landlord and Tenant agree on how the deposit should be divided, the scheme must return any undisputed amount within 10 days of agreement. If part or all of the deposit is disputed, it will go to either a Custodial Scheme Administrator or Insurance-Based Scheme to decide what is considered fair. This is based on statements from Landlord and Tenant with information from the tenancy agreement and the inventory, including details from check-in and check-out reports.

Therefore, a professional, independent inventory has never been so important.