Tenancy Deposit Scheme gives protection to all (From The Oxford Times)

Tenancy Deposit Scheme gives protection to all

10:38am Thursday 10th November 2011

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Rules designed to protect tenants and make it easier to settle disputes with landlords are having a positive effect, according to one agent.

Changes in legislation four years ago forced anyone who lets a property with a rental value of up to £100,000 per year to lodge the deposit in an authorised protection scheme.

The Tenancy Deposit Protection Scheme means landlords or agents who collect deposits cannot just put it into their own bank account but must register it with one of three Government-approved schemes.

Jacqui Torrance, of Savills lettings division in Summertown, said: “It’s a good thing because it has stopped landlords running off with deposits.

“Tenants like it because they feel it’s fairer to have someone neutral in control of the deposit.

“They know it is protected and if there is a dispute, for instance when it is time to move out and the landlord believes they should not give part of the deposit back, they can do something about it.

“Before it was just a case of ‘We’ve held back a certain amount of your deposit and that’s that’.

“When the rule first came in there was a bit of an uproar among landlords and it has put a few off, but I think everybody is on board now because it makes for a clearer situation all round.

“Our job is to make landlords and would-be landlords aware of their legal responsibilities on this front and it is surprising how many are still unaware.”