If you’re letting a property, the law states that the deposit your tenant pays must be stored in a dedicated, government backed scheme. But don’t worry – we’ll do it all for you.
Landlord/tenant relationships have always started and ended with the deposit. Your tenant pays an amount on deposit in case of damage to your property, and at the end of the lease you pay the tenant back, minus any deductions for damage.
Until 2007, that was a fairly ad-hoc arrangement. But the Housing Act 2004 provides extra assurance for tenants by requiring landlords to place each deposit in an approved scheme within 30 days of receiving it. These schemes are government backed, so the tenant knows that they’ll get their money back provided they haven’t damaged your property.
Correctly handling deposits is all part of our comprehensive property management service. Lease your property with Locate Homes and we’ll collect your deposit and place it in MyDeposits (operated by Tenant Deposit Solutions Ltd), an approved tenancy deposit protection scheme.
At the end of the lease, we’ll arrange for the agreed amount to be repaid.
Even if you’ve not asked us to manage your property, we’ll still be happy to handle your deposits for you. There’ll just be a small fee.
What Happens if There’s a Dispute?
Every scheme is required to operate a resolution service for disputes. If you can’t agree with your tenant how much of a deposit should be retained, an Independent Complaints Manager will make a quick and fair decision.