Amendments to the Housing Act 2004 took place on 6th April 2007, when Tenancy Deposit Protection (TDP) came into force on all new Assured Shorthold Tenancies and stated that a landlord may no longer hold a security deposit on behalf of their tenant.
The Landlord is responsible for ensuring:
At the present time this legislation does NOT apply to non-Housing Act tenancies, which are:
However, as all client money including security deposits needs to be held in a ring-fenced account, we are more than happy to securely hold the deposit for non-housing Act tenancies in our deposit account.
The DPS are authorised to protect deposits for tenancies in England and Wales and as the biggest provider of deposit protection in the UK, they’ve been helping landlords for over 10 years.