Tenancy Deposit Schemes (HA 2004, Pt 6, Chap 4)

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  • Tenancy Deposit Schemes (HA 2004, Pt 6, Chap 4)

    This is in relation to Housing Act 2004, Section 213 onwards, entitled "Tenancy Deposit Schemes".
    http://www.opsi.gov.uk/acts/acts2004/40034--q.htm#213

    New agent-free landlord with an AST, received deposit cash from new tenants. Set up a separate bank account with my bank for keeping the money separate from my own 'personal' money.

    Then I read about all the sanctions that can be thrown at me (coughing up 3 times the deposit paid...) if I don't use a tenancy deposit scheme as set up by "the appropriate national authority".

    Can anyone tell me what these schemes are, how I can comply etc etc etc. Am I really doing something wrong by holding the deposit in a separate bank account? The account is in my name.

    Much appreciated, don't want to have the book thrown at me!

  • #2
    No one knows exactly what is going on with these deposit schemes as yet! its been delayed again until April 07!!

    Keeping the money seperate is a very good idea and we have done this for sometime in a current account (although even that pays interest now!)

    So long as you have a signed inventory by yourself and the tenant you should be fine when it comes to deductions so long as you are not excessive!

    Thanks for your PM to by the way!
    GOVERNMENT HEALTH WARNING: I am a woman and am therefore prone to episodes of PMT... if you don't like what I have to say you can jolly well put it in your pipe and SMOKE IT!!

    Oh and on a serious note... I am NOT a Legal person and therefore anything I post could be complete and utter drivel... but its what I have learned in the University called Life!

    Comment


    • #3
      Originally posted by justaboutsane View Post
      No one knows exactly what is going on with these deposit schemes as yet! its been delayed again until April 07!!

      Keeping the money seperate is a very good idea and we have done this for sometime in a current account (although even that pays interest now!)

      So long as you have a signed inventory by yourself and the tenant you should be fine when it comes to deductions so long as you are not excessive!

      Thanks for your PM to by the way!
      Phew!!! I was getting worried, seeing as the act is 2 years old. Panic over, grey hairs painted blonde again.

      Comment


      • #4
        No one knows exactly what is going on with these deposit schemes as yet! its been delayed again until April 07!!


        from what i understand from meeting with local council department re HB. deposits will have to be held by a goverment department, and at end of tenancy they will decide if and when deposit returned ,it all seems more paperwork and very complex, i will just give up taking deposit and instead get additional months rent advance
        Opinions given are mine, They are not necessarily correct, as the more I learn the less I know, You should always seek professional help.

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        • #5
          Last I heard, the schemes aren't coming in until the new year at the earliest.

          Comment


          • #6
            Originally posted by welshgold View Post

            from what i understand from meeting with local council department re HB. deposits will have to be held by a goverment department, and at end of tenancy they will decide if and when deposit returned ,it all seems more paperwork and very complex, i will just give up taking deposit and instead get additional months rent advance
            Government schemes are just one option that is being banded about. THere also Insurance schemes being mentioned.
            GOVERNMENT HEALTH WARNING: I am a woman and am therefore prone to episodes of PMT... if you don't like what I have to say you can jolly well put it in your pipe and SMOKE IT!!

            Oh and on a serious note... I am NOT a Legal person and therefore anything I post could be complete and utter drivel... but its what I have learned in the University called Life!

            Comment


            • #7
              I too have considered switching to asking for 2 months rent in advance. How would you stand regarding making deductions from this advance? If it is paid as rent and not a bond can you still make deductions from it at the tenancy end?

              Comment


              • #8
                Here's the info from the government:

                http://www.communities.gov.uk/index.asp?id=1152036

                (no dates mentioned!)

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