LETTINGSnews
TENANCY DEPOSITS
Missing – protection for £1 billion Landlords relying on lettings
Up to a million private sector tenants with combined deposits worth up
to a £1 billion are believed to be missing out on deposit protection. The number of tenants who
are exposed is set to grow rapidly as the rental market soars. The lack of protection leaves an average deposit of £1,000 for each tenancy unsecured and the tenant without free access to alternative dispute resolution should there be an argument at the end a tenancy. Landlords are also exposed.
They are liable to a potential penalty of three times the amount of the deposit for failing to ensure the tenancy in their property is registered. Through a new website
launched by the Tenancy Deposit Scheme, tenants can help themselves to protect
their interests by checking online.
agents, particularly those who are unregulated, can do the same to ensure they avoid legal penalties. To make these checks easy,
the Tenancy Deposit Scheme has designed its website to be the prime tool for registering and checking tenancies Steve Harriott, the Tenancy
Deposit Scheme’s Chief Executive, said, “There is a lot of money at stake for everyone. This website is the way forward for registering, checking and learning deposit protection. Once registered, the money is safe and there is free access for tenants to dispute resolution if it is needed.” Tenants can now look up
their own tenancy registration and view their Tenancy Certificate, which they should
‘The TDS site has documentation in 14 languages.’
also have been given at the start. This has been redesigned too and navigation through the site, checking registration and all the documentation is there in 14 different languages.
According to the latest
English Housing Survey Headline Report, the number of households renting privately rose by one million from 2.4 million in 2005/06 to 3.4 million in 2009/10, when the Private Rented Sector accounted for 15.6 per cent, nearly one in six, of all households in England.
www.tds.gb.com
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Professional Risks Insurance Specialists PROPERTYdrum MAY 2011 55
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