This week we look at the tricky issue of deposit returns. This can be the most stressful part of a tenancy for landlords, tenants and Property Managers alike but there are a few simple things to remember to minimise conflict and ensure a smooth process.
A landlord is compelled by law to secure the tenant’s deposit within a registered scheme within 30 days of the start of the tenancy. The penalties for not doing so can be extremely high as one landlord in Edinburgh found to her cost.
The money remains the property of the tenant until it is released from the Tenancy Deposit Scheme For a landlord to receive a portion of the deposit at the end of the tenancy one of the following must happen: