Since the scheme's introduction in 2006 there have been many changes to the legislation surrounding the requirements to register a tenant’s deposit, how this should be completed and the information which must be provided.
It is important for all deposits held in connection with an assured shorthold tenancy to be registered within 30 days of the money being received and prescribed information issued to all parties who have an interest in the deposit. It is not always safe to assume the tenant or occupant is funding the deposit themselves, often this might be paid by a third party e.g. a parent, council or company. A landlord must be seen to be taking reasonable steps to gather this information.
You must obtain from your applicant details of who is funding the deposit and details of a post tenancy forwarding address.
We also recommend that where an agreement has been reached the details of the agreement are listed within any new tenancy.
Research and content provided by Lora Cooper DipRLM (FARLA) (AssocRICS)