The types of schemes that are available to landlords and your legal responsibilities
Tenancy deposit protection schemes
There are three government-approved tenancy deposit schemes
The only alternative is to use an existing Local Authority Bond Scheme, which most local authorities have. Contact us to find out more.
Your legal responsibilities
You must keep your tenant's deposit safe using a government-approved tenancy deposit protection scheme.
The maximum tenancy or security deposit you can ask for is:
- up to 5 weeks' rent if the rent for the year is less than £50,000
- up to 6 weeks' rent if the rent for the year is £50,000 or more
Within 30 days of receiving a deposit from your tenant, you're legally required to:
- protect the deposit in an approved tenancy deposit protection scheme
- provide the tenant with the prescribed information which includes:
- the deposit amount
- details of the scheme that you've used
- other relevant information such as how the deposit is handled.
If you do not meet these requirements:
- your tenant will be entitled to claim up to three times the value of their deposit in the County Court
- your ability to serve notice on your tenant and recover possession of the property in the County Court will be affected